With prices of homes on the rise, many people are wondering when they will come back down. I know that’s not something most buyers want to hear but as a seller you should also be prepared for this question.
The price of homes is skyrocketing, we’ve seen record-high appreciation rates in nearly 20% from August 2020 to August 2021 but can this be sustained? And more importantly how long will it last. It’s no secret that this year has been tough for home buyers, as more and more people are staying away from bidding wars. For instance in October approximately 60 of homes were sold via the bidding war compared to 74 in April. But still buyers have to over bid and fight for the houses, Does it means prices are finally dropping?
It’s a scary time for home buyers and sellers, with the federal reserve poised to raise interest rates by 4%. This action may be enough to cool off inflation in America as some people are priced out of buying homes or paying their mortgages. The question is this enough to cause house prices in a Staten Island, New York to drop?
Zillow’s iBuyer Program was a huge disappointment to many, who thought they had found the holy grail of real estate. The truth is that it wasn’t because Zillow’ crystal ball hasn’t worked anymore; rather it has everything do with their estimate process for buying homes which sucks. Also the demand for homes has skyrocketed and there are no new models being released to meet the situation, which leads many people who want houses but cannot find them at an affordable price or with their desired location.
The housing market is not looking good. It’s more likely that prices will continue climbing to extremes, rather than dropping in a crash as some have predicted. No one really knows what the future holds with all this uncertainty but it doesn’t seem like home ownership can be any less expensive now. The best thing that you can do to get a house is save up for it. If your interest rates go up, this won’t affect the mortgage qualification as much and if selling time comes around again make sure there are no other obstacles in front of potential buyers like competing with existing homeowners on price or availability.
Supreme Home Sales is the answer to all your real estate needs. We have been helping people find their dream homes or sell the ones they can’t live in anymore for years, and we know it’s not an easy process – which means you need someone who will be there every step of way with expert guidance from start to finish. You can trust us to make this process easy, fast ,and profitable for you. Feel free to contact us anytime for any query or concern, we’re here to help. You can reach us at +1-917-579-4455 & [email protected].