There is talk among buyers that I speak with about how they should wait for real estate prices to fall since we are in a balanced market. Do you know why this is not likely to happen and how this false assumption could cause you to lose out on a home all together?
Our market has been in a balanced market since May 2016 (with a few months bouncing to a seller’s market) and prices have remained stable. With the recent disasters in the whole state, including locally, inventory has not grown. In fact, it has shrunk. The lack of housing stock drives the demand even higher than normal.
We have enjoyed low interest rates on mortgages for a decade or more and the Fed is threatening to raise rates (they are raising rates slowly). Still interest rates are lower than they were in the 1980’s and 1990’s. We are spoiled! The rates will not stay down forever, and when they rise, they will push some buyers out of the market for at least 7-10 years while the market cycles. Is it OK with you to wait?
The real question is, can you buy today? Can you buy at a price you can afford? If the answer is yes, then what are you waiting for? This is the time of year when buyers can make a good deal for themselves by closing soon and locking in a good interest rate for the next 30 years while owning a home. Controlling your destiny begins with home ownership, Take control of your life now and secure your future.