Here’s what you should consider before deciding to enter the market.
I was recently talking with a longtime client who was gearing up to sell and buy a new home just when the COVID-19 crisis hit. We discussed whether it was better to wait out the pandemic or move forward with real estate plans now.
Certainly the pandemic has caused many sellers to take a pause, but the result of that is record low inventory dipping even lower. At the same time, buyer demand remains high, resulting in an even stronger seller’s market than usual.
Buying or selling is an individual decision and depends on your specific circumstances. It may be time to wait, but it may not. You need to ask yourself about a few things, including your job stability and what the market might do in a few months.
“Buyer demand remains high, resulting in an even stronger seller’s market than usual.”
All indications are that interest rates will remain at record lows for the rest of this year and into next. What about pricing, though? Since this is a strengthening seller’s market, prices have been going up all year despite the COVID-19 crisis. My guess is that they will continue at that pace with current conditions and that could possibly affect your affordability in the future if you wait too long.
If you have any questions about your situation or anything else related to real estate, don’t hesitate to reach out via phone or email today. I look forward to hearing from you.
