If I'm a seller, why can't I wait, and it will keep going up?
Because incomes are not rising as fast as house prices, mortgage rates have stayed artificially low, but once they go up, 2-3 rate hikes are predicted for 2022, and mortgage rates will be higher, and buyers will have less buying power. If you can afford $4000/mo at 3%, the mortgage is $951K, then if rates go to 4%, that $4000/mo payment is for an $840,000 mortgage. So they can afford $111,000 less mortgage.Only 23% of San Diegans can afford the median price home. That means 77% of San Diegans can't buy the median-priced home. So if the monthly payment gets more expensive, buyer demand drops, and the amount they pay will drop, and then supply increases, and it goes from being a hot seller's market to a balanced market.
Find Out What Your Home Is Worth
The bottom line is you can't time the market, but you can ride the market and benefit from it. So to talk about your situation, call/text George Lorimer at 619-846-1244 and we can talk about a plan for your home.
Should you sell now or wait?
Sellers- if you plan to move in the next seven years, sell now. Real estate has been appreciated for 12 years straight. The average market cycle is seven years, so we are five years beyond an adjustment or correction.Those who own are very lucky and have a plan that will improve your situation before selling. For example, are you moving out of the area, figure out what that lifestyle looks like and what it costs? We can help with your options, whether it's across town or the country. The advice and information we compile is free and will give you a good start.
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