This last year has been quite the roller coaster in real estate. From all-time highs and lack of inventory in early 2022 to constant increasing interest rates from mid 2022 until current day, it’s been a wild ride.
Coming from a market where most properties saw multiple offers over listing price, to listings sitting and seeing multiple price reductions, we’re now seeing some properties selling for half of what they were originally listed for.
Our clients are asking us, “should we be considering a move?”and “is it a good time to move?” There is no simple answer, on one hand we are seeing the highest interest rates in fifteen years and what seems to be the start of a recession. On the other hand we have the ability to view and choose properties without the rush to offer like we have seen for the better part of the last five years. We can’t predict the future. The way we answer these questions is individual to each of our clients. We know that people will always need somewhere to live and people will always need to move for many reasons. Whether you are upgrading, downsizing, buying for the first time or moving to a different area the market is always transacting.
Rents are also at an all time high which is leading our clients to ask themselves if it’s better to purchase with a high interest rate purchase as opposed to renting in the high rental market. The answer is always a situational one. If you do qualify for a purchase there are options that you may not have had over the last few years. The question is how long will the option to not rush or compete in a purchase be available? We are starting to see a shift in activity and transactions happening once again. It seems as though consumers are accepting of these new rates and the market is starting to move again. Right now inventory is relatively low but as we approach the spring market it’s likely to rise in the next few weeks. Historically we have seen inventory start to pick up around the start of March.
To sum it all up, if you have been looking over the last few years and simply didn’t want to compete it may be a great time to get into this market. We have been helping our clients navigate this changing market and would love to help you and your family as well