Still waiting to buy or sell a house? The question should be why? Both future buyers and sellers need a plan.
Still waiting to buy or sell a house? The question should be why are you waiting?
Yes, interest rates do move up and down and home price also move up and down.
When demand is high, prices go up and when demand is low, prices will come down.
Interest rates on the other hand seem to continue to go up, once they start to go up, they will come down very slowly.
Right now, the Feds have decided to keep the interest rate where it is at and do not seem to be in a hurry to bring the rates down anytime soon.
Home prices, at least here in Southern California, are still going up and still a number of homeowners and would be buyers are waiting.
If you are thinking of selling a house, then there are a few questions you need to ask yourself, do you know where you would move to, do you know the prices and do you know the area you want to move to.
As a future seller of a house, you need a plan first, before you put your house on the market.
If you are a buyer looking to buy and waiting for home prices and interest rates to come down, you may be waiting a while.
If you look back at chart of interest rates since 1950, you will see that interest rates may continue to go up for the next couple of years.
Home prices, depending on area will adjust, when and by how much is a big question.
By the time home prices adjust and if interest go higher, if you are looking to finance the purchase, you could be paying more per month then if you buy that same house today.
If you are a future home buyer, you will also need a plan.
Call or text (909) 226-3551 to set an appointment or to ask a real estate question
The questions you need to ask yourself is, what can I afford to buy, what areas can I afford to buy in, how far from my job will I need to drive, can I transfer or get a new job if I move to that area, how are the schools, shopping centers, transportation, and etc.
Yes, both home sellers and home buyers need to plan before buying or selling a house, and a good professional realtor or real estate agent can help you with your plan.
Steve Olmos
Selling real estate in Southern California since 1980
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