Although the typical busy selling season is beginning its slowdown, and we’re starting to see less activity than we have in the past few months, motivated buyers and sellers continue to make their real estate moves. As the presidential election looms, some buyers may wonder whether it’s the right time to make their purchase, perhaps even considering waiting until after the election in the hopes that rates will go down. It’s always tricky to time the market, and if you’re ready to search for your home then the best time to do so is always now rather than later. As the latest S&P Case-Shiller report indicates, waiting for rates to decrease could actually cost buyers, as we continue to see sales prices climb. Consider finding a home for a better price now than you might later when the median sales price is even higher, and then refinance in the future.
“While annual gains have decelerated recently, this may have more to do with 2023 than 2024, as recent performance remains encouraging,” says Brian D. Luke, Head of Commodities, Real & Digital Assets. “Our home price index has appreciated 4.1% year-to-date, the fastest start in two years. Covering the six-month period dating to when mortgage rates peaked, our national index has risen the past four months, erasing the stall experienced late last year.”
If you’re interested in learning more about local and global market trends or receiving expert advisement on your buying or selling journey, connect with one of our RSIR Global Real Estate Advisors today.