“Games are won by players who focus on the playing field—not by those whose eyes are glued to the scoreboard. If you instead focus on the prospective price change of a contemplated purchase, you are speculating. There is nothing improper about that. I know, however, that I am unable to speculate successfully, and I am skeptical of those who claim sustained success at doing so.” – Warren Buffett, billionaire investor
I’ve had several conversations about waiting to sell or waiting to buy because of rising interest rates. My response to sellers: when the demand is high, supply low, and annual appreciation is outpacing interest rates AND property tax rates combined, you should sell. To buyers: no one has a crystal ball on interest rates, but interest rates are fluid, so you can always refinance if they go down but today is as affordable as that property will likely ever be- I don’t see us returning to 2020 pricing. Time to step off the sidelines and get in the game! What are your thoughts on the real estate market?