Is it a still a sellers market?
I get this question often from neighbors and agents looking for my take on where the market is today and where it is heading tomorrow. I read alot about this topic (and pretty much ONLY this topic) and I have a few go-to gurus that I like to quote (alot).
I have been describing the market as wonky and weird for the past 3 months cause I could not quite wrap my head around a few things. Interest rates – are they temporaily being impacted? Inventory – where is it? Prices – why are they STILL going up? Days on market – climbing, but not by much! Seller concessions – back with a vengeance!
OK, so back to my original question which is “Is it still a sellers market”? The answer is sorta. Yes, inventory is very low and there is more demand than supply, which signals a sellers market. Home prices are climbing which is also a good indicator. Buyers, however, have cooled a bit as they are being spooked by rising interest rates and lack of inventory, but here is why you MUST be a buyer NOW!
There is less competition – 10, 20, 40 offers on homes with no inspections, no financing, and you must pledge your first born to the Sellers for life! Those days are behind us. You can negotiate with a seller now!
Seller concessions – you can negotiate interest rate buy-downs from a seller. It’s cheaper than a price reduction for the seller and remember, right now, you are the only buyer they have!
Refinance – you can always refinance later. Marry the home, date the rate! Most homebuyers qualify for a refinance after 6 months which means you can take advantage of lower rates when they come.
I believe that we are headed for a fever-pitched sellers market again once interest rates calm down. Don’t be left behind again as a buyer – jump in NOW, you will be glad you did!