I need to be a little candid here: I think it goes without saying, we’re all a little frustrated right now. Between gas prices, inflation, and interest rates- life got really expensive without us making any significant changes to our day-to-day spending.
The state of the economy right now feels exactly like the “dog days of summer”, stifling, stagnant, heavy, and boring. And the housing market feels about the same.
There’s a level of uncertainty we’re all experiencing, especially in the real estate market. Buyers are frustrated with interest rates and lack of inventory; home values continue to rise. Sellers want to sell, but still have nowhere to go and fear of the unknown is holding them back.
But dear readers, you know my wine glass is always half full so while we may be on the verge of a recession (and really are we? I’m not qualified to speak further on that particular subject.) I do know this:
- It’s the right time to buy or sell when it’s the right time for you. Your life continues to move forward regardless of what the economy or the housing market is doing. All we can do is make the best decisions possible given the circumstances (reason #1 is why you need a good agent by your side!)
- Everyone needs to take a chill pill when it comes to interest rates. Rates will always fluctuate, and the truth is told, anything under 6% is still a good rate! There’s a fun saying going around right now “Marry the house, date the interest rate.” You can always refi out of the rate later. A much bigger focus needs to be on the house you’re purchasing.
- Do you know what’s worse than a high-interest rate? Renting. The interest rate for renting is 100%. Makes that 5.75% look pretty good right now, huh?