Are we moving into a Buyer’s Market?
If you find yourself reading this blog, it means you are a very important person to us in one way or another. As your expert Orange County Realtors, we’d like to have a very candid conversation with you. A good agent is an honest agent, even if it means waiting for a paycheck…(remember we’re being candid )
So here’s the cold hard truth, our market is changing quite rapidly and home values are coming down. We typically start to see this after a long run of a seller’s market when values peak, which we’ve been in for several years now. In our experience and with all the research that we do, we can confidently say that we are seeing the trend migrate towards a buyers market. Also, with interest rates rising, inventory increasing and a very unsettling presidential election we see the buyers hesitating due to uncertainty as well. All of these will result in longer days on the market for sellers. So, for our friends who have been thinking about selling, but aren’t really sure it’s the right time, I strongly believe that if you hesitate much longer you’ll have to wait another 5-7 years before you could try to sell it again in order to get the money you are wanting today out of your home now…and that is if the market rebounds to today’s market value again. 5-7 years is the typical turn around time. With that being said, as your friends and advisors, we strongly urge you to ask yourself the question, “Do I want to stay or do I want to sell?”
If your answer is sell… then pick up your phone and let’s get the party started!
As for our buyer friends, interest rates are still low and people buy homes in all types of markets and for different reasons and we know, because we sell them! If you are ready, then now is the time…But if you are merely thinking of buying and are not quite ready, WAIT. Use this time, save more money and firm up any credit issues. We believe that next year is going to be a much better market for our buyer friends!!
Don’t forget, We are here to help you meet your goals, whatever they may be. We can’t wait to work with you! Contact us today!
Photo Credit: Shutterstock/RikoBest