Dear Friends and Family!
Welcome to my very first newsletter! It's been a great first month at Nourmand & Associates. The brokerage truly feels like family. The support and resources provided to me to become an expert Real Estate Agent has been incredible. In short, I am LOVING IT!
As I share that I am transitioning into real estate, I am often asked: "How is the market is looking?" "Is it a good time to buy?" "Is it a good time to sell?"
The answer: We are back to a traditional market now. People are trading based on life changing events such as an expanding family, proximity to work, school and life and then of course, death, divorce and relocation.
Buyers: our local inventory is limited, but there are better buying opportunities because there is less saturation and less buyer competition. If our rates fall, buyers can always refinance to achieve lower monthly payments.
Sellers: it’s usually either a seller’s market, or occasionally, a buyer’s market. But ironically, we now have both. For seller’s, prices are steady, as inventory remains low. Well-presented homes seem to get activity quickly. If we have a recession, that will put pressure on pushing prices downward. Inventory below $3.0 million is moving through the cycle pretty quickly. Homes above $3.0 million are taking longer to move through the cycle.
Time in the market is always better than timing the market
If you're ready to buy and it's financially feasible for you, I wouldn't hold off due to rates. Take advantage of the fact that there is less competition because this won't last forever, especially with spring and summer months coming up!
Check out some great blog posts linked below that have more detailed information. And please don't hesitate to reach out with any questions!
Best,
Noha
