Market is Up! Market is Down!
Happy Valentine's Day!
Is it the right time to move? Do you sell now or later?
Everywhere you turn it seems like you are bombarded by yet another prediction of where the market is going and what you should do. There is no time for this confusion, decisions need to be made.
Let's talk about.
I am assuming you are in the market because choices will need to be make in the near future. In weighing out the options let's take a look at the facts.
1. Financing: Today's interest rate according to bankrate.com* is at 6.66% for a 30 year fixed loan.Two things to consider when taking a look at your financial options (1) your overall financial picture (2) the loan product.
To fully understand your financial options it is best to speak with a mortgage lender. While interest rates are above the 2's and 3's percent we had been experiencing. The question to ask yourself is... do you believe interest rates will go up or down by the time a real estate decision needs to be made?
Thank goodness for options! Whenever you decide to purchase a home if rates are high, remember there is always an option to refinance will rates come down.
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Need a good lender? Text me at 646-797-0111. I'd be happy to provide you with lenders.
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2. What kind of market at we in?
Just like the stock market, real estate markets also go through cycles. After the sellers market, some communities were experiencing, where some houses were on the market for 1 day receiving multiple offers above asking price and some new home builders stop offering commission splits to agents all together, we are in another market shift. Leaving many in the public uneasy as to where the market is heading. Below is the link for the National Association of Realtor's Confidence Index** which provides a national market outlook.
There is no one answer that can be provided in any blog because each community / market will have it's own numbers. What numbers? One good indicator of the market is 'days on market'. Days on Market is how fast or slow properties are moving in a specific market.
Here is a very general guide to determine the market shift.
- When the average property sits on the market for less than a month or two we are in a sellers market.
- When the average property sits on the market for 3-4-5 months we are in a balanced market.
- When the average property sits on the market for over 5-6+ months we are in a buyers market.
How long each market lasts? There are too many variables too predict this. One that that is important to know is that each type of market requires different strategies to buy or sell a home.
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Want to know what is happening in a specific market? Call to schedule a free consultation at 646-797-0111
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3. In conclusion, whether the market or interest rates have are up or down. Life continues. Decisions still need to be made. Leases expire. Job relocations are assigned. Downsizing and upsizing needs still need to be met. This is when a good real estate professional can help. Know that you are not alone.
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Hi, my name is Aksana Almaguer. I am a real estate professional ready to work for you!
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Thank you for reading to the end. Please rate and comment it helps the algorithm. If you have a question you would like to see answered in a blog please send me a text or write it in the comments.
Sources:
* https://www.bankrate.com/mortgages/mortgage-rates/#mortgage-industry-insights
Information About Brokerage Services
https://members.har.com/mhf/terms/dispBrokerInfo.cfm?sitetype=aws&cid=556463
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