Why Buy Before Rates Go Down

Transcript: Oh, hey! You! You! The person who’s been sitting on the fence thinking about doing something with real estate? Time’s here. It’s time. Let me tell you why. I’m going to let you in on a little secret. Hold on. So, right now I know everybody thinks it’s a bad time to buy a house because the interest rates are so high. Well, the interest rates really aren’t that high traditionally when you look at historic numbers. When I bought my house, I’m sure you guys are tired of hearing it. My interest rate was also 7%. But what’s going on today is we are at a Crawford Index of 102. I haven’t seen that in years, which means we’re pretty much in a balanced market. 2.9 months of inventory, which is less than what we need actually for a balanced market. So, you, Mr. Buyer, who hasn’t bought a house yet, right now you don’t have to worry about it bidding more necessarily. Still, for some of the nicer homes, if you don’t jump it will be gone. But you’re not having to lease back a house to a seller for months or do any other crazy stuff that we were just doing a couple of years ago because of COVID driving up their demand. And right now, I’m really worried that as soon as those rates drop, it’s going to be back to a seller’s market. And our buyers, like our teachers and our firemen and our police officers, aren’t going to be able to compete again. So, right now, it’s a buyer’s market. Get out there. Or really balanced, but that means an Arizona buyer’s market. Get out there and shop while you can and you don’t have to. I know it’s hot. It’s terribly hot. It’s a hot buyer’s market. Hope to see you soon.