We have been receiving calls, texts, and emails daily regarding the current market conditions and whether or not it's the right time to sell? While most real estate professionals will tell you YES, because they don't make money unless you do, we wanted to tell you the pros and cons of selling your home now or waiting.
We've been living in some unprecedented times over the last two years. First Covid, then inflation. All of this has been exacerbated by the war in Ukraine. Up until recently, it has been a seller's market, and sellers have benefited from the very few homes listed for sale. On the other side, hundreds of buyers have been waiting, which has dramatically driven up prices. Multiple offers for $25K to $50K over ask, waiving contingencies, and cash
offers have been typical. This is changing or has already changed, and there has been a significant shift in the housing market.
What does this all mean without getting into statistics, data, and all the boring stuff? The answer is not as simple as it may seem but now is the time if you have been thinking about selling. Don't pass go, don't collect $200. You will get a premium for your home due to the lack of supply. There is one caveat to this, and that is your time horizon. If you want or need to sell within the next 3-5 years, we strongly advise you to take advantage
of the higher prices now. We understand that finding a new home is just as tricky, and many of you have been frustrated by the lack of options. The rising interest rate might be worth your aggravation and could be just the motivation you need to sell and move. Many of you have 3%- 4% mortgages. Mortgage rates are already at 5%, and it looks like they could be going to 6% sooner than later.
For those of you with a longer time horizon (5 years+), the current market conditions shouldn't affect your decision to sell now or wait. No different than any other investment decision, it's not about timing the market. Instead, it's about time in the market. Home prices, particularly in Marina Bay, will go higher over time, even if they drop in the short term and remain that way for some time.
Well, that's our 2 cents! We hope this may have provided some insight and clarity into the current housing market. Feel free to contact us with any questions you have.