Do Your Research. There's no question that buying real estate in today's market is more complex than ever. Over the last two years, we experienced one of the hottest seller's markets
on record, in considerable measure due to the effects of the pandemic. Because there were (and still are) not enough homes available to meet the influx of buyers, the cost of homes appreciated at rates unseen in decades, if ever. Bidding wars were common.
Things Are Starting to Cool Off. We are seeing a shift in the market, driven by higher mortgage rates, inflation, and weak financial markets. As a result, sales are down year over year, but the cost of housing has continued to rise, albeit at a more modest pace. Higher prices are primarily due to continued low inventory and buyers still in the market hoping to find a house with less competition. Do as much research as possible to understand where the market may be heading. What you don't know may hurt you.
Don't Be Discouraged! As mentioned, the housing market has started to shift, which we believe will lead to a more balanced market in the coming months. Educated buyers with the means and perseverance to succeed will ultimately achieve their goals.