As we go into the time of year when the weather changes and thoughts turn to other things other than the cold and snow, we face new opportunities and endeavors. For the last three or four years,
From the start of 2017, the market began to take a path that those in the know didn’t really see coming. Suddenly the selling of resale homes started to decline. What caused the turnaround and why did it progress especially since the buying population of clients did not seem to dissipate.
Suddenly many of the buyer clients finally had the money and the ability to take on a mortgage, but then there were less and fewer homes being placed on the market. This market trend has continued and even deepened in the first quarter of 2018!
When trying to locate properties for clients most Realtors are coming to the same outcome over and over. The problem of low inventory of listed homes presents a problem for some home buyers and especially first time home buyers that interest rates are also creeping up.
Being in the real estate business for some time, I know that the market has its swings up and down and back and forth. This time there is no clear reason for the changes and ebbs and tides. What we do know is that some of those first-time buyers and even some of those that have bought long before could have problems with the rise of home prices and increase in interest rates.
What can a client do? Contact your real estate professional and make a buying plan. Knowing what you can purchase is the first step. Those thinking of selling need to speed up their program to market homes. Don’t sit on the sidelines now if you are seriously thinking of making a move.