Hello Autumn!

It’s still OK to buy and sell!

Over here in the real estate world we have had what many would call a frenzy of sales in the past couple of years. It was exciting for some, disappointing for others and quite challenging for real estate agents as well as their clients. It was a time that buyers and sellers needed someone that knew the market and knew how to negotiate on every level.  I’ve been doing this for several years and was so thankful for all the classes I had taken to hone my skills and experiences I had from past sales to be able to kick it full throttle and get things done!

The spring market cooled off a bit but it was still a time of multiple offers, higher home prices and the dreaded rise in interest rates. Honestly, the rates are still all over the place and although they are significantly higher than previous years,  there are a lot of moving pieces involved in a home purchase and with the right team of people, it can be done! Experts predict that the fall market will be successful and that means inventory will grow and the negotiation process will find it’s way back to normal (whatever normal is in real estate!)

Variety is the spice of life. Making adjustments is what real estate is all about.

I would like to mention that although the rates have risen, it’s not the end of the world. It’s a time of adjustment and getting where you need to be to purchase a home as a buyer or as a seller,  know that the pricing of your home may need to shift a bit to get those buyers to make an offer. It all goes back to simple economics of supply and demand. If there is no inventory, prices of homes rise because the amount of buyers was enormous and some of them had flexibility on their “cap” because the rates were low and they could come in with that higher bid and less contingencies to win the home.

Once the inventory levels and becomes more abundant, the pricing will not be as off the chart as it has been with low inventory and low rates. The interest rates may lower the pre- approval amount for the buyers, but it doesn’t mean there won’t be buyers and there won’t be people selling. Life still happens, people have to transfer for jobs, people have saved money regardless of the rates and can still purchase. People have equity in their current home and the capability to take that equity towards a new home. It’s a cycle that has been happening for years and years.

Real Estate is a great investment.

Real estate is an investment and it is a wise investment which is why the age old saying of it’s cheaper to buy than rent is accurate. Whatever money you put into your purchase is to make it better, whether it’s to list in the future or make your forever home, it’s an investment.  Families grow, then they get smaller and we have the empty nesters looking to downsize. Interest rates and inventory don’t necessarily change this from happening. It changes some of the details which a good realtor will have all that information for a buyer or a seller. It’s also important to be educated on the process. Talking to a professional realtor that does this every day can ensure you have a smooth transaction with lots of communication. You should always know what’s happening in your transaction. The good, the bad and all that’s in between is also part of this process. Communication is the key with no surprises and getting to the finish line is always the goal!

In closing, I hope this little tidbit gave some encouragement to any buyers and sellers out there. Feel free to reach out if you would like to discuss any and all things real estate!

Warmest regards,

Talane Hastings