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A lot of clients and friends of mine have been asking what type of real estate market we're currently seeing. They always want to know whether or not it's a buyer's market or a seller's market.
When they ask me this I always tell them that we're transitioning into a seller's market. Due to record lows in inventory and less distressed properties on the market, this is allowing more sellers to enter the market and get higher sales prices.
However, this increase in sale prices and home values will eventually level off. This means that if you're thinking of selling, now is the time to do so.
If you're thinking of buying in this market, I would recommend getting ready to buy as soon as possible. Mortgage rates are currently sitting at 3.5%, which is lower than they were 12 months ago. Your buying power is very high right now, so I would not want to miss out on this opportunity unless you enjoy spending thousands of extra dollars in interest.
Overall, this is a great time to enter the real estate market. If you're buying, just remember to be patient with the lower amounts of inventory. I promise you'll find a suitable home, especially if you work with my team.
As always, please don't hesitate to reach out to me if you have any questions or concerns!
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