Thank you to everyone who read my latest post, The Cool Down, and for sending me your questions and comments. I think we are all so ready for the market to shift and for things to become a bit easier for buyers, however, I want to make sure to say, we are a long way from a balanced market. The “cooling” of the market is really from scorching-hot-sellers-market down to hot-sellers-market; it’s just an observation from the statistical models and personal experience day to day I think is valuable information to share whether you’re a buyer or seller.
To answer some of the most frequent questions-
1. Yes, I do think it’s still a good time to buy, even though it’s a bit frustrating- rates are still historically low and even with a cool down, prices are not expected to fall.
2. No, demand hasn’t slowed, I think some buyers are sitting on the sidelines after having too many disappointments over the past 6 months- “Buyer Burn Out,” but these buyer’s will return to the market soon.
3. Yes, I do think that another major spike of Covid-19 and potential shut down will impact our market- but if we look at what happened last year, it will only mean more people moving to the valley, more demand and less supply- so we may see that cycle again.
In conclusion, if you are in the market as a buyer, keep plugging away! It will happen, there will always be another house! If you are a seller, try to let go of the timing of the market, if you have a need to sell, definitely do and hire a Realtor to make sure you are well taken care of and get the most for your home.
If you are starting out or looking for a change, contact me anytime.
Written by: Misha Renteria