With all these changes, many potential homebuyers are wondering when the prices will crash. In other words, when is the right time to buy?

The housing market is affected by supply and demand. With a potentially smaller buyer pool, the assumption would be that home prices would fall to attract the few buyers still looking. But prices are not reacting this way in many markets. In fact, the supply of homes nation wide has stayed relatively small, which in turn has helped prices stay steady.

The fact is that rising interest rates are affecting sellers as well. Most sellers are  planning to purchase a replacement property. This means that many sellers are reconsidering their own ability to purchase the desired replacement home. As a result, rather than attempting to capitalize on any lingering seller’s market, many have withdrawn instead, keeping the current inventory low and prices stable.

While it’s difficult to predict the effect of more interest rate hikes on seller’s behavior, homebuyers should concentrate on finding the right property for their needs rather than second guessing the market. It’s always the right time to buy the perfect property for you if it's the right time for you and your family.

 Ultimately, as consumers, we always want to sell high and buy low. The problem is, is we never know when the low and the high is going to be. We can only make predictions. And, as homeowners, when we sell a home for a high price, we are just going to turn around and purchase a home for a high price and vice versa.                               

 My point to you once again is this, When it's time for you to buy or sell, don't try to time the market, that's like not gassing your car until prices go down. Do instead, what is right for your family and your  lifestyle. And for my renters out there, if you are worried about rates and price then remember, you are paying a 100% interest rate to your landlord an getting 0% equity! I am here to help you along the way when you want to change 😉