The news is filled with housing market data, leading to a bit of craze in the Tri-Valley housing market. As your local family-owned brokerage who serves the Tri-Valley, we are constantly being asked to make sense of a housing market that has seen more ups and downs than a roller coaster.
Let’s discuss the elephants in the room and get to the question on everyone’s mind, what is happening to the real estate market, and is this a good time to buy, sell, or stay put?
How the Economy is Affecting the Housing Market in the Tri-Valley
The biggest factor affecting the housing market in the Tri-Valley is the economy. Rising interest rates, the highest they’ve been in more than 20 years, job uncertainty, a falling stock market that affects retirement and down payments, layoffs, and a drop in housing prices makes for a very uncertain economy.
Those who still have jobs are not sure they want to make a move, “just in case” their job is next to be cut.
Those who lost a job may be wondering if now is a good time to sell in case they can’t find a job right away and thus can’t afford to continue to live where they purchased.
Others may be returning to onsite work
places, meaning they may have to sell the home they bought just a few years ago so they can be closer to work.
Retirees may not downsize or move away because of a dip in their stocks, the money they counted on for their retirement.
And all others may be just watching from the sidelines, not sure whether or not now is the time to make a move.
How the Holidays are Affecting the Tri-Valley Real Estate Market
The holidays are a traditional time for a slowdown in the Tri-Valley real estate market. Between the colder weather, decorating for the holidays, having family in town, and just wanting to stay in your own home for the end of the year, the holidays have traditionally signified a slowdown in sales.
Even buyers who usually see less competition during the holidays are pulling away from purchasing at this time until the state of the economy clears.
Is This a Good Time to Buy or Sell My Home in the Tri-Valley?
Whether or not you want to buy or sell your Tri-Valley home is an individual decision. With all of the factors listed above, a consultation with The Gamache Team is necessary in order to take in all of your concerns, discuss your finances, and come up with a plan.
Whether or not you are thinking of selling or buying now, it’s still a great idea to put your plan on paper so when the time is right, interest rates go down, and the economy settles, you can be the first one to hit the market strong.