I’ve been receiving many questions about our real estate market lately, so here is what I know and what I predict:
Many people have been asking if we’re in a buyer’s or a seller’s market. We are definitely in a seller’s market right now. It’s a strange market because the real estate cycle typically runs for about eight years. However, right now we’re going on 11 years of our current cycle.
It’s currently a hot market. Homes that are properly prepared for the market are selling quickly. Houses not in good condition are sitting on the market for long periods. If you’re considering buying a home you need to be invested in the search. Many great houses aren’t even hitting the market because agents are talking amongst each other about them before they’re listed.
People also always ask about how interest rates are doing. Interest rates over the last year have been up and down. I encourage you to NOT try and time the market. You can’t predict it; no one has a crystal ball. We’re in an election year, so I would anticipate interest rates staying low because both parties want to claim the victory of an excellent housing market. At some point rates will need to increase for a healthy economy, but they will likely remain low for most of 2020. So buy or sell when it’s right for you.
Reach out to us or your own real estate agent if you’re considering buying a home. If you have any questions about the market or real estate in general, feel free to call or email us. We’d be glad to help you.