Earlier this year I watched a podcast which predicted that despite higher interest rates, real estate values will continue to go up over the next few years. However, it will happen at a much slower rate than previously. This week, the Beacon Report came out for the month of December (which is actually values through November). Looking it over, the median home price in Central Oregon is down from the previous months but, what is interesting is comparing it to a year ago. The values are nearly the same! We are actually just a few dollars higher than a year ago. What is significant is the number of sales/month has decreased. Maybe Dave Ramsey does know his stuff?
Whether you are thinking of selling or buying, know that lenders are getting very creative. One lender touts, "marry the home, date the rate," meaning as soon as they can get you a better interest rate, you can refinance. Most lenders have a version of that available at this time. Gone is the sellers' market. There are price reductions daily and buyers seem to be hanging back watching to see, just how low sellers will go (buyers' market). Of course, time is of the essence. If you are buying, I'd try to get in and purchase as soon as possible. Overall, value is going to keep climbing and a year from now, you'll look back and wonder why you didn't act sooner? If you are selling, my advice is the same. Whether you are moving to change jobs or simply ready to unload an investment property, no one can guarantee that you'll get a truck load more money by waiting until later in the spring. The little that you might make by waiting will easily get eaten up when you turn around and purchase again. So just act! GET YOUR MOVE ON!