In my discussion of the market today, I want to reinforce the old adage “knowledge is power.”
When I say that phrase, what do I mean? Well, if you’ve been following my videos, you’ll know that I’ve brought up market shifts a number of times. With our own clients, we’ve noticed that with all the things going on in the market, there is an uncertainty about the future of the market that is causing a sort of paralysis. Is the market going up or down? Is it stabilizing? Is it a bad time to buy or sell? A lot of people have just stopped dead in their tracks and are wondering what they should do.
Knowledge is the key to curing that paralysis.
Interest rates and home prices have gone up, homes are taking longer to sell, and the demand for property is dropping. So what can you do to keep yourself from being paralyzed in the market? Here are some tips:
1. Stay educated. Work with a local professional who will help you understand what’s going on in your micro market. Every single market is different from the next, and the same is true of individual price points and clients. Just because it’s a great time to buy or sell for one person doesn’t necessarily mean that it’s a great time to buy or sell for someone else.
2. Work with a knowledgeable agent. Now more than ever, it’s critical to work with a real estate agent who understands the area and the market you’re looking to buy in.
3. Talk to a great lender. Your agent should also know where to find a great lender who will help you understand what you qualify for, whether you’re a first-time homebuyer or a move-up buyer.
When you’re uncertain about a decision, you’re probably always going to say no to it. That’s why learning more about why you’re looking to make a move or why you’re looking to buy a home is going to help you gain the knowledge and power to make the best decisions for you and your family.
If you have any questions, don’t hesitate to reach out to me. I’d be glad to help you.