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What’s the Latest News From Our 1st Quarter Market?
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Inventory is low and prices have been increasing in our market, so if you’re thinking about buying, you should do so sooner rather than later.
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What’s the latest news from our first quarter market? Everyone’s been hearing that it’s seller’s market, there’s not a lot of inventory, and it’s hard for buyers to find a home, but how much of that is true?
Speaking for myself, I’ve had success helping both sellers and buyers lately. If you’re a buyer, the trick is you have to be willing to be more open than you might’ve been before. There are still a lot of good, affordable homes available out there, especially if you’re buying for the long haul.
With that being said, inventory has been and will continue to be on the low side in both the lower price points and the higher, more luxury-oriented price points. With so many people moving here from California because of all the job opportunities, prices have been increasing. The market correction this time, though, is completely different from the market correction of 10 to 12 years ago. There are a lot of cash buyers and buyers with big down payments who don’t have to concern themselves too much with appraisals.
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In general, I don’t see prices decreasing anytime in the near future. They might flatten a little bit, though. As I mentioned in my last video, interest rates are climbing a bit, so that will put a little downward pressure on pricing. If you’re a buyer, you should consider doing so sooner rather than later.
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If you’re considering buying a home, this means you might want to do so sooner rather than later. Even if prices flatten, your monthly mortgage payment will increase if interest rates rise.
If you have any more questions about our market or your specific area or you’re thinking of buying or selling a home soon, feel free to reply to this email or give me a call. I’d love to help you.
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