By Sandra Kilgore, GRI, ABR, SFR –
I realize the market is sending mixed signals: Is it a good time for buyers, or should they wait for interest rates to drop?
In my opinion, we will never see the low interest rates we have experienced in the past. It was not normal nor sustainable. That lack of sustainability has resulted in this correctional phase of the market currently before us.
That being said, what should buyers consider before taking the next steps towards purchasing their new home?
Step one is understanding your local market. It is easy to get hung up on what is happening in the housing market around the country, but with different areas come varying challenges. Although some areas of the country are seeing a steady drop in home prices, I believe the chances of that happening here are slim. While we will see prices begin to drop over time, we are still uniquely faced with a limited inventory that cannot match our rising residential demand and desirability.
The market has seen a drop in interest rates from around 8% in October 2023, to the 6.6% where we currently stand. It is predicted that we will continue to see rates dip as we move into this election year. Locally, we have also seen an increase in the number of days that homes stay on the market. This increase is typically a good indicator that it’s time for buyers who have been pushed out of the market to consider jumping back in as the market resets.
Please contact me for your free consultation if you have questions or concerns. I look forward to working with you as we navigate one of the biggest financial decisions you will have to make in a lifetime.