Realtors canâ€™t predict the future. What Realtors have told you over the last year is that the prices are very low and the interest rates are very low. These are 2 conditions that logically sound like it should make purchasing very favorable. Buying at a low price with inexpensive loan money is attractive.
Based upon past conditions of a market with higher prices and interest rates which where similar or even higher, the Realtors were reporting better prices.
Many Realtors bought and invested in real estate, seeing these favorable conditions. Realtors believe in real estate.
No one knows where the bottom is, and the only way we ever know is when the bottom is behind us. There will come a time when many people say, â€œI should have bought whenâ€¦â€¦..â€ I canâ€™t mark that date now, nor can anyone else; not even the brightest economists or futurists. Prices can remain low, but if interest rates rise, the cost of ownership increases. Most people do not expect interest rates to significantly rise in the short term. Rates are predicted to remain low, and prices are expected to remain stable or decrease in most markets. The pressure to buy today for fear of losing out on cheap money or cheap prices is minimal. For some, now is the right time to sell or buy. Itâ€™s a much better time to buy than sell. For those who have reason to sell, itâ€™s the right time for them.
For buyers and sellers in my marketplace, I will provide a candid opinion based upon information I gather about their circumstances. The truth is, most buyers do not contact Realtors and individually ask for counsel. Most buyers contact Realtors and just want to know about â€œProperty Aâ€ or â€œProperty Bâ€. Many consumers would benefit from interviewing several prospective buyer agents, discussing their objectives, choosing one buyer agent and pursuing their endeavors with a trusted advisor.
Good luck in choosing a trusted advisor with whom you can have candid discussions.
Deborah Madey - Broker/New Jersey/Florida
Peninsula Realty Group