The Summer Stall Is Over
I believe the real estate cycle goes through four different time periods that are very seasonal adjusted. It starts out with the Spring surge which begins late February to early March where there's more activity early in the year. Then we fall into the Summer stall which begins end of May and that's when people are out with kids or on summer vacations. Then Fall comes and the market normally flattens but right now it’s a little tougher because interest rates are so high. Most people have decided instead of to move forward they don’t want to replace their current interest rate with something higher so most stay put. As we go into Winter it weakens and sales are hard to come by.
Here’s my prediction as we move into a weaker winter. There will be more opportunities for people because I believe interest rates surprisingly are going to start falling. Most people will probably disagree with it but I see mortgage rates declining as we go into the next year. I would not be surprised if eventually we see interest rates back in the low 5% or high 4%, which will definitely spark demand and normally a weaker time. So if you’re wanting to buy and you’re on the sidelines, I would advise you to be very patient and watch the rates as we get through the midterm elections. As we move more into the winter months don’t be surprised if you see much lower interest rates. If you have any questions or want to know more, just let me know!