True to history, we are already seeing a spike in sales for this month. In just the first 17 days we already have 20% more homes under contract than last March. That’s very exciting news. On the other hand, what we also have is over a year of inventory.
The basic principle of supply and demand just simply will not allow prices to rise. Inventory is too high for the number of buyers in the market. Prices will continue to be affected.
I’ve been saying for 5 years, that if you want to wait for prices to go up to sell your home, you’ll be waiting at least 3 to 5 years. Well, after 5 years, prices still haven’t gone up. So now, I’m saying 7 to 10 more years. Sadly, it’s just going to take that long based on the statistics.
Real estate is a long-term investment. If you’re in the market to buy now and plan to own the home for 10 to 20 years, don’t worry. You’ll be fine.
If you’re still on the fence about selling, just consider the cost to own your home for the next 10 years, versus pricing it to sell now. Then ask yourself a very serious question…Is it more important to get your price, or to get the home sold? Exactly how much longer do you want to own this home? If you’re waiting on price, it could be a while.
If I can help you answer any questions about buying or selling, please let me know.
