03/18/2021
I recently posted about the shortage of homes on the current real estate market, and the dangers of selling your home without being able to successfully purchase another.
Today it occurred to me that this has limited helpfulness to people who need to buy or sell. Yes, it's a warning that helps people avoid being displaced, but it offers no assurances besides a cheerful, "Smile, you haven't drowned yet!"
😁
So today I'd like to dispense some advice to those who are looking over the cliff at the choppy-waters-over-jagged-rocks that is the current market, and that is to wait for the storm to pass, and it will.
While no one knows what the future brings or how the economy will perform or what will be next in the headlines nationally or internationally, but historically the market has risen and declined like an unpredictable tide. Right now it's high, soon enough it won't be (and maybe the sun will come out, but don't hold your breath. This is Oregon in March, after all.)
Right now is the time to prepare for that decline in the market, so that when the time comes, hopefully before interest rates start to spiral upward, you'll be ready to act. It might take a while for that time to come, since the inventory of available homes is so very low and the demand has been so fierce, and furthermore the "right time" will be different for everyone, but generally speaking, it's coming.
So...right now is the perfect time to work on improving your credit score, talk to a lender about getting pre-approved so that you have a clear picture of exactly what you can do financially, begin to make key decisions for your future (because your home will shape your future, so you want to choose carefully, right?), and talk to an agent, who can answer your questions and concerns and help you get off to a good start. Real estate can be scary to navigate, so have a professional in your corner, especially if you're a buyer - the seller typically pays the commission for both agents in a transaction, so the buyer's agent is actually a free service provided by the seller.