Is it still a good time to buy or sell now that the market is slowing?
With the recent interest rate hikes, everyone wants to know if the market is slowing. In short, yes. The market is slowing, but it’s still a good time to buy or sell a home.
The Federal Reserve has started fighting the surging inflation by raising rates. That has a direct effect on buyers by making it more difficult to afford a home. As a result, demand has fallen. Inventory is also gradually decrease, and I predict home affordability will increase as rates rise. With the current market conditions, buying or selling a home in the next year will likely be even more challenging.
You’ll have to work with an experienced agent to help you with your real estate plans since there are now more home selling and buying problems that need to be solved. Buyers are pickier with inspections and more demanding with repairs compared to the past two years. There are also different programs that you have to be familiar with to find out what best suits your situation.
"Buyers are now pickier with inspections and more demanding with repairs."
Many agents have started to market less, but here at The Tricoli Team, we doubled our marketing efforts because we understand how important it is for you to sell or buy your home. To help you make the most out of your real estate investment, we encourage buyers to create a game plan and decide to stay in that home for seven to eight years. After all, the market will correct itself eventually. As for sellers, our inventory is still relatively low, so get your house onthe market to take advantage of the current buyer pool.
If you have more questions about the current market or need help with your buying or selling plans, don’t hesitate to call or email me. I’ll be happy to help!