7 Reasons Not to Fear The Current Housing Market
These are the questions we are getting lately:
Will the real estate market crash?
Are the headlines as bad as it reads?
Should I buy a house now or wait?
Here are our answers:
No. We are blessed to live in a thriving Metropolitan area on the East Coast.
Note: We will see the market slow down due to this time of year. Yes, the rising rates will have some impact on buyers’ purchasing power. However, we still have a housing shortage and people still need to sell and buy in every market.
No. Headlines need to sell papers and online clicks. We’re going to repeat: we will see the market slow down. This past year’s housing market was like a NASCAR race, fast and furious. At times, it felt chaotic and out of control. Think of this housing market slowdown as a reset - the race cars coming into their pitstop to refuel.
Yes. As things slow down, there are opportunities for Buyers. They are able to include inspections, and appraisal contingencies with their contracts and possibly negotiate a better price. Last year we were receiving and writing offers well above the asking price, waiving appraisals and inspections, and buyers willing to pay the difference if the property didn’t appraise (talking $10-80k difference).
At the end of the day, every type of housing market has opportunities. We know that each person and scenario is different, and we’re here to help you make the decision if this is the right time to make a move.
Whether you’re a buyer or seller, click here to watch a quick video on the 7 Tips on why you shouldn’t fear the housing market this fall!
