Will you be upset if you miss out on what is perhaps the greatest seller’s market of our time?
Think about that for a second. Right now we’re in one of the greatest seller’s markets we’ve ever seen. Inventory is low and prices are way up due to interest rates hovering between the high 2s and low 3s. This means you can capitalize and sell your home at an exceptional price. What we’re seeing in terms of pricing is unlike anything I’ve ever seen before in our market.
So again, will you be upset if the tide turns and you miss the opportunity of a lifetime? I’m not suggesting that it will, because nobody knows for sure. That’s the thing about real estate—nobody can predict the future. If we could, everyone would be making decisions today based on current data. What we do know about real estate is that it fluctuates. In other words, it has peaks and valleys. Over time, prices climb and end up at higher price points, but strong markets always pull back as well. If you plan on moving in the next one to three years, you should think about selling now and locking in your gains.
I had a friend who used to say that residential real estate is like casino gambling in that it goes up and down over time; there are times with great rewards and winnings (like now) and times with great challenges. If you’re happy with the gain you could get today, it might be the time to sell. If you decide to wait a year or two, the market could very well keep going up, but my question is whether you think you’ll have missed the boat if it goes down. There’s no sign that the market will turn, but remember—nobody ever expects a market turn. That’s why people get hurt. If they knew, they would’ve sold before the market started to turn.
The update on our market is simple: We have more agents in the U.S. than we do listings, interest rates are still near historic lows, inventory is still incredibly tight, and rents are still incredibly high as well. If you’re a risk-taker who’s willing to wait to move, you may very well see more gains by selling later. What goes up must come down, though. At some point, things always do.
The bottom line is, think about today’s message seriously because sellers are getting huge returns out there. Could that be you too?
If you’d like to know more about our market or are curious about your home’s value, feel free to call or email me anytime. I’d love to help you.