CALIFORNIA, Md. — In the current housing market, sellers are asking, where have all the buyers gone?
As Realtors® with Century 21 New Millennium, Chris Hill and Mark Frisco constantly answer questions about the current housing market. Although they don’t typically discuss market stats on “Get Real with Chris & Mark,” the recent election may have impacted a spike in the market that sparked the conversation.
“I think this is the first time in my career that I felt the midterm elections,” Chris mentioned. “I felt an uptick right after it was over. The week after the elections, my phone started to ring again. Things are happening,” replied Mark.
If you are a seller, Chris and Mark mentioned that now is not the time to get discouraged.
“And some people say, ‘The market is so bad. You know, it’s a horrible time to sell a house.’ So not true, because the reality is if we were to go back even further, two or three years, we’re still up 20% (of value),” said Mark.
So where are all the house buyers? “They are waiting on the sideline,” explained Mark.
“Condition is super important in this market. The inventory situation doesn’t mean anything. The buyer now has a little more control. They are a little bit more in the driver’s seat,” Chris said.
Mark replied, “They’re pickier. They’re pickier because, guess what, if I’m going to go from spending $1,600 to spending $3,200, I better be darn sure I don’t have to do anything to the house. It better be everything that I want.”
Mark ended the podcast by stating, “Buyers have to understand that the payment today is temporary. If you look at history, with a rate spike like we have had, historically, rates will come down again. And when they do, you can refinance, and you can get rid of that payment. But the deal that we can negotiate today lasts forever.”
Watch the video or listen to the podcast to get a full understanding of where they stand in the housing market. https://youtu.be/9fAu1H8vHRc
Once a week, Century 21 New Millennium Realtors Chris Hill and Mark Frisco ‘Get Real’ with topics surrounding life in Southern Maryland while showcasing local business tastings and highlighting hidden gems in the area.
The “Get Real with Chris & Mark” Podcast premieres a new episode every Friday at noon.
You can watch or listen to previous episodes at: www.thebaynet.com/podcasts
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