submitted by Lynne Kelleher, Berkshire Hathaway Home Services, Fox & Roach Realtors
Being a buyer in this market is frustrating, right? So frustrating, as a matter of fact, that you may be considering waiting until inventory levels start to loosen up before making a move.
Unfortunately, it’s not a Today problem, it’s been a problem for years, so waiting probably isn’t the answer. Here’s why. There are several factors at play, not the least of which is that builders aren’t building enough homes.
For the past 14 years, new housing starts have been below the historical average. And while they were on the rise, they dropped 11% in August to the lowest level in three years due to a spike in interest rates and concerns about affordability.
This long-term problem doesn’t have a short-term solution. Another problem is that over 70% of mortgages currently held are below 4%, making current homeowners reluctant to move and take on a higher rate.
So they’re staying put and making do with their current space and situation. Then there’s certain elements of the media out there stirring the pot, breathlessly talking about a market crash and free-falling prices.
Well, neither has happened, but the damage has been done. As Jason Lewris, Co-Founder and Chief Data Officer at Parcl, says:“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”
The bottom line? There’s no denying it’s a tricky market but working with an experienced agent who knows the local market can help you explore your options regardless of whether you are buying or selling a home – or both.
The agent you choose to guide you through the process matters, so choose wisely! Reach out to me at 215-813-6655 or Lynne@LynneKelleher.com. And don’t make a move without me!
PHOTO CAP: Trusted Advisor. Fierce Advocate. Problem Solver.