Did Buyers and Sellers Miss the Boat?

Here’s why it’s still a good time to buy or sell in this market.

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Is it too late to buy or sell a home? There have been a lot of changes in our real estate market recently, so did buyers and sellers miss the boat? Let’s take a look at the market for the answer.

In April 2022, pending sales decreased by 15% year over year. Despite this, the median home price increased from $460,000 to $475,000. Meanwhile, the median townhome increased from $260,000 to $275,000. What’s going on?

In my opinion, the recent interest rate increases have frozen buyers. If you’re selling, what should you do? Inventory is increasing, so there will be more competition. However, you can still get a fantastic deal on your home.

You shouldn’t rent if you don’t have to.

Another thing to consider is that most homeowners have a lot of equity. If you’re in this position, you can use the money to buy down your interest rate and get a lower monthly payment. Whether you’re looking to downsize or find your forever home, talk to a trusted lender about this option. If you need a great lender to speak with, reach out; we’d love to refer you to someone fantastic.

If you’re renting, I still think it’s a great time to buy. If it is financially possible for you to own your residence, you should do it. Real estate is a fantastic investment and a great way to build long-term wealth. If you plan on staying in a home for a long time, the best time to buy was yesterday, but the second-best time is right now.

If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!

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