3 truths about the market right now
It’s an unpredictable time in real estate – that’s not a controversial sentence to write. If you’re a fellow real estate professional or a potential buyer/seller right now, you know this. However, since it’s been such a roller coaster, we know there are some prevailing thoughts out there – that may or may not still be holding up as we progress deeper into 2023.
That’s why we’re here to talk about what is fact or fiction right now.
Truth: There is never a “perfect time” to buy or sell.
We know what often happens when the market changes quickly. Buyers and sellers think they’ve missed an advantage, and don’t want to be left behind. That’s understandable, but there’s no good way to “time the market,” especially now, according to this piece. Our advice? Take this quote from Realtor.com’s chief economist to heart.
“No one has a perfect view into the future. Whether you think rates or prices are going up or down, the world may not evolve the way you expect it to,” said Danielle Hale. “We all have to make decisions with that uncertainty.”
Truth: Interest rates will still stay high(ish), but each small decrease matters in a big way
Speaking of rates, we know the topic will continue to dominate real estate conversations this year – and that lower mortgage rates would help both buyers and sellers. The good news is that there are signs that rates are moderating, and there’s hope that rates will drop again at some point. However, the Fed is still hiking its rates. The bottom line is that 3 percent mortgage rates aren’t coming back anytime soon, but with each small decrease, potential homebuyers win when it comes to affordability.
Truth: There are more choices for buyers now in most markets
Yes, we’re talking about inventory again. If you remember, this was the “I” word for real estate way before interest rates and inflation became the talking points. While it’s true that part of the reason there are more listings now than ever in recent history is because fewer homes are being sold, today’s buyers should use this to their advantage. More choices mean less competition and fewer concessions needed. If it’s time for you to buy, you could be in the driver’s seat.
Real estate is always a big deal, which means every move should be made with care. However, don’t let myths of any kind get in your way. There are plenty of experts in your community ready and able to assist, and our teams hope to work with you whenever you need us.