By David Bibian, Licensed Real Estate Salesperson
The sales market has slowed, leaving many asking: Should I rent to own, wait, or buy?
Following the sales market's near-full recovery in the early post-pandemic era, we are now seeing a collective moment of hesitation in the market, with many prospective renters or buyers prompted to rush and purchase.
The future is difficult to predict, especially given the following factors:
Gas prices are also high.
The school year has just begun.
Election season begins in November.
Once December comes, we should have a clearer picture regarding where the economy is headed.
Many experts agree that the current "recession" reflects a decline in inventory and home building, but not in home prices, which continue to remain strong. Nevertheless, sellers need to be more realistic about the changing market and cannot expect to just list their home at a high price and find a buyer with ease.
If you are interested in buying a place but are not really sure what to do, particularly given rising mortgage rates, then consider a rent-to-own option where you have an option to purchase the property at the end of the lease term. This shouldn't be confused with "rent-to-purchase" options, as in these scenarios, you must purchase the property at the end of the term.
And let's not forget the rental market, which can be summed up in one word: HOT.
New renters flocking back into cities to enjoy all of the lifestyle perks they offer. So if you are considering selling, maybe consider renting for now, or simply waiting. If you must sell now, make sure to be thoughtful with your prices. Otherwise, it's best to hold off and list the property in a few months.