Are you wondering what is happening in the market? What steps should you be taking? That is a question many of us are asking ourselves, but it should really be up to the individuals needs and wants in the present moment. Do you need more room for a growing family? Are you recently divorced? Do you need to downsize? Have you experienced a life changing event?
Each year brings a new experience and no year is identical to the previous. Take 2021, that was unusually robust and artificially exaggerated. 2020 experienced much reactionary activity. So why compare 2022 to 2021 or previous years? The one comparison is, people are experiencing delayed decision making. Mainly due in part, to all that is going on in the world, not just your own backyard.
Are you wondering what is happening in the national market? Although real estate is hyper-local, there is value to looking at what is happening nationally as a mirror of things to come. The latest national market trends according to the National Association of Realtors (NAR) are:
When you look at the national figures, you see inventory is down, but prices are up. If you are considering selling your home, now is a good time. Serious buyers are out! If you are a buyer, now is a perfect time. There is new inventory! No one has a crystal ball as to mortgage rates. You can always lock in now and refinance a few years down the road. But always remember, what are your needs at the moment.
Remember real estate is one of the most important decisions you will make. It is personal and needs driven. Think about what is driving your decision in the present. If I can help you in your real estate journey and answer any questions, please reach out to me at firstname.lastname@example.org or 516-659-9855.
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