When you listen to news about real estate, it can be very negative. But what’s the reality, and what should you believe?
Headlines in the news do more to terrify than they do to clarify, says Ryan Haley, owner and broker at Atlantic Shores Sotheby’s International Realty.
We’re starting to hear some naysayers announce that it is not the right time to buy, that we are in a bubble, and that it is just like in 2006 to 2008.
But that is not necessarily true.
Nobody has a crystal ball, but what’s true is that there are some people out there who are frustrated, thus they are blaming the “situation” that we’re going to have a real estate market that will be just like the market back in 2006 up to 2008.
However, the numbers just don’t add up. What we are seeing is a completely different marketplace with a supply-and-demand issue.
So what do the experts say? What can we truly expect to see, especially now when we are seeing a bit more inventory and a little less speed in sales, meaning that it’s taking longer to sell?
With this change in the market, you should want to be in the market because if not, it could be that you will lose more in the long run.
According to JP Morgan’s Insights report, now is an opportune time to buy.
“Homebuyers: interest rates are still at historically low levels, though they’re inching up. Housing prices have spiked during the last six to nine months, but we don’t expect them to fall soon, and we believe they are more likely to keep rising. If you are looking to purchase a new home, conditions now may be better than 12 months hence.”— JP Morgan
What this means is that conditions now—when it comes to affordability and when it comes to being able to find the right one and negotiating for a better deal—are better now than when they were 12 months ago. Another point to emphasize is that prices are projected to continue to rise
If you have any questions about real estate, particularly in Ocean City and in Maryland or Delaware, please call us, and we’ll be happy to answer them for you.