The 2022 housing market can easily be defined by two things: inflation and rising mortgage rates. These two things have put the market into a reset position. As the Federal Reserve made moves
Did You Miss The Sale?
Dated: September 26 2022
I have noticed for awhile now, there is a feeling of sadness around the idea of what interest rates were and what they are now. Let's take a moment to reset and go back to what our expectations are because right now, more than ever, it is all about MINDSET!
The news and the media is making people believe that interest rates rising is a problem, but it is actually a BLESSING.
If you think about it, when you go shopping for groceries or clothes, you like to buy items on sale, right? Well, right now it is actually an opportunity to buy real estate on sale. I am not saying that we will see a big drop in home values, but what we do know and what we have seen already is that it is way easier to get an offer accepted on a home today than it was a few months ago.
With the low interest rates we experienced the last two years, it unfortunately shaped what people expect. Now, with interest rates being between 5.0-5.5% we are still historically LOW! Unfortunately, people have this idea that when they hear that interest rates are high, nobody is buying or selling. However, the one's shopping the "deals" are getting their home on sale.
Yes, don't get me wrong. You could have gotten an interest rate much lower two or three years ago, but you would have been competing with a lot more aggressive offers. Ultimately, this drives up the price of the home, making buyers spend way over what the value of the home is actually worth.
Buyers have this weird anticipation that everyone was buying so they were going to as well. Now that rates went up a little bit, they think nobody is buying. Personally, I would rather be the buyer who bought a house now at a deal and refinance later on versus a buyer who won an offer $50,000 over asking price and is paying way too much for what the home is actually worth.
Looking in the future for any buyers who are thinking about possibly buying a home, I believe you should take this with a grain of salt and make a smart purchase and get a deal. In 6-12 months when there is snow on the ground, most buyers are not looking to move. Here is a secret... that is when the best deals are available!!!
I am here in your corner. Please use me as a resource to talk about the market and how to get the best deal on a home. There is great opportunity in our near future, and I want you to truly get the best home that suits your family and your lifestyle.
I would love to connect with you!
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