Best Time to be a Buyer in Years!

I wanted to talk today a little bit about the opportunity that we’re seeing right now for home buyers in this uncertain housing market. So the camera might be a little bit wobbly, but if you can bear with me, you’re going to love to hear this if you’re looking to buy a home… it is the Best Time to be a Buyer in Years!

The reason why we’re seeing such an opportunity right now is simply because there’s not as many buyers that are jumping in there right now. A lot of people are choosing to hold back, wait and see what happens. We don’t have a crystal ball. We don’t know if housing is going to go down in value, if it’s going to stay even, or if it’s going to keep going up a little bit. We will see and the future will tell us that.

But the fact of the matter is, I’ve talked about this in other videos, in almost every recession over the past 50 years, housing has fared pretty well. It’s either gone up slightly or it’s stayed even. So the big exception, of course, is the housing recession of 2008, where housing went down. But regardless, housing’s fared pretty good in recessions.

That being said, it’s a little spooky what’s happening with interest rates. Interest rates have gone up a ton over the last month, which you know if you’re looking to buy a house, that interest rates have gone up. But instead of focusing on the interest rate, focus on your payment and on what you can afford within your budget. Now is such a great opportunity because you have more negotiating power as a buyer. There’s less buyers out there. Sellers are getting a little bit nervous. There’s more listings available now.

We don’t have some sort of an inventory glut where there’s tons of listings. There’s still a shortage of listings, but there’s much more of an opportunity than we’ve seen in the past two and a half years. It’s been such a frenzy for buyers to have to go in above asking price on listings to make offers on home site unseen.

It’s been extremely challenging for buyers over the past two and a half years and we’re not seeing that right now. So right now is a time where you can negotiate a better deal. You can actually look at the house, you can have contingencies on the transaction like getting a home inspection, which is a wise thing to do on any home purchase to make sure the house is in good shape. Those kinds of things were getting waived over the past couple years.

Right now is a great opportunity to negotiate a really good deal on your house. If the payment makes sense and this is the house that you plan to be in for a while, it really doesn’t matter if housing goes down a little bit because you’re going to be there for the long term. Over time, real estate, especially in markets like Colorado where people are moving to have done extremely well. So keep that in mind when you’re buying.

Also, the likelihood of interest rates staying this high for a very, very long period is low. So it’s highly likely that you can refinance in the future into a lower payment to make the house more affordable. Now, of course, no one has a crystal ball on rates either, but historically speaking, this is what’s happened. Especially when the economy turns into a downturn, which is what we’re seeing is starting to happen right now.

So call me if you have any questions on this. Just a great opportunity. We can talk about what you can qualify for with a home, how much you can afford, what your payment looks like and a strategy on getting you into a house that you’re going to love and you’re going to be able to live in for a long time with your family. 3030-670-0137 or baxterteam@fairwaymc.com