If you’re wondering whether it’s a good time to purchase a home or list one, I say that depends. Market conditions are unusual, but that doesn’t mean “bad.” It’s just unusual. What do I mean? Well, inventory has been slowly improving over the past year. There are more choices for buyers. That’s good news. Appreciation has fluctuated but overall is also improving. That’s good news for sellers. So, what’s unusual?
For most of the year, market pace has been good, but for approximately 6 weeks now there’s been a stall. On surface, it’s not understandable. Mortgage rates remain very low. More and more sellers understand the importance of pricing homes right from the beginning of listing for sale. So where are the sales? Overall, the market is quiet.
Current stock market volatility seems to be affecting confidence. I’ve read that the recent plunges reflect the weak economies abroad. It seems the U.S. is the lone economy not stalling or struggling at the moment. And we’re learning how we are all globally connected now. What happens in other places is very likely to affect things at home.
Life must go on. If you are financially stable, not worried about losing your job or income, this is your time to shop and make a very good home purchase. You have some of the best inventory choices in years. You will like mortgage rates. Don’t wait. Same with sellers. If you are financially secure, if you would like to market your home and buy a new one, market conditions are favorable for you, too. Price right and be sure your home is in a generally good condition.
Those of us that can buy and sell homes should. It takes all of us participating in the economy to keep it thriving.