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...