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If you are thinking of buying in the next 6 months, be careful of Realtors who say "the time to buy is now and if the interest rates drop, then refinance". I've even heard Dave Ramsey say this and I like Dave Ramsey.
The truth is, we don't know if and when the interest rates will drop. You buy when its comfortable for you to buy. I have a few buyers who are chasing the interest rate. So its a challenging time right now.
I will say Sellers are currently offering to help with closing costs, buying down the interest rate (some lenders are doing this too for their buyers), willing to fix items, but we are all still getting used to the interest rates. The interest rates are what is causing homes to sit longer as well. Homes sitting longer are causing homes to come down in price.
Sellers are also taking offers under list price if their home has been sitting for more than a few weeks. We are seeing homes on the market for up to 4 + months - if the home is in good condition and priced right, then the home will sell quicker.
In 2020-2022, the interest rate was so low, and the inventory of homes was so low that homes in the worst condition or homes on busy streets sold and sold pretty quickly too and top dollar.
Lets talk about real estate during a recession. One thing we have seen in every single recession are dropped interest rates. So the likely hood of interest rates going back down once a recession is announced is there. So do you just wait to buy then or now? Its not whether you should buy or not buy, its really what your personal needs are. Why do you even want to move. What are you experiencing in your current home that is causing you frustration that the new home is going to solve. That is what you can think about - why do you want to make that move. In the last recession of 2008-2010 all the buyers who bought a home and didn't sell - all of their homes have gone up tremendously in value in every single market across the United State. None of them made a mistake by buying in the worst recession we have seen in recent times. When you hold on to anything long term its likely going to go up again so by buying a home right now with home prices dropping, you're likely guaranteed to have future lower payments. Its something to watch.
If you are thinking about buying, lets have a conversation. I would love to see what your goal is and how I can help. (801) 673-6789.