The best time to purchase a home is NOW! We cannot predict the future. We can only look at the past. However, we cannot project into the future based on the past. Residential real estate is forever changing.
Right now we are experiencing higher interest rates than in the past 10 years. At the same time, we see price reductions in much of the housing inventory. If you are in the market to purchase a home, we suggest you STAY in the market. Let other buyers leave the market.
No longer do we see outrageous price increases driven by multiple offer situations. If a home is priced properly, it can certainly sell quickly. But we are not witnessing the insane 10-20 offers being submitted on individual homes. This was due to low housing inventory and very low mortgage interest rates. Basically, this was “free” money. Now we see many buyers leaving the market and this makes room for serious buyers with less competition for each home.
