Cheer Up Home Buyers - It Could Be Worse!
What a crazy new year’s this has been in the housing market! To give you a little insight on how badly people want homes let me tell you about the 3 homes my clients put offers on just this week. One place had 13 offers, one had 16 and the last place had 36 offers and sold for $150,000 over the listing price which was set at just $589,000! I feel for all you buyers out there, but it could be worse and here’s why.
Why are people so desperate for homes in this seller’s market? Because they are trying to lock in these historically low interest rates while homes are still reasonably priced. But both these low interest rates and low home values could be rising soon… and fast, because as the market gets stronger the interest rates will come up with it since people don’t need as much as an incentive to buy anymore.