When will housing prices come down?
But first...who remembers the episode of Everybody Loves Raymond about the luggage on the staircase?
I seriously just watched this one!
Ray and Debra had gone to Connecticut and they left their suitcase on the stairs when they returned. Three weeks went by and neither of them moved (or unpacked) the suitcase, hoping the other would move it instead.
Finally, Ray needs to leave for a work trip and, because of the suitcase standoff, he decides to pack his clothes for the weekend in a grocery bag.
It's totally ridiculous, but let's be honest, we all have little stand offs like that in relationships from time to time.
Well, the housing the market right now is lot like that stand off. Something needs to move, but no one wants to make the first move.
Homeowners who have been locked in at a lower interest rate don't want to put their house on the market and risk getting "less house" thanks to housing prices and mortgage rates.
Home prices won't budge because inventory is low and homeowners need to get the most out of their sale to afford where they are going.
And interest rates won't go down until inflation rates go down.
So, what does this mean for you? So glad you asked :)
You have to do what's best for YOU. If you are currently in a home you love, stay. If you are in a home you don't love but don't think you can afford to move, talk with an agent and a lender and get the truth about your numbers. Then make an educated decision based on those numbers.
If you really want to find a place you love and have the means to do so, let's list your house and get you moved!
Just because nationally a lot of things are considered unaffordable for people doesn't mean that everything is unaffordable to everyone. If you're able to buy, you totally should.
Like they say, the best time to buy a house is always 5 years ago.
Even buying a home at a higher price with a higher rate can help you accumulate wealth through real estate in the long run, and I am here to help you every step of the way!
Not loving where you live, and curious about what's best for you?
Let's chat!Posted by Solveig Schroerlucke on