Recently, many clients have asked me, “Are we in a buyer’s market or a seller’s market?” Today I want to answer that question and explain where our market is heading.
It may sound odd, but the truth is that we’re in both a buyer’s market and a seller’s market. It’s a great seller’s market because many properties are receiving multiple offers, selling above their asking price, and leaving the market within days. There are more buyers than sellers, so sellers have a strong negotiating position.
Meanwhile, buyers have a lot of buying power right now due to our historically low interest rates. If you ask your parents what their interest rates were like on their first home, you’ll be shocked by their answer. For example, in the '80s, interest rates could be as high as 18%.
This is a fantastic market, and it’s unlike anything I’ve ever seen. If you want to take advantage, just give me a call or shoot me an email. I’d love to help!