But first...who remembers the episode of "Everybody Loves Raymond" about the luggage on the staircase? Ray and Debra had gone to Connecticut and they left their suitcase on the stairs when they returned. Three weeks went by and neither of them moved (or unpacked) the suitcase, hoping the other would move it instead. Finally, Ray needs to leave for a work trip and, because of the suitcase standoff, he decides to pack his clothes for the weekend in a grocery sack.It's totally ridiculous, but let's be honest, we all have little stand offs like that in relationships from time to time.
Well, the current housing market is a lot like that stand off right now. Something needs to move, but no one wants to make the first move.
Homeowners who have been locked in at a low interest rate don't want to put their house on the market and risk getting "less house" thanks to housing prices and mortgage rates going up. Home prices won't budge because inventory is low and homeowners need to get the most out of their sale to afford where they are going. And to top it all off, interest rates won't go down until inflation goes down.
So, what does this mean for you? So glad you asked.
You have to do what's best for YOU.
If you are currently in a home you love, stay. If you are in a home you don't love but don't think you can afford to move, talk with an agent and a lender and get the truth about your numbers. Then make an educated decision based on those numbers. If you really want to find a place you love and have the means to do so, let's list your house and get you moved! Just because there's a lot of talk nationally about how unaffordable things are for people doesn't mean that everything is unaffordable for everyone. If you're able to buy, you totally should.
Like they say, the best time to buy a house is always 5 years ago. Even buying a home at a higher price with a higher rate can help you accumulate wealth through real estate in the long run, and I am here to help you every step of the way!