How Buyers Can Take Advantage of Our Current Market

What's the number one reason somebody should be buying a home now as opposed to waiting?

Number one reason is this:

Lawrence Yun, chief economist for NAR at a recent conference said this. He said that it's totally within the realm of possibility that we'll see interest rates at eight and a half percent interest next year in 2023.

Why? We know the Fed has already announced they're gonna do another rate increase in November and another one after that, then they're gonna take a pause. So two more increases are coming and we're already at 7%, eight and a half, maybe a low estimate. So when, although we feel like the interest rate is high, it's not high relative to history. Remember the average interest rate over the last 50 years has been 8%. We're at 7%. So when we look at it from a historical standpoint, it's not as high as we perceive it.

We perceive it to be high because we're basing it on the 60 year low. We just live to the 60 year low, which we'll probably never see again in a lifetime. And we are now having to adjust to the new reality of where it's been throughout history. So we need to educate our buyers.

The best possible thing they can do is take advantage of sellers that have been on the market that are stagnant. 62% of sellers on the market today are stagnant sellers, meaning they've been on the market more than 30 days. They're motivated. A lot of 'em are panicking. They're reducing prices. They're much more apt to even reduce the price again, with an offer if you're more apt to do some closing cost concessions, some in, you know, some inspection, you know, concessions and repair concessions. They're gonna be much more apt to negotiate.

So you have your best negotiation leverage we've had in years right now. We lock in the best interest to it, we possibly can now get that best deal we can. And then if interest rates come back down and generally they do after recession, after the Fed breaks the back of inflation, you'll see interest rates start to scale back down. And when they do, you refinance. Right?

This is the conversation we need to be having with our marketplace. We need to be doing videos about it. We need to be having conversations about it and influencing our little circle. Because it's all absolutely based on data. It's not just based on us talking and wanting to sell more real estate. We're trying to help consumers make good decisions. That's what we do every single day.

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