Should I Stay or Should I Go?
The current fall/winter real estate market 2022 has a lot of people asking that question! Should I stay or should I go? You might be finding yourself asking, is now a good time to sell? Is it still a seller’s market? What about interest rates.
As Realtors we find ourselves in a position of being a resource for the community to help inform you of current market conditions and advise you the best we can when it comes to these big questions. Here are some insights that might be helpful if you or somebody you know is finding themselves in this situation. As always you can reach out to one of our agents to help you with your individual situation.
Is it still a seller’s market?
Technically speaking – yes it is. However we are finding ourselves transitioning. This is not the same sellers market we saw ourselves in the last few years. Buyers are not being as aggressive with their offers, however if you are contemplating selling, this is not a bad time at all. Low inventory continues which means for sellers, their home will be in demand!
If I sell my home, I have to find another home to buy. What should I do?
This will certainly depend on your personal situation and ability to finance without the sale of your home or your willingness or ability to find temporary housing. There are options available and we help sellers and buyers navigate this situation all the time. There’s hope!
Are interest rates going to come down? Should I wait?
Depends who you ask. Something to keep in mind is that interest rates could still go up. Some forecasts show them coming back down mid-year 2023 however I wouldn’t let that stop you from making a move now. Some lenders have programs in place where they will refinance you at no cost if rates go down within 6 months of your purchase! You may also want to consider, what’s the alternative? How long do you plan on being in your next home? If you only plan on being there for 2-3 years, you may consider an ARM loan which will have a lower interest rate. In addition – if you are renting, the cost of renting is continuing to go up. You may not be saving as much as you think by avoiding “high” interest rates. Consumers may need to adjust their expectation of what is considered to be a high or low interest rate or their expectation of what kind of home they can afford.