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It’s. The. Middle. Of. November. What?? How can this be? How has your November been? ⁉❓⏰
For FMG, November (so far) has brought a close to the high school football season for a couple of our mini’s (and a lot of our FMG family mini’s), a little bit of travel here and there, and still lots of real estate!
Which brings us to our On The Move topic for this email…..BALANCED. ⚖️
FMG is getting the question “What is happening to the market?” more in the last couple of months than we ever have! Whenever the market shifts (like it currently is doing), we all tend to panic. DON’T PANIC! 😲🚫
Most of you are old enough to have been through a lot of market shifts. That’s all that’s happening here. Some of you are even old enough to have had a mortgage in the 1980’s with rates in the mid-teens. (Yes, kids, you read that right—MID-TEENS.) 📈📉
With every shift comes pros and cons. If you are both buying and selling, you most likely will benefit in any market. Examples….
A few months ago…..
👍🏻Sellers benefitted from high selling prices.
👎🏻 Sellers occasionally had to go back to the negotiating table due to appraisals not matching the high price.
👎🏻 Buyers had to pay those high prices.
👍🏻 Buyers got to benefit from amazing low mortgage rates.
Currently…..
👎🏻 Sellers aren’t getting the over-asking or multiple offers as much.
👍🏻Sellers’ houses are still selling just fine at right prices and zero appraisal worries.
👍🏻 Buyers are now able to make slower purchasing decisions and offer at list or below list price.
👎🏻 Buyers are having to pay higher interest rates on their mortgages. BUT WAIT….
👍🏻BUYERS ARE PAYING LESS FOR THE HOUSE. Because of that, the mortgage payment for the same house a few months ago or now comes out to be about the same . So there’s really no big for buyers here.
If you are a visual person, the graphic below gives a great example of the two examples above…..
So….everyone breathe in and out with FMG here, and repeat after us: “It’s just a shift.” 😮💨😮💨
BALANCED MARKET = the amount of homes for sale is better matched with the amount of people looking for homes. It’s a great opportunity for the right sellers and buyers to find each other without being in a rush. WHEW! 🙌🏼🙌🏼
Was it a great time to sell and buy a few months ago? YES! 🙌🏼🙌🏼
Is it a great time to sell and buy now? YES! 🙌🏼🙌🏼
If this stirs up any questions or conversations you’d like to have with us, you know where we are.
And don’t just take it from us….FMG has amazing lender partners who guide us every day in all of this. We’d be happy to connect you to the right one and have them educate you even more on why everything is okay! 🤓💰
And lastly, as always, let FMG know how we can serve you. We are your realtor(s), and we are ready. 💚