Well it’s August! It is hard to believe Summer is coming to an end and kids are already returning to school. But here we are again!
This month and next we want to introduce some new team members that we are super-excited about! We love partnering with agents who align with KPG's mission, vision, and values and whose #1 priority is being of service. Each one of our recent additions shares a passion for real estate, and while important, what sets them apart is not just their knowledge of what's happening in the industry, but also their understanding of external factors impacting our housing market - making them true “economic experts." That AND the fact that they are wonderful examples of people who care. They start with curiosity and operate from empathy with their clients! We are thrilled to have such high level talent joining us on this journey!
As for the market, steady and balanced might be the best words. After many months of shifting, it seems to have settled and we are not seeing the up & down swings from previous months. Interest rates hover in the 6% - 7% range. Sellers and buyers both have opportunities (sellers cashing in on large equity gains, and buyers seeing more inventory and leveled-off pricing with fewer bidding wars).
When is the best time to sell or buy? Consider this. If you purchase even with a 7% rate on your mortgage, you start building equity right out of the gate. If you wait 1-2 years because you are hoping interest rates will fall, you miss out on that growth which historically averaged at least 4% a year. That equates to $40K a year on a 1M dollar home. If interest rates did happen to drop, you can always refinance.
The real answer....it's always a good time to buy the right property!
We study all of these factors. We can help you determine what timing, strategy, and path are right for YOU based on your individual needs and situation. We’re here as your trusted Real Estate Economists of choice - for life!
We look forward to hearing from you.
Kyne Property Group