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  • Writer's pictureKat Barron

Just some thoughts on the current market...

Anyone who has asked me if its smart to buy right now has gotten this spiel... Do I know exactly what will happen and when it will happen? Heck no. But, I watch the market closely, and there are certainly trends that can help you make an educated guess.

The market cannot sustain for long at this crazy level (10, 20, 40 offers on one home, bidding several thousand over asking price in most cases). That is a fact. It will eventually mellow, that mellowing could happen because of mortgage interest rates increasing (they are trending that way). Or it could happen because loads of people all of a sudden list their homes all at once, and then the market would be what we consider more "balanced." The benefit of buying in a balanced market is that sellers and buyers have a pretty good amount of give and take. The current seller's market really only serves the sellers well... and the buyers are left just hoping for an opportunity to pay a lot for a home (while giving up their rights to inspections etc).

The big question I get asked is, so I expect a repeat of the 2008 crash?

The answer is, I don't. I do expect there to be a market correction, where more listings come on, and maybe it becomes common for most to sell in a month, as opposed to days... I also expect interest rates to rise some more this year, and interest rates make a huge difference in a person's buying power (look up any mortgage calculator and play around and you'll see, small changes mean a lot). But, when that will happen is up in the air... if I were a betting woman I would say by Fall we would start seeing a slower market that stays slower and doesn't get to this level of crazy again for awhile. I also think our overall economy will suffer for some years to come based on the events of the last year.... only time will tell how bad that will be.

It's a great time to sell, so feel free to reach out to me and we can have an honest conversation. It also may be a good time to buy, depending on your personal goals and situation, or it may not...

If you really want to own a home and need to work on your credit to get there, I am happy to help guide you in some great next steps to get you there.

Warmest wishes to you and yours, let me know if you want me to cover a specific topic. I'll try to progressively go more in depth.

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