It's all the rage to talk about interest rates and whether or not there's going to be a market crash. I'll keep saying it: avoid the click-bait! The economic forecasts have recently been better than expected. Inflation wasn't as high as they expected last week & interest rates responded favorably to the news & came down a bit---they're at 5.99% range right now for top tier credit scores. While 5.99% interest rates aren’t anything to write home about, the fact that the peak of rates may be behind us certainly is. Right now is actually a GREAT TIME for buyers---there's not a lot of competition for single family properties in the range of $350k+ but that's going to change after the holidays. If rates go down a little more we'll see more buyers back in the market which will mean more competition for limited inventory= multiple offers on properties.
We have definitely seen a price correction in several markets. What would have sold for $x in April is selling for 10% or less right now unless the property appeals to a very large buyer pool.
I'll keep putting out this reminder: if you intend to buy or sell in 2023 please reach out to me after the holidays so that we can get a solid plan in place.
If you are Selling, I need to get your documents signed at least two months BEFORE the listing is posted on mls & your photos at least one month before so that we can put our marketing campaign in place.
If you are considering buying (or buying and selling) but you're not sure if it's a wise move this year please let's have a zoom chat & talk through your best options!
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Buying or Selling? Here's some useful advice!