12/07/2022
I’m simply helping clients avoid regrets here.
Home sales volume and home prices typically DECREASE because of (among other causes) an increase in mortgage rates. It's a predictable occurrence of "cause & effect" (maybe "affect" is the better term) in the real estate world. Many markets have experienced this.
So, what do you think will happen to home prices when the mortgage rates improve? (not a trick question - promise).
Many sellers feel like they missed their opportunity to sell. They waited too long. "I should have sold earlier". Regrets. From my perspective, they simply weren't paying attention. Now that rates are high and home prices have decreased, they've decided to wait till interest rates improve before they buy.
What?
I'll ask again because it’s an important question: “What do you think will happen to home prices when the mortgage rates improve??”
Here's ONE prediction: Sellers who decided to wait till rates improve, will be those complaining about high home prices when they decide to buy after the rates improve. And once again, they'll say, "we waited too long - again..."
Rates are improving. Demand is still very high. And available and projected inventory will remain low for some time. This is almost like having a crystal ball, here.
If you need a new home, buy that new home now while prices are depressed - refi later. If you don't want to SELL your home during a depressed market, then DON’T – consider retaining it as investment property till the market turns (discuss this with your lender and your Realtor). It's an opportunity to buy low, and sell high, right?
Current supply vs demand and mortgage rate trends more than suggest the market WILL turn, and the buying frenzy will resume. And when it does, the good deals will vaporize.
Sellers, you waited too long once before, and it was a costly decision, right? Pay attention. You have an opportunity. Don’t regret waiting too long this time around.
I'm here to help contact me, you will not regret 🏡
