Not happy with the current state of the economy? Everyone has a different opinion on the matter but the reality is we see the economy based on our personal experiences. Some of us are making more money than ever while others are struggling. You have to look at what’s going on but also look at what your situation is and how that is impacted by the current economy. For example, if you have the perfect conditions to sell your home, does that mean it’s the right thing to do?
Right now, some realtors would warn you that it may not be the right time to sell. Interest rates, struggling buyers and other factors can play a role in your decisions. On the other hand, you may have the property everyone wants and selling now is fine because you’re still going to get what you want or close to it.
Impact Of Interest Rates
Yes, higher interest rates make it tougher to sell or buy a home. Buyers are struggling because they need to have more cash to put down, no debt and a strong credit score. It also will help if they can have great income, but that always helps. If buyers have to jump over these hurdles to make an offer, it limits their reach and what they can do.
Ignore The National Numbers
Yes, things are tougher on buyers right now, but some are saying the opposite. Some, who have good financial situations are finding that while interest rates and home prices are not ideal, they have allowed for an increase in inventory as well as a smaller buyers pool, meaning less competition. It is not exactly a buyers market but buyers are still taking advantage of things.
Work With Local Realtors
National numbers and rules are always going to factor into your real estate options. However, it’s important that you remember that local markets are different and can show trends that are different from what’s going on nationally. If you have a great property and are going to list it at a fair price, you are going to have people interested in the property. Will they offer you what you’re asking for? Will they offer it quickly? Will you be able to sell quickly? These answers will not be known until you list. However, if you want to know whether or not you should list, the smart thing to do is to hire a realtor who specializes in local neighborhoods.
