When you understand cost versus price, today’s market isn’t so scary.
Looking for a home? Click here.
Selling your home? Click here.
Due to the turbulence in the marketplace, customers have been asking me whether they should wait to buy or sell. I understand that there’s a lot of commotion at the moment, both in our market and the world at large. However, it’s important that this “commotion” be understood in the proper context; today’s market is far different than what we’ve seen in the recent past.
Several factors working in tandem have ensured that prices will keep rising, so the longer you wait, the higher your financial barrier becomes. On a basic level, today’s higher prices are the product of high demand running up against nearly negative inventory. Furthermore, interest rates are historically low right now, but they simply can’t stay where they are forever. They, too, have only one way to go from here, and that’s up.
“Today’s higher prices are the product of high demand running up against nearly negative inventory.”
Homebuyers must understand that cost is a much more important factor than price. In most cases, interest rates will offset price, but once they start to move, you’ll be stuck with a higher monthly payment than what you could’ve had if you only had acted sooner.
My suggestion: Don’t wait. By waiting, you’re only running a greater risk of buying in a market where both cost and price are working against you. I hope this information was helpful. As always, reach out via phone or email if you ever have any questions. I’m here and happy to help!