The Expert Podcast

• Home values have skyrocketed in the past few years, with bidding wars and multiple offers.
• Sellers have been hesitant to sell, putting high prices on homes, but now they are getting scared due to rising interest rates.
• There's a temporary pause in the market, but the need for homes still exists with a 5 million house shortage in the U.S.

• Despite the temporary pause, this could be a chance for buyers to get in before prices rise again.
• As interest rates increase, some sellers are starting to lower their prices, offering buyers a better deal.

• Sherman, Texas: A 3-bed, 2-bath home listed for $189,000 with stainless appliances and a large yard.
• Florida (Lake City): A nearly 2,000 sqft home for $175,000, recently reduced with updated floors and paint.
• Carolinas: A 2,000 sqft home on 3 acres for around $185,000, with a price reduction of $10,000.

• The same factors that led to rising home prices in 2020-2021 still exist:
  • More people entering the housing market (Millennials, Gen Z, and immigrants).
  • A shortage of homes (5 million fewer homes than needed).
• Interest rates may be higher, but they offer an opportunity to lock in a mortgage rate and potentially refinance in the future.

• Buying a home may be more affordable than renting, even with higher interest rates, especially for homes priced at $200,000.
• After paying off the mortgage, you’ll have no house payment, unlike rent, which can increase over time.

• Home prices are unlikely to drop significantly in the near future due to the ongoing shortage of available homes.
• The current market provides more inventory and a more level playing field for buyers compared to previous bidding wars.
• Despite interest rate increases, most buyers can still afford mortgage payments, and there’s still a strong demand for homes.

• This may be a good time to buy if you’re ready to invest, as there is more inventory available and less competition compared to the earlier years.
• While the future is uncertain, the factors supporting the real estate market (job growth, continued housing demand) suggest that prices won’t crash.

• Now might be the right moment to make a move before the market picks up again. Let us know your thoughts!