We seem to be heading into an unpredictable time in the real estate market, with warnings of a recession on the horizon and mortgage interest rates that could hit nine percent or more. But while you may not see buyers clamoring for homes and putting in ridiculously high over-asking offers in 2023, the market is still strong as of this writing.
If rates continue to rise, both low supply and lower demand will take over, creating a relatively flat market. Buyers will remain cautious, but once the recession is upon us and interest rates once again lower, they will make a return to the market.
In times like these where uncertainty rules the day, it’s more important than ever to work with an experienced Realtor® to help you navigate the process.
Realtors…
- Are held to higher standards than standard real estate agents, as they belong to the National Association of Realtors.
- Can be your expert guide: Especially in turbulent times, it can be difficult to know when to put on the gas or the brakes, when a deal is a good one or not, when to hold back and when to forge ahead. Beyond that, buying a home requires a lot of paperwork, forms, reports, disclosures, and other financial and legal documents. An experienced real estate agent knows what’s required in your market and can help you avoid delays or expensive mistakes. They also know the real estate jargon and can translate for you at every turn.
- Offer objective information and professional opinions: Real estate agents will spearhead your home search through the lens of an unbiased eye so you can meet your objectives while keeping within your budget. Go ahead: ask them about local amenities, contractors, utilities, zoning rules–you name it, they know it.
- Expand your search power: Get access to a wider range of opportunities through the Multiple Listing Service, or MLS. Your agent will set you up with access to all active listings in your search area according to your criteria and budget. The MLS will show you properties that are no longer active even though they may still appear on public sites.
- Negotiate for you: Many factors come into play in any real estate transaction—from price to repairs. They will help you negotiate a purchase agreement that checks all your boxes while looking out for your best interests.
- Keep you up to date on the latest laws and regulations: This is invaluable, especially if it’s been many years since you last bought or sold a house.
- Listen to you in your darkest moments: Buying or selling a home is an emotional experience, especially in a rocky market. Your agent will listen to your concerns, give you a shoulder to lean on, and help you stay focused and objective.
- Are fair and ethical: Every member of the National Association of REALTORS® must adhere to the REALTOR® Code of Ethics, ensuring professionalism at all times while serving the interests of their clients and protecting the public.
Contact Berkshire Hathaway Home Services Premier Properties When Buying a Home
Don’t let today’s turbulent market get in the way of your plans to sell your home or become a new home owner. We have many agents ready and willing to help guide you in your search even amidst an uncertain time. Just contact Berkshire Hathaway Premier Properties at 713-862-0000.