Time to Get Off the Fence!
Sometimes in the process of observing and interpreting all the different market and economic trends and their impact on our local real estate market, a real moment of overwhelming clarity emerges. This week was one of those instances.
It’s a unique situation where most of the objections for BOTH buyers and sellers are largely non factors now! If you are a buyer and bemoaning higher monthly payments on houses, well interest rates just hit a 10 month low! But there’s nothing out there to buy, and prices are too high! Well, we are now at a 1.9 months supply of homes which is higher than it’s been in a long time. If a home was overpriced to start and has been on the market for over 30 days (close to half the market now falls into that category) you’ll probably be able to negotiate on price, contingencies like inspections and financing, and maybe even some closing assistance! Meanwhile there is only a 1.2 months supply of rentals and those costs continue to rise at a higher rate than sales price growth so renting keeps getting less and less attractive. Let’s get going buyers!!
If you are a seller in a home that no longer suits your needs it’s time to move! “I want to move, heck I need to move, but I don’t want to give up my low current rate!” Like I mentioned the rates are at a 10 month low and if you invest a little to buy down the rate (maybe with some help from a seller) that gap is smaller than it’s been in a long time. And if you are like many Americans who are carrying significant credit card debt, (there is a staggering 1.1 TRILLION out there now) it’s a good chance that by selling your home and taking the equity from the sale to pay off debt you’ll end up with a blended payment that’s even lower, and a home that you like and suits your needs to boot!
So whether you are considering buying, selling or doing both give me a shout and let’s talk about the hurdles, run some hard numbers, and see if your assumptions are correct. You might find that now is the time to strike!
It’s a good life.
Chris
