Why Now Might Just Be the Right Time To Buy
For buyers, the time to act may be right now.
Should I be buying a house right now? That's a big question we're getting as we work through this weird market. Not everybody should be buying a home right now. Still, some folks thinking about buying should definitely pay attention to what I'm about to say because there are some great opportunities in the market, depending on what you're thinking of doing.
First: New homes. If you're thinking about buying a new home, there are some unbelievable, great deals and opportunities out there right now. I was out over the recent weekend and met many new-home builders and sales agents at the tracks. Here's what I learned. For quick move-in homes, homes that are going to be available in the next month to three or four months, those prices have been slashed as well as incentives have run amuck. Builders are practically giving those homes away because buyer traffic is very slow right now. So if you're considering buying a new home, you can buy one today. That's a big thing to pay attention to.
One of the builders I met with said that in December, they had only sold five homes, but in this particular week, they'd sold five homes already. That means the market is accelerating four to five times faster for that particular builder. So again, there's only a short time left for this. Furthermore, builders are often offering unbelievable incentives on interest rate buydowns, not just for a year or two, but some builders have rates down now to 5.49% for a 30-year fixed rate. With $30,000 to $40,000 of buy-down money, that can get that rate into the high threes or low fours. It's like happy days all over again.
"There are some great opportunities in the market."
A local newspaper recently referred to this phenomenon as “a standoff between buyers and sellers”—sellers are stuck at their old prices, and buyers aren’t willing to pay them. Then no one moves, and the market slows down, especially with the higher interest rates.
If you're interested in selling and you're committed to getting the best price possible in this market, I have some tips and strategies that I can share with you. In this shifting market, it matters more now than ever that you’re working with an experienced and knowledgeable professional who can guide you. If I can help you in any way or if you have questions, don’t hesitate to reach out—call, text, or email me anytime.