As if the higher price points for homes right now weren’t scaring off enough buyers, the rising interest rates have been the last straw for most.
Experts think this may be a better time to buy than you think! Even with limited inventory, there is less competition in the market now than there has been since 2020!
Less competition = more negotiating power 💪🏼
Your home can be one of the biggest financial resources. Simply by living in your home and keeping up with the basic maintenance a home requires, you have the chance to create and grow wealth in the years ahead.
A recent Keeping Current Matters article said it this way:
“Homes purchased in 2022 around $350,000 are PROJECTED to be worth $439,000 by 2027. That’s an $89,000 gain!”
A projected $89,000 gain in just five years time JUST because you owned a home and maintained it. 🤯
“What about a recession?” I’m often asked. A valid concern, so let’s break it down.
Let’s pretend a big recession is about to hit. Your home may temporarily lose some value. BUT you will STILL own your home. You will STILL have a place to lie your head. And the beautiful thing about the history of recessions is this: they don’t last forever.
The day would come when prices would increase again. The day would come when you would have the chance to sell your home for more money than you bought it for or you could refinance your home and use that money to pay off debt or renovate your home. OR you could even sell your home for what you bought it for and be out NOTHING.
In other words, recessions can take away VALUE but they don’t take away ASSETS. So don’t wait to buy real estate. Buy real estate and wait. Your future self will thank you for it.
So this summer, soak up the sun & talk to your agent about your market to see if it’s a less competitive time for you to buy, too!