Is it a Buyers or Sellers Market?
Interest rates are at historic lows and we are in the middle of a pandemic. I am often asked, is this a buyer or seller market? Great question. Who would have ever thought the real estate market would be such that it is, in the middle of global pandemic?
Conventionally, whether a market is buyers or sellers has been defined primarily by inventory. Indeed, inventory is low. Insomuch, if you are viewing this via a conventional lens, it is a sellers market.
However, with interest rates at historic lows, how we define ”buyer or seller market” might be changing. See https://www.pilotonline.com/inside-business/vp-ib-mortgage-rates-1012-20201012-mkottsmrk5bdjnqcabyxj
I have three rules
Worry less about what others, or in this case, the market is doing, seek knowledge specific for ones own situation
Never pay more than you are comfortable. For anything. Ever.
There is always an opportunity to be had for those who are patient, prepared and pursuing
If you own property, this is an excellent time to sell because there are currently more buyers in the market than there are homes to buy. If you are a buyer, take advantage of these unprecedented lows in interest rates to find the right deal for you.