Two market changes that could impact your decision to make a move.
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Today we’ll answer your questions about the changing market and whether you should make a move right now. Here are the two main changes happening in our market that will impact your decision:
1. Interest rates are rising but are still low. If you're obtaining a loan, it will cost more than in recent years for the same mortgage. However, interest rates are still very low right now. Comparatively, they're half of what they were when I bought my first home. These are cheap rates even though they're not what you're used to.
2. Inventory has increased slightly. This has caused some slight price reductions and increased days on market. Buyer interest has subsided a bit but demand is still outpacing supply and we still see strong buyer competition and multiple offers on homes.
“We recommend making a move sooner rather than later.”
How does this affect your buying or selling decisions? If you're buying, there may be less competition. However, if the property is popular, you'll still see buyers compete and offer top dollar. If you're selling, there may be less buyer competition, but it's still a seller's market. We’ll pay careful attention to reading the market for your specific property.
If you're considering making a move in the next 12 months, we recommend doing it sooner rather than later. Rates are expected to rise and appreciation is expected to slow. Hopefully, this helps you decide whether it's a good time for you to make a move or not. If you have any questions about your specific scenario, reach out to us by phone or email. We're here to help.