Good evening. It's been awhile since I've written a blog post, but I wanted to weigh in with the market changing on a daily basis.
Right now is a challenging time in life, the economy, the financial and real estate markets. It's a time where it's important to have experienced people that you can trust to walk beside you.
I have been in real estate for over 35+ years. I've weathered recessions, the crash, and boom times. When I got my real estate license, interest rates were 18%. Of course homes were cheaper, as were wages.
Right now, prices for homes are still high, as is demand. Homes are still getting multiple offers, and selling quickly. The rental market is still strong, and prices are still high there too. What does this mean for you? As a seller, it means you still have an opportunity to realize great prices in the sale of your home. However; when looking to buy a replacement property, you'll still pay a high price at a higher interest rate than you're used to. At the same time, many sellers are offering credits back to the buyers to help with financing. Lenders are coming up with creative loan programs to help buyers ease into the new rates, or hopefully hold off higher interest and should the rates drop in the coming years, allow buyers to refinance.
I won't kid you, the rates we've had for several years were unsustainable, and probably will never return to below 4%. They may settle at 6%. WE DON'T KNOW.
What I can tell you is that I will help you get the maximum for the sale of your home, and/or help you find the best buy available on a new home.
Please give me a call to answer any of your questions. The new reality is a tough pill to swallow, but waiting may not make it easier.