Things are BAD for the Real Estate Market right now…but for who?
You’ve probably heard from just about every media outlet out there that things are BAD in the Real Estate Market right now…But bad for who?
In every real estate transaction, there are two parties. Buyers AND Sellers. Over the last 5+ years, buyers have had to navigate:
👉 Bidding wars for WAY over asking price
👉 Less inventory to choose from creating a cycle of less homes for Sellers to move into
BUYERS: You now have the advantage!
👉 You can now tour many different homes and have TIME to decide
👉 You may be able to negotiate for a LOWER PRICE and concessions!
Do you have questions on your unique situation? Reach out! 208.391.5117 / contact@ownboise.com
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✨ Treasure Valley Residents! ✨
Download our own Monthly Market Update here: https://i3akdif0.pages.infusionsoft.net/
What you’re hearing is true…There is a correction/shift happening in the housing market.
This is what homebuyers have been hoping for!
BUYERS: Instead of paying well over list price and competing against multiple offers, your interest rate will be higher. You might be paying more per month than the historically low interest rates that were available a few months back, but your total cost of ownership over the term of your loan is down. If you can’t seem to make the payments work with the 30 year fixed loans, seriously consider a 7-year adjustable rate mortgage. Data shows most people are not even living in their homes longer than 5 years these days.
SELLERS: You have an appreciating asset which is the best hedge against inflation. Instead of appreciating at record levels of 20% or more, it will appreciate at a normal rate of 3-5%. If you are selling your home, it’s CRITICAL that it is being presented and marketed in a way that stands out among the rest. Also, your pricing strategy is more important right now than it has been in a very long time. Real estate is the best place to have your money with high inflation. Don’t let the news influence you. Curious how this impacts you regarding your specific situation? Contact us!
208.391.5117 / contact@ownboise.com