Buying A Home In A Shifting Real Estate Market
For most Americans, the home represents their largest single investment. In a time of rising interest rates and 30 year mortgages talk of a "shift" in the market can cause alarm. Let's explore first what a real estate shift means and then how home buyers can make the best of it.
What Constitutes A Real Estate Shift
So, what's a real estate shift? Simply put, the real estate market is in a constant state of movement (much like the stock market). A home worth 150,000 today may fetch 147,000 last week or 153,000 next week. Or vise versa. Historically this push pull tension makes a circle.
For a while market conditions will favor the seller (higher prices) and after a time will swing back to the buyer (flat or even lower prices) . This is a natural process going back as far as humans owned real estate. What varies will be the length and strength of the change.
For Central Louisiana, the greatest shift in our lifetime was the most recent. The banking/lending crisis of 2008-2011 certainly touched our local housing market. Even then, local sellers only noticed a small drop in value. Time on the market increased, but homes still found buyers.
Should I Purchase A Home During A Real Estate Shift
The Best time to purchase a home is when you are ready. The key is finding the Greatest value at the time you hit the market. Start the process by meeting with a local lender. This helps the buyer have a clear understanding of the financial side of the transaction. Be wary of online mortgage calculators, due to local taxes and insurance they can be off by a substantial amount. Need a referral? At Bayou Properties Realty we can recommend some outstanding local banks and mortgage brokers.
Real Estate Representation
Need help? Relax, call Doug Rogers (318) 613-1994 for your free custom buyer consultation. The best part? Working with a buyer's agent in Louisiana normally costs nothing out of pocket. Prefer to take a peek at what's for sale right now? Go to Alexandria La Real Estate to explore local inventory from the comfort of your couch. Why bounce from page to page when All the homes listed on the MLS are here?