Many people talk about timing the market, when the focus should be the timeline in the market.
When we look at the big picture, and everything that’s happening in the world, the economy, the financial markets, the real estate market … everything happens in seasons. What goes up must come down. The good news is that it also goes back up.
Having said that, it’s safe to say - change isn’t just coming - it’s here. To get through it and make the most of it, I believe it’s crucial that we don’t just freeze and feel paralyzed about taking action because we are afraid to make a mistake. Life goes on. We have to adapt as quickly as possible, and in order to do that, we must look at the bigger picture based on accurate information.
Remember the news headlines are selling attention! When it comes to social media normal and average do not get attention.
If we knew for sure that interest rates were going to come down soon, it might make sense to wait it out.
If we knew for sure that property values would continue dropping, it might make sense to wait it out.
But what if interest rates don’t go down? Or what if it takes another year? After all, what we are calling a ‘high’ rate right now we used to think of as completely ‘normal’ not too long ago.
What if the current price of a home that you like balances out the interest rate and your payments would work out to be the same as they would with a future higher price and lower rate?
If you are thinking of buying in the near future, I think it is very important to get the right kind of mortgage and be very intentional about your timeline, the type of property and the location you’d be buying in to minimize risk as much as possible.
Because sometimes it's not the right time to buy.
Having said that, you cannot eliminate risk fully, of course, and as your trusted advisor and REALTOR®, it is my fiduciary duty to give you as much accurate information as possible so you can make the right decision for your situation.