Visiting my real estate agent today was a real eye-opener. I asked how the market was doing and whether she had any sales. She told me that the only houses she was trying to sell were as part of divorces, which didn’t come as a surprise considering the recent rise in interest rates to 7.5%. Who in their right mind would want to give up their 3% rate unless they were getting divorced? Inventory is so limited that prices won’t drop even with a 9% rate, and it seems like all I’m seeing in the market are homes that need updating inside. These are either estates or bad flips, and there is nothing else to choose from.
Buying a house and then selling it in order to move into another one is no easy task, especially if you don’t feel confident about the current economic climate. My wife recently got a job in another state and we decided to rent for a year to see how the market pans out.
Having to look for a place to rent was a real challenge. I quickly realized that finding a suitable rental property is much harder than I thought, and this was a real eye-opener. With the current market conditions, it’s no surprise that it’s so difficult to find a good place to rent.