As the end of another year draws near, we compiled a list of our most frequently asked questions of 2023 including our most asked question “How’s the market?” Today, we’re answering these questions for you with direct links to our previous blogs that provide a wealth of information on the topic. We love answering your questions and spend a lot of our waking hours counseling and advising through all things related to real estate. We hope this is informative and helpful wherever you are on your real estate journey.
Q: How much will my house sell for?
Read Here! Pricing to Max Your Profit
Q: What is the first step in the homebuying process?
Read Here! What to Expect: How to Start the Homebuying Process
Q: How long does it take to buy a home?
Read Here! “What to Expect” Series
Q: Should I sell my current home before buying a new one?
Read Here! 2nd Time Homebuyers – How to Buy and Sell a Home Simultaneously
Q: What should I do to prep my house for selling?
Read Here! What to Expect: Preparing Your Home for Sale
Q: Do I need a home inspection?
Read Here! The Terrifying World of Inspections
Q: What will my mortgage payment be if I want (this house, have this credit score, have this much saved)?
Read Here! How to Choose a Lender
Q: When is the best time to buy a house?
Read Here! Should We Buy Now or Wait
Q: What costs are involved in buying/selling a house?
Listen Here! The Hidden Costs of Buying a Home
Q: And finally, our most asked question, “How’s the market?”
While we see a lot of buyers waiting on the sidelines because of the current interest rates, we believe that right now can be a great time to buy a home. With the current rates being what they are, the cost of taking out a mortgage is high, which can deter buyers from wanting to buy right. Simultaneously, we see a lot of sellers who have amazing interest rates at two to three percent that are hesitant to sell resulting in low inventory.
So, we believe buyers have an amazing opportunity to finally have a way to negotiate on price in a way we haven’t seen in years. Even though interest rates are high, if you can qualify for what you are interested in, it’s a great time to buy.
Come Springtime, we think there will be a lot of pent up demand as a result of either interest rates going down or people just being done waiting. The concern with waiting is that if this pent up demand occurs, there may be a sort of frenzy again and buyers will have a difficult time negotiating on price and instead be in bidding wars on homes. While this can be good news for our sellers, for a buyer it may end up costing you more if you have to pay well over the asking price than it would be to buy now with a higher interest rate. It’s something all buyers really need to weigh.
For first time homebuyers, do not wait for interest rates to drop. Buy now! Otherwise you may well get priced out of the market. Get on the property ladder now, build your wealth through the appreciating value of your home and if interest rates drop enough you can always refinance in the future and decrease your payments. And if rates do not drop any time soon, then you were able to buy a home at a good price!
While you may buy or sell a home a few times in your lifetime, we have the distinct honor of doing this every single day. All questions are good questions, and they all help you towards our shared goal of making real estate more accessible for everyone.
If your questions were left unanswered, let us know! We’d love to help you navigate the real estate market.
Until next time,
Brianna and Keelie