The Perfect Storm is looming. Interest rates are creeping up; housing inventory is shrinking; people are rushing to buy, people who were on the fence for some time. It’s turning into a seller market, for these reasons and one other one that’s HUGE. Multiple offers are commonplace. Great for sellers. Not good for buyers who are used to insisting on paint color being perfect before they even buy, carpet being new in a ten year old house, the right smell, the right temperature. Sellers, celebrate. Buyers, take a deep breath. The world we knew a year ago has flipped.
When sellers have multiple offers on a home you really love, suddenly their repair budget shrinks or yes, even disappears altogether. Some offers are high with ZERO concessions. Suddenly that decor isn’t so bad after all, suddenly sellers are smack dab in the middle of the driver’s seat. And folks, as inventory continues to go away, it’s going to become even more dramatic.
For so long sellers were put through the wringer trying to sell, and now it’s about to swing strongly in the other direction, moving so quickly through the middle ground we’re likely to miss it. If you’re a seller, it’s a great time to have your home listed. Buyers, better get busy, because not only might you have to compete with several others to get the home you love, you’re going to pay a lot more each month as interest rates creep up.
I said, some time ago, that one truism is that the universe WILL balance. It happens in all areas of life, and it’s happening in real estate now. Don’t you feel it? Exciting times. Don’t miss out on the still good prices and interest rates, people. We’re about to see house prices, first on new construction, take a big leap.
Call me and let’s get busy!