The Time of Maximum Pessimism is the Best Time to Buy or Sell
Are you thinking about buying or selling a home? Despite recent reports indicating a slight dip in existing home sales, we believe that now is a great time to make a move. One of the key reasons for this is the low inventory of available homes on the market. According to recent data, there are currently less than 1 million homes in inventory, compared to 4 million in 2007. At the same time, the U.S. population has grown by close to 30 million, which has created a significant supply and demand imbalance.
This means that if you're looking to buy a home, there's a good chance that you'll face some competition from other potential buyers. Many homes that are listed as inventory are already under contract and therefore not available for purchase, which further restricts the number of homes available to potential buyers. However, if you're able to find a home that meets your needs and budget, now is a great time to make an offer.
On the other hand, if you're thinking about selling your home, there's a good chance that you'll be able to attract a lot of interest from potential buyers. The low inventory of available homes on the market means that your home is all the more valuable and in demand. Moreover, if inflation trends slow, there is a chance that we could see more favorable mortgage rates, which could create more available buyers in a tight inventory environment. This could potentially be very supportive of pricing and create a more favorable selling environment for you.
Legendary investor Sir John Templeton famously said, "The time of maximum pessimism is the best time to buy." We believe that this sentiment applies to the current housing market, where the tight inventory and potential for favorable mortgage rates create a unique opportunity for both buyers and sellers to make a smart move for their future.
Bottom line - So whether you're looking to buy or sell a home, now is the time to do it. Take advantage of the current market conditions and make a smart move for your future.
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