Shifting Market ~ But Where Is It Shifting Too?

So, as anyone who has been following real estate for the last couple of years knows, it's been an insanely hot sellers market. Insanely, burn your butt, sellers market!

Properties have been getting a half dozen offers, or more. And, properties have been selling for thousands over list price, lots of thousands over list price!

And, now, interest rates are going up. They have gone up 1.5% in just a few weeks. That can amount to hundreds of dollars on a mortgage payment.

So, needless to say, we are seeing a shift in the real estate market.

My business partner, Leslie, & I have been talking about it for a couple of weeks. I've talked with other active agents about it. Mentioned it a my office meeting. Talked with my title and escrow officers. Computerized showing programs are virtually empty of showing request appointments! We are all seeing it. The showings, on many properties, just went from 30 to 3. The number of offers went from a 1/2 dozen to one. 

I can't help the market, I can only prepare my clients for it as it happens. An active agent is one of the first ones to notice it. Well before you start reading about it in the news. And, of course, depending on which news site you are getting your info from......well, that's the take on the market you're hearing.

I'm an honest to a fault Realtor. I'm going to tell you the truth. And, yes, sometimes the truth hurts. 

I had a conversation with one of my sellers last night. It is what it is. Not happy about it, but I needed to have a face-to-face with them so they truly knew what is happening. So, we set a new game plan in action, we had to.

Interest rates are expected to go up another 6 times this year. Inventory will creep up as well. And, while it's a huge ouch for buyers and sellers alike, looks like we are definitely working towards a more balanced playing field. Won't be overnight, but it's about time.

Working Remotely is Great When House Hunting

Remote Work Trends Mean Flexibility for First-Time Homebuyers

Today's low inventory can be challenging for homebuyers, especially if you’re looking to purchase your first home. But if you're one of many people who work remotely, you may have a great opportunity to use the flexibility you have at work to achieve your homebuying goals this year.

In a recent report, Arch Capital Services explains how the ongoing trend of remote work can open up more options for homebuyers:

“. . . This will enable those who are able to work from home on a part-time or hybrid basis to move slightly farther away from job centers. . . . For workers who secure full-time remote jobs, their place of residence will be determined by affordability and personal preferences.”

Basically, working from home is great news if you’re a first-time buyer trying to find a home that meets your needs and budget. Here’s a deeper look at how it could benefit you.

Extra Flexibility in Your Career Means Extra Flexibility in Your Home Search

If your job is 100% remote, you don’t have to be tied to a specific location or office. So, if you’ve been having a hard time finding what you want in your local area, it may be time to expand your search.

One option you could consider is moving to a place where you’ve always wanted to live, like the mountains, beach, or closer to loved ones. When you broaden your search radius to include those locations, it’ll give you additional homes to consider.

It could also allow you to search for a more affordable location where you have more options in your price range. This can help you achieve two goals – saving money and finding additional features that meet your needs. To truly highlight this benefit, a recent First American article discusses the great ways remote work can really help you with your homebuying goals. Ksenia Potapov, Economist at First American, says:

“For potential first-time home buyers, leveraging their house-buying power in more affordable markets can also help them buy more attractive homes – more square footage and rooms, more options for different home styles and neighborhood amenities – increasing the opportunity to find a home that suits their preferences.”

That means you can use your work flexibility to search for homes with the amenities you need at a lower price point.

Bottom Line

Remote work doesn’t just give you expanded flexibility for your career. If you’re no longer tied to a location because of your office, you have a great opportunity to expand your housing search. Let’s connect to explore how this can open up your options.