Though some are afraid to say so, the early signs are here that we’re shifting from a seller’s market to a buyer’s market.
These are not seasonal changes, but a shift that’s taking place around the entire country. Home sales are down compared to where they were this time last year, there are a growing number of homes on the market, and those homes are staying longer on the market. We’re also seeing fewer mortgages being written than we saw last year, and in the last 12 months, interest rates have gone from 3.5% to 4.7%.
As the saying goes, “What goes up, must come down.” We really never know when until it’s on us, so the best we can do is prepare.
My message today is for our friends and past clients, their parents, and anyone who’s contemplating a change or a transition regarding real estate. Perhaps your parents have built up equity in their home and they’re thinking about making a change or downsizing for health reasons or maintenance/upkeep costs. Perhaps the size of your family living at home has changed and the size of that home has got you thinking about making a change in the next 12 months or so.
In any case, here are three important steps to prepare yourself now in light of our oncoming shift:
- Start your research by enlisting professional help from a full-time real estate consultant who’s in the market daily and has confident knowledge and long-term experience in your market. This needs to be someone you can trust and who will listen to you.
- Lay out your ideal goals and reasons on a timeline, regardless of how far out you need to go.
- Before you share your planned timeline with anyone, especially family members, meet with your real estate consultant and build a realistic plan of action.
We’d love to be the ones to help you prepare and get ahead of the market, so if you have any questions about this topic, don’t hesitate to reach out to us. We look forward to hearing from you.