December 21, 2021
It is just a few short days until Christmas – and for the first time in many years, my holiday shopping is still not complete. Why? Because buyers are still looking at homes and anxious to lock one down. And yes, it is still more cumbersome to get homes closed due to a variety of (mostly) COVID-related challenges.
So, the market remains brisk and we remain busy – for now. But the question on the minds of home buyers and sellers is, “What lies ahead in the New Year?”
There are two major changes that industry experts feel will put a serious damper on this crazy market:
1. Inflation is rampant. Today’s headline from one of my trusted lenders is, “Wholesale inflation hits 41-year high!” Yes, inflation is real. And right now, there is no end in sight.
2. Mortgage interest rates are rising. There is no doubt they are trending higher – it is just a matter of how high they will climb in the coming year.
Put these two things together – inflation and rising mortgage rates – and we will definitely see a slowdown in the market. Some say this may occur as early as Q2 2022. Regardless of how quickly it comes, the thing to do is to STOP HESITATING.
If you are still thinking about that refinance, NOW IS THE TIME to call your lender!
If you are a first-time home buyer still waffling about purchasing, NOW IS THE TIME to get serious. You may not be able to afford that home in the near future. Yes, you heard me – this is the time to compromise!
And if you are thinking about selling, NOW IS THE TIME do it while your buyer pool is large and homes are still affordable. If you wait much longer, you may be waiting for a very long time.
