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You’ve probably heard people say this or possibly even thought this yourself:
“I’m going to wait to do anything until the market turns around”.
The market has indeed been nuts in the way it’s behaving lately; interest rates increase and buyers retreat, interest rates decline and buyers reemerge. Who can blame them when, for many, the state of interest rates has a significant impact on their buying power.
My question is:
“wait until what…the market to return to normal?”
This madness seems to be the new normal.
Currently in the Denver market, we have a dichotomy in our inventory. Some homes have been sitting for months on end while others come on the market and go pending in just a few days, often after having received multiple offers with over-asking prices. Our continued low inventory means competing buyers have to fight over fewer homes, which puts upward pressure on sale prices. Because of these conditions and to the dismay of those hoping to wait until the market changes, prices are not likely to decrease anytime soon.
However, life doesn’t pause for market fluctuations. Weddings, births, job changes, divorces, downsizing needs, or the desire to be closer to family – these life milestones continue unabated. Market timing becomes irrelevant in the face of life’s demands.
Here’s the silver lining: navigating the market’s complexities doesn’t have to be a solitary struggle filled with anxiety and uncertainty. Surround yourself with a formidable support system: your financial advisor, tax consultant, lender, and, crucially, your Realtor. This professional cadre is not just beneficial but essential, particularly when contemplating a significant move. From assessing financial impacts and tax ramifications to understanding lending options and identifying the ideal home that aligns with your needs and lifestyle, your team is there to guide and support you.
Therefore, my advice is simple: do not shy away from the market due to fears of competition, fluctuating interest rates, or general market pessimism. If a move is on your horizon, due to necessity or desire, reach out to your trusted advisors. Develop a strategic plan together and step forward with confidence. The market might be challenging, but with the right support and strategy, you can navigate it to meet your real estate goals.
