The Million Dollar Question

The market remains to swing in the favor of sellers but we have seen a more leveling of home prices and offers written. The days of multiple offers, WAY over asking with appraisal gaps may be few and far between today but the leveling out is good for both buyers and sellers. And this is STILL a fantastic time to buy or sell! According to Dave Ramsey, "Sure, the interest rates and home prices are high, but they're only going to keep climbing," Ramsey Solutions wrote. "And because interest rates are high right now, fewer folks are buying — that means you won’t have as much competition when you make offers." In our experience this is also a benefit to sellers - as you have less buyers in the market you have more buyers that are pre-qualified and ready to make a purchase. We like to say less Looky Loos!

On top of less competition their is also the fear of paying 7 to 7.5% interest on a home. While this is a concern to be aware of and can affect the amount you’re qualified to spend we routinely tell clients that in the coming years as the Fed adjusts rates back down you can always re-finance your loan to a better interest rate. Ramsey comments "If later the interest rates come back down, you're not stuck," he has said, according to TheStreet. "Just refinance and dump the old mortgage."