CPI came back higher than expected .... where will that put the market(s)?
Is it a good time to be a buyer or seller right now?
Well according to Fannie Mae in June the share of home owners who think its a good time to sell fell from 76% to 68% in June.
Just 20% of consumers think its a good time to buy, which is an improvment from May 2022 (Fannie Mae)
The biggest issue is theres more people who feel like the economy is on the wrong track and at risk of losing their job.
Home Buyer Cancellations reached a new height of 15% in June, to put it into perspective cancellations were at 11% last year (Redfin) so we're not in terrible territory. The main driver of this is 1. fear of prices falling in the coming year resulting in investments being 'under water' 2. prospective buyers not qulifying for mortgages due to rising interest rates 3. those who believe they can get a better deal as the market cools down.
Where does that leave us ?
In the midst of turmoil and FUD (fear, uncertainty, and doubt) there is still oppurtunity. Being on the frontlines, everyday I see Investors actively purchasing properties even with interest rates being in high 6%, low 7% range... thats a big jump from where we were just a few months back (4-5%) but it does not mean good deal aren't out there.
The payment difference on a 30 year fixed rate, $260,000 property value, 25% down payment.
5.375% 7%
$1,091 $1,297
$206
You might miss takeout food 4 times a month but at least your living the American Dream of true property ownership, building equity, living off of cash flow, building your empire & legacy does it get any better ?
The point I am making: Dont let the news keep you from looking for oppurtunites, theres deals out there so lets tackle them together. It's nearly impossible to perfectly time the market which is why I like to work off of certainy. One thing for certain is I will be an important member of your real esate team, you will have access to me 24/7, I will always go above and beyond for your deals.
Let's talk
- Owen BRRRR Loans
