Consider the Risks in a “Wait and See” Market

Recently, Zillow Group, Inc. published an article titled Home buyers’ and sellers’ biggest misconceptions in a shifting market explaining the misconceptions in today’s real estate market. Buyers are seeing an overwhelming amount of unencouraging media that creates a stall in buyer’s plans to purchase a home. But, they are not seeing the big picture.

Today’s buyers that recognize the availability of homes (let’s not forget bidding wars of the recent past), balance of interest rates and prices in their favor, and mortgage tools to help with closing costs and the cost of monthly mortgages are taking advantage and benefiting from this unique window in the real estate market.

Zillow Group, Inc. reported:                              
“Buyers may think it’s better to wait out the market, but in reality, there is more opportunity in this market than I have seen in the past five years if buyers approach real estate as a long-term investment, ” said Michael Perry, an agent who leads The Perry Group in Salt Lake City, Utah. “If prices or mortgage rates take a meaningful dip, all those sidelined buyers will likely come rushing back to the market, driving up competition and prices. If a buyer can purchase today, they have bargaining power, more options and more time to find the right home, instead of being rushed into a purchase they might regret.”

Read the rest of the story here: Home buyers’ and sellers’ biggest misconceptions in a shifting market (prnewswire.com)