Over the past few weeks, the real estate market has been undergoing changes due to recent events, like fluctuation in interest rates, demand, and supply, among other external factors. Knowing what to do/think as a buyer or seller is complex, with so much information. If you are in a position to buy or sell, you need answers fast. Let’s talk about your opportunities.
Year over year, transactions have slowed but are still moving at a decent pace, last seen in 2019. One of my clients just put it with the perfect words today: “If you had gone to sleep in February 2020 and wake up today, absolutely nothing has changed for the real estate market”.
As a seller, the time to “test the market” by deliberately overpricing their home when they list it, throwing a home price at the wall to see if it sticks, has passed. We are moving toward a more balanced market but are still in a seller’s market with a Market Time of 67 days.
To be a buyer’s market, properties would have to sit on the market for more than 120 days, which does not seem to be happening anytime soon. So do not waste your time. When a home sits on the market for too long, buyers wonder if something is wrong with it and sometimes decide to look away.
Buyers, this is what this means for you: you now have less competition and much more inventory. Also, interest rates just dropped again! So opportunity knocks now! If you are a first-time homebuyer debating whether now is the best time to buy or not, remember that investing in real estate is the best hedge against inflation, while rents are the first expense to go up in price, so do not wait any longer.
But, like I always say, the best time to buy or sell your home is whenever YOU are ready. Not sure if that’s now? Let’s talk about it!
