Happy Halloween!

It's the last day of October and boy, does it feel like Fall! After a very hot and sunny weekend, the clouds have moved in, the wind is blowing, and the temps have dropped by about 30 degrees. One day you are in shorts and a tank top, the next you are dusting off the 'ole winter jacket! That's how quickly things change and its good metaphor for our current economic situation as well. Much like the weather, interest rates, inventory and economic status can change quickly. We saw huge shifts in the Real Estate market these past few years and most experts are predicting more changes to come. Interest rates are much higher than they were, and this IS affecting the buying power of the average home buyer. While it is very much a seller's market, buyers can't stomach super high monthly payments and are capping their searches lower. The same buyer that could purchase a half a million home in May of 2023, may have to adjust their standards and start looking for homes in the $400s. 

So, what does this mean if YOU need/want to sell your home or buy a home? Let's go over the facts: 

1- It is a Sellers' Market. If there is less than 6 months of available inventory, it is a Sellers' Market. Currently, we have about 2 months' worth of inventory, so conditions are favorable for sellers. 

2- Buyers are not competing as fiercely as before. Sellers are back to agreeing to home inspections and closing cost assistance again. 

3- Refinancing is inevitable. Once the economy stabilizes, the fed will reduce rates. When they do, you can refinance. Refinancing means you talk to your lender and refinance your original loan to one with a better rate. You aren't married to your high interest rate! Most lenders will reach out to you once rates have lowered and walk you through the process of improving your terms. I've done it myself and can attest that it is an easy process. 

4- The best time to sell or buy is when it suits your life best. Much like the weather, Real Estate is unpredictable and, in some cases, waiting for 'things to improve' is simply putting off quality of life in lieu of perceived stability. Paying rent never gives the renter equity. And living in a home you don't like is a sacrifice you shouldn't have to make. It's like my wife always says- "Where there's a will, there's a way". If you are ready to sell or buy, let's find a way! 

Call, text or email and have a spooky Halloween! 

(757)289-5352