Changing Times in Real Estate: Should I stay or should I go?
Last updated 3/23/2023 at 5:46pm
Whenever we are thinking of moving up, moving out of an area or moving into a new area there are a multitude of considerations we must look at. For sure there are emotional family situations to consider but, most likely, current data of the local real estate markets are what will be on the tops of our mind.
Buying or selling your home is a huge financial decision, and before the emotional involvement and "seeing ourselves live there" can take place, we must be financially prepared for the realities of that decision. Understanding your local market and the current trends will definitely provide the needed data for you to make that decision.
Our wonderful community is a very diverse and the chosen destination for more folks from a multitude of demographics. While our home prices seem super high, they are much lower than some of the areas we see some buyers coming from. Considering the demand for our area, lack of current inventory and current economic data, there is definitely a lot to consider before buying or selling.
Low inventory will help to stabilize prices as long as there are current active buyers seeking to purchase. Rising interest rates will have an impact on the number of buyers that are available as less will be able to afford to purchase. The current financial turmoil will have an impact on funds availability for purchasing.
So much to consider. What should we do? Should we wait? Inventories could rise and then buyers will have more homes to choose from, and possibly, sellers may need to adjust their prices to attract the dwindling buyer pool.
I know all of this is confusing and it is always best to seek a professional realtor to gather all of the current information to help you decide. When choosing a realtor, it is best to find an established professional in the community you wish to go to. One who has proven systems in place to properly expose your home to the largest number of buyers available for your home, or has knowledge of the local inventory sometimes even before it is available to the open market.
All of us at Ken Follis and Sharon Robinson Group are local dedicated realtors providing first class service and results for all of your real estate needs. Stop by our office at 100 N. Main Ave. in downtown Fallbrook, or give us a call, Ken Follis at 760-803-6235 or Sharon Robinson at 949-295-1161. Our website is Kenfollisandsharonrobinsongroup.com.