A lot seems to have stabilized in the market. Prices aren’t moving much and are following normal seasonal trends. Inventory is pretty much staying the same. Interest rates are still volatile to an extent, but seem to be bouncing around within certain boundaries. While there is still a sense of uncertainty for many, the market seems stable and isn’t really accelerating or decelerating.
The real estate market doesn’t typically fall off a cliff in a recession, it simply holds steady (1-2% average decline in recessions historically). Not much growth, not much decline. That seems to be what we’re experiencing now. The good news is, the stability means everyone has a little more room to breath, whether buying or selling. Sellers don’t need to be afraid of losing a chunk of their equity, and buyers are no longer having to offer huge amounts of cash over list price.
In the current state, the decision to buy or sell shouldn’t be heavily influenced by market factors. It’s really a matter of individual circumstances and motivations. If you’d like help talking through your situation, let us know and we’re happy to provide some strategic guidance.
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