Today we’re covering something near and dear to our hearts around here at Taylor Realty Group: The current state of the real estate market. We like to keep tabs on the highs and lows and the predictions that come out of the market each month and each season. This blog is an opportunity for you to get a peek into our insights and industry knowledge. If you’d like a more in-depth conversation about the marketplace or any other burning questions that you might have, please don’t hesitate to reach out to us for a quick consultation or just to chat. You can reach us here at this number: 303-669-2744 or by navigating to our contact page here.
Market Watch Overview
What is going on in today’s real estate market? Well, not surprisingly there is more inventory currently but not because people are doing a mass sell off. There’s more inventory because homes are simply taking longer to sell. When a home sits on the market and the calendar month transitions, then that brings with it the previous month’s unsold inventory along with the current homes being put onto the market with the current months. The leftovers if you will. The reality is that homes are taking longer to sell these days.
On The Horizon
The big question on everyone’s mind is will there be a rush of real estate in the spring. Buyers and sellers are waiting each other out. Buyers are waiting for prices to come down and sellers are waiting for buyers to accept new interest rates and buy. There has never been a bigger gap between expectations of buyers and sellers. Think of it this way: the current market is like two guys each holding an end of a dollar bill. Who will let go first? There’s a good probability that prices won’t go down because if sellers don’t get the price they want then they will just stay in their home and remove the listing. Most likely, buyers will understand that the rates are not that high and will accept and finally decide to buy. Buyers are most likely to “let go” of the bill in this situation.
The Trouble With The Fed
The Fed probably won’t raise interest rates again because people are getting angry that they have done so a lot this year already. The current market is a lot like a young person who is very emotionally volatile, like when we were in high school and thought that not getting to sit at the “cool kids table” was the end of the world and the end of your chances of EVER being cool again, when in reality, it is just a minor inconvenience along the long road of life. You will soon realize that there will be other opportunities to be “cool” and that historically the interest rates are actually low comparatively. So, nothing to freak out over whatsoever.
Buyer’s (And Sellers) Rejoice!
Savvy buyers and sellers know that the sky is certainly not falling and that interest rates are more of a case of background noise in terms of main things to focus on. There won’t be another 2008 crash because there will not be a bunch of people foreclosed on who are over-leveraged and holding the bag. There’s too much equity out there. If someone is behind on their mortgage, they will just sell and not let the bank reclaim it.
For The Road.
The market can be a wild roller coaster ride full of twists and turns, but like any good ride, you have to hold on tight and wait because the craziness will all be over soon. Wondering how to accomplish that? Give us a call! We would love to talk to you and to help you along the buying process every step of the way. We can’t wait to hear from you.
(Check out these market stats. Questions? Give me a call!)
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