Hello,
I can't believe we are already one month into the new year!
Many people have been asking me how the real estate market is doing and many of them are telling me that they are waiting to buy their next home when the housing prices drop. I suggest NOT waiting, because economists are saying that you will be waiting to no avail.
The graph below from the National Association of REALTORS® shows that the median home prices are projected to continue to rise nationwide. I know that there is concern over the rising interest rates.
However, if we really think about it, when the interest rates were lower, homebuyers were paying $50,000 to $100,000 OVER appraised value, with NO contingencies, and NON-REFUNDABLE earnest money. It's actually better to pay a mortgage at a higher interest rate than to do that!
With prices NOT projected to tank, how do we combat the interest rate conundrum? Well, if you buy now and the interest rates go up even higher, you will be glad that you did. If the prices go up, you will be glad that you bought now, and if the interest rates go down, then you can simply refinance. Truly, if you've been wanting to move, you have nothing to lose! Another plus is that there are more homes on the market today than there were a year or two ago.
I'm including the 4th Quarter Market Statistics for your review, so you can see the numbers. Because long term prices are going up, it is prudent to buy now and refinance later. You'll be glad that you did! 😊
For questions about the market, or just to reach out and say hi, please feel free to call me. I'm always here for you!
Thank you for being our client and please know that I am never too busy to help someone you care about in the home buying and selling process.
Have a Heavenly Day!®
Angelina Feichko, Principal Broker, ABR®, ASP, CDPE, CHMS, CNE, CRS, DRS™, GRI, SRS
Bachelor Degree, Business Administration/Marketing
Sold By An Angel Real Estate®
Mobile: 801-390-8015
Email: angel@soldbyanangel.com
Oh by the way…If you know of anyone who would appreciate the level of service we provide, please call me with their name and telephone number and we’ll be happy to follow up and take great care of them!