Last month we were experiencing a buyer halt and low inventory. I've been through a couple of these times before, so I knew it wouldn't last. Interest rates are going up, and even though they are historically low, they are perceived as being high by many of today's buyers. The rates are still a good deal though.
The other thing that halted buyers was the unbelievably low number of homes on the market. Fortunately, the inventory has been growing these past few weeks.
We are getting into a NORMAL market, which is easier for the buyer, the seller, and the Realtor too. One can buy and sell without a frantic pace, getting the property ready and getting offers in.
If I had a crystal ball, I would tell you that the rest of the year is going to be a great time to purchase real estate, but I don't, so this is what my best gurus think...the real estate market appears to be normalizing while there is inflation beginning. If there is a depression, it will most likely hit in mid-2023 into 2024. Housing prices appear to be leveling at the moment as well.
Real estate continues to be a good place to park money. Buy and hold. If the economy gets bumpy, hold on tighter. The current prediction from a guru is the real estate market may cool, but it won't fall. You should come out financially ahead.
Take a look at our most recent Santa Clara County stats:
Latest Single Family Statistics
Latest Townhouse/Condo Statistics
Time to talk about your real estate? Call me.
Did you know that I can also show you NEW CONSTRUCTION, MODULAR HOMES, and MOBILE HOMES?
408-644-5159
Erin@BenfordRealEstate.com
18+ years of Licensed Experience
46+ years of Owner Experience
One can download information from the internet; but, one cannot download expertise. We look for the red flags and negotiate for a living. Hire the experts. We will tell you the truth.
