My 15 year real estate career has taught me one very interesting thing about homebuyers and that is, they usually want to “keep looking” at other options and see what else is “out there“.
I, myself, have been a homebuyer several times in my life and I felt the same way. Having options is always good. Of course, we were just through a very tight and competitive market with a lot of buyers out there due to the low mortgage rates, which got lower and lower during 2020-2022.
This podcast episode is all about what’s ahead for housing and how tight things are about to get when it comes to available homes for sale. Just click play…
Here’s the link from my google search: “Mortgage rates since 2007” – https://www.ft.com/content/6606dc17-162a-48f9-9dbe-49a9322525c6
What This Podcast Info Means To You
Home Buyers
You should have a very clear idea of what you want in the home you buy. If you see a property that is pretty close to meeting your needs and wants as they pertain to Price, Style/Condition, and Location – do not hesitate.
New listings will continue to hit the market, however, it’s just important that you understand the dynamic of the last 10+ years of low rates. It will cause a lot of homeowners to not list their homes so inventory will remain critically low.
The low inventory market will continue most likely well through 2024, in my opinion and even if I’m only “half right”, if you’re looking to buy now, that’s still a whole year’s worth of of a weak listing market.
Homeowners
The window of the historic sellers market of the last 2 years is gone. That doesn’t mean you’re home can’t sell for a lot of money. However, this low demand won’t last forever either.
I’m starting to think that by mid-2023, prices could actually start to increase again, especially if rates rise into the high 8’s/9’s and then dip later in 2023 as some experts have indicated. The low inventory will be the saving grace of home values, for now, both locally and nationally.
Investors
The key to continuing to do deals is making sure your costs are competitive and you can continue to get deals as more investors pay higher prices due to continuing low inventory.
Also, knowing your numbers for the type of investment you’re getting into is critical. Contact me if you need numbers on a deal you’re looking at now. Text (631)831-9048.
Thanks so much for listening to the podcast. Feel free to share this information with a friend! If you’d like to leave a message for the podcast you can do so here – Long Island Housing Podcast (anchor.fm). Any questions about real estate, I’ll answer them on the podcast if you want!
Here’s the link to the Instagram Live videos where you can grab quick info and real estate tips every Tuesday at 12:30pm (subject to my schedule/availability). You can also ask me any questions you have.
If you’d like – book an appointment online with me or call/text me at (631)831-9048.
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