A quick update to keep you informed about this ever-changing market.
Many buyers and sellers have questions and concerns about what’s happening in this changing real estate market, so today we’ll shine a light on the most recent updates.
First, many homes are currently priced for the market we were in three to six months ago. That market was red-hot, but it wasn’t sustainable. As a result, homes are taking longer to sell, and many are reducing their prices. On the other hand, homes properly priced for today’s market are still selling quickly and getting multiple offers
Home appreciation has been skyrocketing at a record pace, but that won’t keep up for long. The market is starting to become more balanced. As inventory increases, buyers will have more options and properties won’t see the same frenzied competition we saw over the last couple of years. Annually, we expect to see 3% to 6% appreciation.
If you paused your real estate plans to wait for prices and interest rates to decline again, you might be waiting for a long time. Neither prices nor interest rates seem like they’ll decrease anytime soon, so the sooner you lock in our still historically low rates, the better off you’ll be.
Don’t hesitate to give us a call or send us an email if you have any questions or need assistance. We would love to help you.