A piece of the American Dream.
I was reading thru a post this am and saw an article that speaks directly to the heart of what most buyer’s are facing. The confidence that they have always enjoyed over the years to buy a home when they were ready has been replaced by what we’re going thru right now. Low inventory market(s),skyrocketing prices and more importantly rising rates. I can see from their standpoint that this is a very frustrating situation. I also understand that real estate is cyclical and my hope is that it will turn soon. There are a percentage of buyer’s who are thinking on putting on the brakes and wait to see if the situation changes.
So what does a buyer do in the interim while this happens all around them? Now would be a great time to save more money, clean up any credit issues that you may have and more time on the job. In this market offers are very competitive and sales prices are above the asking prices. Hopefully we see a trend where the inventory will increase and there be a better selection for buyer’s to choose from. Here are a few quotes from the post. “Homebuyers are well aware that higher mortgage rates mean higher monthly payments, but mortgage rates remain very low, historically, and buyers will make compromises,” said Taylor Marr, senior economist for Redfin. “Most of the pressure buyers are feeling is from the competition for a very limited number of homes for sale.
This speaks to my comment earlier. There are some buyer’s who choose NOT to be involved in a multiple offer situation but this is dominating the market. One can hope that the rates will hold in their current position and the inventory picks up. Outside of that we need to be patient. Again I say that rel estate is cyclical and more likely there will be a change. I believe there is a home for everyone that wants one. Sometime you just have to wait. Are you in it for the long haul? Only you know that for sure.
Comments(1)