If you think the market is changing in favor of buyers anytime soon and home prices will change for the worse, it isn't. You will never be able to "time the market". It's not possible. Sorry to burst your bubble. With interest rates being at the low 3's/high 2's, there are now even more mortgage applications (up over 27%) AND the supply & demand is sitting at 1.9 absorption rate (it was recently at 2.7). This means we are still at a sellers market advantage. A rate of 6 is "balanced". When we reach a rate of 7, we will see a buyer's market. Average price right now is at $300,000. It was just at $295,000. The FOMC meeting was just conducted and these extremely low Interest rates will remain the same until an estimation of the year 2023.
If you think the market will turn, especially under $400,000, you are mistaken. There are still multiple offers, buyers getting beat out, a large surge of refinance and purchase loan applications, and a huge uptick in homebuyers who are being smart at investing in real estate taking advantage of the bank's low rates. Homeowners have a ton of equity, there is still a chronic shortage of new listings on the market, and extremely low mortgage rates. If you are one of the smart ones who actually take advantage and buy a home now, congratulations, as it will only get worse for you from here on out.
Call or DM us if you have any questions or need advice on investing in real estate. This is our main specialty. I study the market heavily and do weekly real estate market videos you can find on our YouTube channel (link in my
Bio) so that you stay on top of mind as to what's actually going on.
Awni and Chantell Abbas - 480-788-4118
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"AWNTEL"
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Realtors specializing in Real Estate Investing
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Sell • Buy • Invest • Multi-Units
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