Navigating an unusual housing market
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Kevin Kalligher, a realtor of RE/MAX Results, says we experiencing an unusual housing market:
Generally when there’s a decrease in demand, there’s an increase in inventory or vice versa, and the market isn’t playing that way right now.
I’ve been hearing for a while now that there is no inventory. Interest rates are climbing higher and higher. There’s very low inventory BUT some things are still selling quickly AND some properties are hanging out on the market for a while longer now.
Do you think these higher mortgage rates will still have people moving or will they stay put?
One of the reasons why there is always a market for residential real estate is because people’s lives change.
People’s lives change. People get divorced. People have babies. They become empty nesters. They get promoted, laid off, relocated… Maybe they want to live on the water? And so on.
Regardless of market factors, one thing for certain is that life happens and there’s always going to be a segment of the market that needs to buy or sell
What is the mindset of the market right now?
By the numbers we have around 20% less homes selling this year compared to last year. Now doesn’t mean the market is falling out. That just means our glass is 80% full, which is coming from a time where home values and activity were some of the most extreme in history. So if we’re 80% of that, it’s still a great market.
How can people have success right now in our area with real estate?
Be attentive to your approach. We’re going into a slower time of year as we approach Thanksgiving, so its probably not a good idea to price your home at the top of what has been selling in your area if you’re goal is to sell quickly. If you’re a buyer, know your budget to a ‘T ‘and remain vigilant in your home search.
It’s not a matter of if but when you will find something. Maybe even for a little bit better of a deal than, say, this spring.