Today, real estate agents pull double duty as therapists, consoling once-eager and excited homebuyers as they lose out on home after home. Investors are routinely outbidding first-time homebuyers, some of whom will pay tens of thousands over asking price. And wealthy buyers offering cash for these homes are pushing real estate prices even higher, making the dream of homeownership less achievable for many.
In the meantime, sellers are reaping the benefits of a hot real estate market. But can all this really last?
If you’re a potential homebuyer, know that in this pandemic era, it’s easy to forget that the conditions of today’s real estate market are extreme. Even though the market has started to cool a little bit, it is still a challenging time to buy a home, especially given the current housing shortage. While the pandemic amplified many aspects of the market, the lack of inventory has been an ongoing challenge in the market for some time.
Like with anything, the only thing that will settle the market and improve the inventory of homes is time. Interest rates will start to go up, the prices for lumber and other materials will begin to stabilize, and overall demand will start to wane.
If you have been anxiously waiting for the right time to buy, now may be the right time, or you may want to wait a little longer. The volatility in the real estate market never goes away, so you have to consider the pros and cons of the situation and do what you feel is best. Our podcast, Today’s Real Talk, can also give you helpful insights into the state of the market and provide guidance on your decision to buy or wait it out a little longer.