Buyer’s vs Seller’s Market
When it comes to buying your dream home, most buyers wait for the perfect time. Low prices and low interest rates… not lately, I know.
Sellers on the other hand, always try to list their properties when prices are at their peak. Many try to capitalize on the “boom” to cash out on all that equity and the higher price tag on their home.
The main problem is that those two situations almost never line up. It cannot be a seller’s market and a buyer’s market at the same time. So what do you do?
As a buyer, you typically have a list of “must haves” when searching for your dream home. If you should happen to find that piece of property that crosses all the T’s, dots all the I’s, and checks every box – don’t let it go! Yes, interest rates may be high but you can always refinance as early as six months after closing. If you wait for interest rates to drop, you’ll most definitely see prices climb and more buyers jump in to compete for limited inventory which can not only drive up the price but also cost you that dream home.
Sellers, don’t dilly dally either. If you can make a profit on your home and can downsize or have another property already in mind, you should consider selling. However, be mindful of the inventory that is out there. If you sell your home and make a good profit but then have to sink that money into a new place similar in cost, you could end up losing money.
Renting in the interim is a thought many consider. Finding a rental property while you wait for prices to come down is an option but once again, you’re taking your profit from the sale and burning it on renting a place.
it’s not easy to navigate the real estate market. Luckily you have a friend who is an expert in the field. Reach out to us at any time, you’ll be glad you did.
Rafael Amador, Realtor®