Real Estate Things to Know September 2023

The Fed announced this week it is holding interest rates steady for now.  It also indicated that we may get another rise before the end of the year and it may be well into next year before we see rates start to ease.

What does this mean for homebuyers and sellers?  

Buyers: Those sitting on the sidelines waiting for rates to drop may be disappointed when the rates do eventually start to ease next year.  As the rates reduce, the increased demand and continuing limited inventory may push price hikes that outweigh the high interest rates right now.   In our local market inventory has remained consistently low this year, but days to sell looks to be decreasing indicating demand is still high.  My recommendation has always been to not try and time the market – do what is right for you and your family.  If you take the plunge and buy now, at least you’ll start building equity now and you’ll always have the opportunity to refinance when interest rates cool.

Sellers: Kids are back in school so traditionally now is a great time to sell.  I’ve not seen the bidding wars we had last year, and I’m seeing a lot of buyers being very specific in some of their requirements.  Right priced and well presented homes are selling fastest.  If you are considering selling it’s more important than ever to have strong representation that can present the features of your home buyers are looking for, help with market data to price the home correctly and direct ready, willing and able buyers to your home.  

Tim Wood is an experienced Broker Associate Realtor with Star Bay Realty Corp. If you are looking to buy or sell real estate in Pinellas, Hillsborough or Manatee counties then contact Tim here