Good time to buy or sell? We developed a tool called TooMuchEquity.com to help you determine the best time to sell, so let’s talk about buying. Should you and yours be buying real estate right now?
Absolutely. While overall inventory is up, we actually put fewer new listings on the market in 2022 compared to 2021, so while the real estate market has changed, it isn’t due to a huge surplus of inventory. Instead, a jump in interest rates and a huge appreciation spike at the end of the 1st quarter of 2022 made affordability a huge issue that pushed many buyers out of the market.
Since then, prices have been settling not like a rock, but like a parachute down to the levels from the year previous. Meaning that across most of the PNW, prices in December of 2022 were about the same as prices in 2021. Rates have fallen a percentage point below their peak, rental rates continue to rise, and the market has normalized for the moment. This is the best time in the past 12 months for a buyer to make a purchase.
The moment may not last long. We can never say how long it takes the market to correct, but when it changes it’s going to be fast. If you or someone you know has been thinking of making a move, reach out to us and let us know. We can offer a pressure-free consultation to help any buyer determine if they are in the position to complete their home-ownership and home-investment goals.
Email or call us at 425-502-5397