Dec 6, 2022
Things are sounding a bit scary
out there in the real estate world. Interest rates have surged,
less people can afford to purchase, real estate prices are falling,
and people are backing out of deals!
According to Bloomberg, home prices are decelerating at the fastest rate in over a decade across major markets in the U.S., and homebuyers are increasingly backing out of deals (a record 16% in July 2022)
On top of that we are seeing savings accounts depleted, consumer credit debt is on the rise, and general prices for necessities like food and energy keep creeping up due to inflation; that is not a good combination.
At the same time though, it’s been a while since I’ve seen so many real estate “opportunities” coming across my mailbox with price reductions. So now that we have officially entered a buyer’s market, should we actually be buying? Or should we wait around for prices to keep dropping?