Questions To Ask Before Entering the Market
Some factors to consider when deciding when to enter the market.
Are you looking to buy or sell in 2022? You aren’t alone. Recently, we’ve received many questions from clients about when the best time to enter the market is. So today I'm sharing what you need to know and the questions to ask yourself to make that decision.
First, there is no one best time to buy or sell. Every situation is unique, and no time is best for everyone. If you rely too heavily on general, national news about the housing market, you may end up out of step with your area. Things may be red-hot on the other side of the country, but if you rush into the market before you’re ready, you could miss out on a lot of money.
A few of the most important questions you should ask yourself are, “What’s important to me about buying or selling now? Why is this on my mind? What happens if I don’t make a move?” There’s more to consider, but these questions should give you an idea of what your wants and needs are.
"The 2022 Las Vegas real estate market is increasingly complex."
Another thing to consider is our rising interest rates. If you’re buying with cash, there’s no need to worry. If you’re getting a loan, you may want to buy sooner rather than later so that your buying power isn’t negatively affected.
The 2022 Las Vegas real estate market has become increasingly complex. It’s hard to make a decision with all the factors affecting housing. Interest rates are rising, more people are working from home, land is scarce, an election is coming this fall, and global conflicts are on the rise. Inflation and our historically low inventory are throwing a wrench in everything as well. It’s a good time to sell, sure; but how are you going to replace your home when supply is so low?
If you want to succeed in this crazy market, there are a few things you should consider:
First, who you listen to matters. You can find someone saying pretty much anything about the real estate market online, so the real question isn’t what people are saying. Instead, ask yourself who you should trust.
Second, interest rates are expected to fluctuate this year. They are on the rise right now, but some experts believe they will decrease once inflation is controlled. By the third quarter, we could see historically low rates once again.
Third, buyers will probably have more choices during the summer months. Supply is about as low as it’s ever been right now, but we expect activity to pick up in the spring and summer.
Fourth, there almost certainly won’t be a crash this year. It comes down to basic supply and demand. Since inventory is so low, prices will continue to increase. If you’re waiting for a crash, you may be waiting for a long time.
If you are struggling to navigate one of the most complex real estate markets we’ve ever seen, we can help. Just give us a call or send us an email. We’d love to answer any questions you might have.