So which is it? Is this the type of real estate market that favors Buyers or does it favor Sellers? I keep going back and forth with that question ~ and so, of course ~ with the answer!
A true Buyer’s market is typically an overabundance of homes for sale, great mortgage interest rates, and lower home values.
A true Seller’s market is typically a shortage of homes for sale, higher home values and okay mortgage rates.
I think that we are seeing a combination of both right here, right now. We don’t seem to have a huge inventory of homes for sale (Seller plus) but prices aren’t really rising right now (Buyer plus). Conventional mortgage rates are still under 5% (Buyer plus) but more and more renters are beginning to look for their own home (Seller plus).
What I do know that even in the same region, state or county, there can be both types of markets. So you may find that if you are both buying and selling right now, you can take advantage of both markets! And what is true today about the market may not be true tomorrow about the market. But something even more important to remember is what is right for you in regards to the timing of buying and/or selling a home is probably NOT right for your well-meaning friends/family/neighbors!
Bottom line, let’s find out what’s best for YOU right NOW….that may mean buying or selling this winter/spring or it may mean buying/selling sometime in the future….but it will always be when the time is right for YOU!