Should I Buy, Sell, or Stay Put in This Housing Market?

Is now the right time to buy or sell a house? Or are you better off sitting tight and waiting to see what happens in the current housing market? It seems to depend on which expert you talk to.

With mortgage interest rates rising, house prices remaining high, and fewer homes on the market, even the pros find it challenging to predict what hesitant home buyers and sellers should do.

Some believe the market will continue seeing relatively strong demand, despite a notable slowdown from earlier in the year. Others see the market favoring buyers as we approach the final quarter of 2022, with first-time buyers deciding the time’s right for homeownership.

If you’re currently on the fence about which direction to go, here are some reasons for selling your home in 2022 or deciding to move into a new one.

Should I Sell My House in the Current Market?

Some people have no choice but to move, particularly those relocating for a job. The rest have similar reasons for selling their home or holding off a bit.

You should probably sell in 2022 if:

  • Interest rates are expected to rise but remain reasonably low.
  • You want to take advantage of buyer demand.
  • You’re worried about a significant dip in home prices.

You should probably wait to sell if:

  • You just refinanced or took out a second mortgage.
  • You’re concerned about your ability to afford a new home.
  • You’re worried you won’t be able to find the home of your dreams.

Keep in mind that, even with higher interest rates a possibility, they’ll still most likely remain low from a historical perspective. And if you genuinely believe you’ll struggle to find another home, waiting for a more balanced market can be a good idea, if only for your peace of mind.

Should I Buy a House Now, or Should I Wait?

The strong seller’s markets in 2020 and 2021 managed to price out many potential buyers and reduce the competition. But you should expect those lower prices and a less competitive market to be balanced out by inflation, increased interest rates, and a possible recession.

Experts say if you’re expecting home prices to plummet before you buy, you may be waiting a long time. If you’re ready to buy, they say, don’t wait because while prices might dip a bit, there’s no big plunge likely to happen.

The bottom line? Buying a house in any market is a highly personal decision. If you find a home you love that fits your budget, it’s probably a good time to buy. However, if buying that dream house involves making too many financial sacrifices, you could soon find yourself with buyer’s remorse.

What To Do if You Decide To Buy or Sell

Many home buyers and sellers try to time the real estate market just right. However, if you’re ready and qualified to buy, the best time to make an offer could be now. The same can be said for selling your home. If demand in your area is strong, you can cash in on higher prices.

No matter which choice you make, the real estate agents at Coakley Realty are here to help in MD, DC, and VA areas. We’ll help you determine if your needs, financial situation, and timeline make buying or selling a home the right decision right now.

Contact us today to start the conversation.




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