Interesting question as we still have a lack of inventory and demand for homes continues to rise, this short video has details!
Seems like a crazy question to many people, however with inventory still at historic lows, while the interest rates remain above what we have seen over the last decade, there is still a great demand for homes.
For perspective, here is what Barbara Corcoran had to say on Good Morning America and later reiterated to Yahoo Finance, in response to "when is the right time to buy?"
Keeping in mind that Corcoran made her millions in the real estate market, her response is eye-opening. She says “It’s a good time to buy because the minute interest rates go down, everybody’s waiting for them to go down even by a point, and when they do, they’re going to come rushing back in the market,” Corcoran said. “Prices are going to explode, and you’re going to be paying more for the same house. And you can always refinance, remember, when and if interest rates come down.” See the full article HERE.
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Historically as our inflation numbers come down, the rates will eventually follow, thus if you can afford the home now, buying now will save you money on the PRICE and if/when rates come down, taking advantage of a refinance would allow you lower the payment while the price of the home is already locked in.
This is advice that Dave Ramsey has given numerous times, follow this link for one recent example: Dave Ramsey Best Time to Buy a Home. If you fast forward to 2:30 or so it will give a perspective on todays real estate market.
Lastly, the actual numbers have remained very consistent the last few months as our typical inventory is at about 60 days with homes selling at about that average if they are priced correctly for condition. More importantly, if you need to sell to make a move, your equity is likely more than you realize and can fuel that move - keeping your payment down.
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We are have great success getting home sold fast for top dollar right now, while some agents are struggling, we at The Drew Team are reaching YOUR goals!
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As always we are thankful for our friends at Security Title for their great service to our clients
The Drew Team is Robin & Steven Drew, Robin McAvoy, Casey Hurlburt, Tom Walton and our amazing admin Nancy Horn. We are grateful to all who have allowed us the privilege to serve!
