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Is This a Buyer’s Market or a Seller’s Market?
Dated: July 30 2021
Here’s our quick two-minute update on today’s unprecedented market.
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The number one question we receive as Realtors is, “How is the market doing?” Everyone from our family, friends, and even bartenders seem to want to know. Today, we’ll give you the answer in our two-minute market update.
We have two major trends happening in our area right now. First off, we have really low inventory, which usually indicates a seller’s market. At the same time, we also have low interest rates, which usually indicate a buyer’s market. How can we have both?
This is actually a mutually beneficial situation. On the seller’s end, they are experiencing crazy high appreciation on their homes. Over the last year, homes in our area have seen a 15% rise in value. Experts are saying that in the next 10 years, there probably won’t be a better time to sell than right now. That means that if you’ve been thinking about selling, now is the time to pull the trigger.
"This market is mutually beneficial for buyers and sellers."
Meanwhile, buyers are benefiting from historically low interest rates. As we’ve been tracking interest rates throughout the years, we’ve seen them be as high as 18%. Today, they’re hovering around 3%, which is about as low as we’ve ever seen them. This means that buyers have way more purchasing power than usual. Typically, we see buyers’ purchasing power decrease by 10% each time the interest rate increases by 1%. This means that right now, your buying power may be at its peak.
We have a really strange market where it’s both a great time to sell and buy. If you are looking to buy or sell a home, please reach out to us. We’d love to help you any way we can.
Julie and Morgan are a mother-daughter duo making up the Sullivan Group! We are experts on the cities, towns, and neighborhoods as well as closely connected to the people who live within those limits.....