Should you buy now or wait? Here’s what you need to think about.
Should you wait or buy now? We are in an extreme seller’s market; we’ve seen the most competitive housing market in the history of real estate this year. There have been more multiple offers and homes selling above list price than ever before, but that leads to the question: Should you buy or list right now? A lot of sellers love this market, but some are on the fence because they don’t know where they’re going to go, and a lot of buyers are waiting for the market to cool.
“The more inventory there is, the more stable the market is going to be.”
As of today, there are about 2,300 homes on the Knoxville market. To give you an idea, we only had about 1,300 homes back in January and March. There’s double the amount of inventory, and there are more price reductions right now than there have been for several months. The more inventory there is, the more stable the market is going to be.
A lot of sellers are worried about having to buy a home at a high part of the market, but you need to remember the interest rates. We are at an all-time low with interest rates, and they are expected to go up to about 3.3% next year. It’s usually a wash if you have to buy at the peak of the market, but with how low interest rates are, your mortgage payments are actually going to be less than if you wait and let interest rates increase.
The best thing to do if you’re on the fence is to give me a call at 865-500-463. I’d be happy to help you with all your real estate needs.
