10/31/2023
MARKET UPDATE
Happy Halloween! Here are some “tricks” and “treats” in the market —
TRICK (or not so great things): the rate has climbed to nearly 8%, or just over 8% for some buyers.
TREAT (some good news): Though we know that the rate is being raised to fight inflation, Economists and lenders speculate that the rate will come down as early as Spring next year, but likely next year some time
TRICK: Although it sounds like a treat to have the rate go down a bit, the same Economists and Lenders state that buyers will flood the market, likely increasing prices again, demand will shoot through the roof and likely multiple offers and lots of competition
TREAT: The sellers that are on the market right now and through winter are motivated. No one is listing right now just for fun, it’s a strong need for them to sell, and because fewer buyers are out you get the treat of
1. no competition (no multiple offers driving price up)
2. negotiable prices and terms — for the first time in a while, we are seeing money off the price AND repairs, credits to closing costs, the whole gamut of goodies!
3. motivated sellers — this is one the the most favorable perks for you as a buyer; the more motivated the seller the more likely they are to agree to your wants and needs
Moral of the story:
It’s not as spooky as the media or your mom’s hairdresser or even your mom has made it sound!
Homes are on clearance!! And when that rate goes down, you can always refinance to a lower rate (some of my lenders are even offering to lower your rate automatically and for free!)
Business hasn’t slowed for me at all this year, and I’m even helping quite a few investors. Some people know to take advantage of the market.
They know it will be more expensive and harder to win a house next year, so they are scooping them up now!
Curious how the market affects you wanting to move to a new home or buy your first one? It’s a very unique and individual thing— message me or call 775-413-0120 and we can chat over the pros and cons to see if it is right for you ❤️
