DeAnn Golden

Jessica Forrester

Is Now the Right Time to Buy or Sell?

BY DEANN GOLDEN

Homeownership is a source of pride, safety, security and wealth accumulation. It’s the brick and mortar that builds relationships and connections to communities. Coming home is the cornerstone of the American dream. As history has proven, environmental influences, financial fluctuations and basic supply and demand economics contribute to a cyclical nature, inherent to the real estate industry. Consumers may be wondering when is the right time to buy or sell.

It’s important to have a real estate professional to help determine the right time to move forward and offer property portfolio reviews to assist you in building a smart strategy. Today, real estate continues to be a more solid investment alternative to stocks, offering lower risk, yielding better returns for wealth accumulation, and providing better diversification.

Currently, the real estate market is normalizing, which is healthy after excessive times. The news often only portrays national perspectives or general factors; it is important to have a hyperlocal assessment completed. John Hunt of MarketNSight recently reported, since the second week of June, pending sales are down 19% from 2021 and 6% from 2019. This dramatic change corresponds to mortgage rates breaking through the 5.25% threshold, even though interest rates are still well below 30-year historical averages.

Per Hunt, for the trailing 12 months ending July 31, demand was down 4% from the end of June. Closings were down 7% from the post-recession peak of September 2021. Amazingly, trailing 12-month closings at the end of July were still 7% higher than October 2019. Inventory has increased 19% since the end of June, but is still 43% below 2019 levels. Supply has grown during the peak of the pandemic, from seven days to 1.7 months.

Now is a solid time to place your home on the market and make a smart move. For help navigating the current market, and to determine the right strategy for you, reach out to a trusted real estate professional for recommendations and guidance.

DeAnn Golden is president and CEO of Berkshire Hathaway HomeServices Georgia Properties. The company experienced its best year in 2021 with $5.2 billion in sales. bhhsgeorgia.com.