Real estate still holding strong
With the first half of January behind us, we are asked what we expect in the upcoming year for real estate.
If our business is any indication, we are being contacted by many people who are thinking that this may be the year they will sell or buy. Interest rates are still very low. Since this is an election year, it is our opinion that interest rates will not make a big move, at least through the election.
Those who wait to buy, hoping to save more money, often times find themselves priced out of the market. Their savings simply can't keep up with the rising home prices. 10% of your income can't keep up with a rise of 10% of a home value.
Those who are thinking of selling may reap the rewards of a high real estate market when they sell their property, but unless they are relocating to an area that hasn't had the same appreciation as ours, they are also finding that they are having to pay the rising home prices when they become a buyer.
We urge you to consult with a financial advisor/planner to consider your personal situation.