Step 5 of 11 in the home buying process.
Okay. Step #5 in the 11 steps of the home buying process is “be aware of the current market conditions.”
What is going on out there?
Are you in a buyer’s market?
Are you in a seller’s market or are you in a balanced market?
So that’s really important to know. So you know how to approach homes that are for sale.
Okay. I would say right now we’re still really in a seller’s market because there are, there are more buyers than there are homes for sale. Yes. Homes are taking longer to sell.
Yes. It’s harder to get a mortgage now because of the higher interest rates, but by definition, which is less than four months inventory, we are still in what is called a seller’s market.
Okay. So be aware of that, not every listing is going to be that way.
So it’s very important to lean on your agent and say, Hey, where is this thing at?
Is it underpriced? It is OV is it overpriced?
And how should I approach this thing?
Okay. Very important to know what your current market conditions are and that is step #5.