Great question. The answer is a bit more complicated then that. Right now we are turning more towards a buyer’s market due to external forces like inflation, high gas and costs of good sold prices. Seller’s have a lot of equity still and can hold out if need be to sell when they get the price they want. A seller with lots of equity is not as likely to sell when they currently have a very low interest rate and they aren’t getting the price they want. The buyer on the other hand is scared about interest rates and the home being worth less down the road. Buyer’s do have a slight upper hand at the moment as I’m seeing buyers getting reductions and closing costs paid for by the sellers. So really the only folks that have to sell are those that are moving out of state, switching jobs, retiring, relocating to be closer to family and either over extended or lost their jobs. All the other sellers are thinking that they should just stay put until they get the price they want.
It’s still a great time to buy because as we know, real estate is usually always a good investment down the road. If you buy now, what do you think prices will be in 10 to 15 years down the road? Probably higher, so still a sound investment. The unknown is very frightening for many people and rightfully so, so how or what do you do? That is the million dollar question. I believe each person has to figure this out on their own by writing down a list of pros and cons and go with their gut instinct. There really is no right or wrong answer here.