Are we in a seller's market or a buyer's market? In the last month, interest rates have settled around 6% which is motivating buyers to go see what's available. Active listings are still at an all time low; however, new listings have just begun to increase this month as expected and projected in our update from January.
Home prices are now about the same as April 2021!
Where will the market go?
-If interest rates come down, it will boost the market.
-If active listings climb and interest rates stay the same or higher, it will soften the market.
-If active listings climb and interest rates come down, it will most likely be balanced.
Fun fact: some people are now buying investment properties before their primary home. They like the potential income, appreciation, tax benefits, and diversification while keeping the flexibility to live anywhere. Ironically, we did the same thing but eventually found our home near our community.
Although the new trend is working remotely, it’s often under-appreciated to have a stable community in one’s life! Community is healthy for the stability of society and families. Think of riding your bike with your childhood friends in the neighborhood for many years, growing up in a school system for many years, and going to your place of worship for many years. These intangible benefits are truly what having a home is all about!
Please reach out anytime with questions, comments, concerns, or jokes!
