A Shifting Real Estate Market
The Real Estate Market is Shifting-What Does that Mean? Interest Rates?? Saturation of the Market?? Assumable Loans??
We are experiencing a shift in our market and it’s happening quickly. Are you ready? I am because I am prepared and I am preparing my clients with facts, experience and a deeper understanding than most licensed agents.
Change is hard for anyone in any circumstance. Real Estate markets are no different and when they shift, everyone wants that crystal ball to predict the future. There is no crystal ball and we aren’t really able to know for certain what the future brings. That being said, I am confident in my advice because I study, analyze and educate. I do not listen to the puff stories on the news being broadcasted to cause uncertainty and panic (that was going to be me if I stayed on my riginal career choice!!) If you have questions about what the market is doing, always call the professional, me!! It is my job to help you, let me do it.
Interest rates are about 3.5-5.5% higher than a year ago. That means my buyers are losing about $125,000 in buying power than they would have this time last year. I have clients that I have been working with for over 3 years and one just went from a $550,000 price point to a $425,000. Another example, a home has an assumable VA mortgage with an interest rate of 2.3%, at $350,000= $1,346 VS today's VA rate= $1,905.
Assumable loans?? What is that?! Don’t ask me, I am not 100% sure but it sounds good right? I am only kidding! Always ask me and I will educate you on the pros and cons. I think we will see more of them being marketed and they should be talked about. My buyers will save hundreds and my sellers will get more for the sale price. I care about my clients and saving them money; I want them to think happy thoughts about their home buying/selling experience with me, knowing I did everything possible to get them the best home and value. Even if that means I need to put more effort in for them figuring out ‘out of the box’ strategies.
Most people get into Real Estate Sales as 2nd-20th career after watching an episode of HGTV and thinking about how glamorous it is and all the money to be made. Not me. If you asked me 15 years ago, a naive but optimistic 20-year-old, if I would be a Realtor, I would have told you that you were crazy. It never was a desired career path for me or even a thought. I was going to be a
Broadcast Journalist delivering the news on the Real Estate Market at the national level, not selling the houses to my local community. When I walked out on my NBC internship in college I went to my advisor’s office and switched to Business and Communications. After adding another 3 unexpected semesters, 2 Summer sessions, and an intense Winter session, I graduated from Arizona State University (Fork’em Devils)! I have dedicated myself to studying, analyzing and knowing everything possible about Real Estate–first in AZ and then the past 9 years in Hampton Roads. I am damn good at it and daily utilize my education to understand what is best for my clients.
If you have any questions on our quickly shifting market, call me at 757-705-5749. We will talk it through together!