There are two prevailing reasons why people are waiting to buy: They are either waiting for prices to go down because they are under the impression that home prices will continue to slide, or they are waiting for interest rates to decline.
In reality, no one can predict whether either will happen—in the near future or the long term. What we know right now is that we are in a shifting market. We know interest rates are right around 7%. We know some sellers are finally getting motivated enough to price their homes correctly and give proper incentives to get their homes sold.
So, should you wait to buy a house? The short answer is no. If you are in a position to buy a home, it’s a great time to purchase real estate. If anything, some are calling this market shift the Buyer’s Revenge Market. There’s a short window of time where buyers can negotiate and get the upper hand.
If rates continue to go up you will feel good about locking in your interest rate today. If they go down you can refinance.
Furthermore, experts and economists alike are still extremely optimistic about our market—especially in Sun Valley, Idaho where the quality of life second to none, geography prevents the housing market to expand considerably in the future and lest you forgot, we were just ranked the Numero Uno Ski Resort for the 3rd year in a row by the readers of Ski Magazine.
It’s a great time to invest in real estate. It’s a great time to buy your first home. It’s a great time to move up into the home you truly want. Most buyers are still sitting on the sidelines, waiting for something to change. That is where the opportunity is: To act when others are waiting.
What’s the best first step to see if it makes sense to buy a house now? Give me a call, shoot me a message, and we will schedule a consultation. I’d love to connect with you.