In 2021, our real estate agents guided clients through a housing market unlike anything in living memory. Low interest rates inspired many people to pursue the dream of homeownership. At the same time, much of New York saw housing prices skyrocket.
No matter if you're looking at Albany homes for sale or elsewhere in the state, today's market holds opportunities and surprises—for buyers and sellers alike. Knowing that interest rates may soon rise, many homeowners are taking the plunge and selling right away.
That raises the question: What should you do next?
If you're planning to sell, jumping right back into the housing market to buy again may sound like a chore. Increasing numbers of homeowners are choosing to rent, giving today's market some time to cool off before they re-enter as buyers.
It's a strong strategy, but it entails its own set of challenges.
When selling a home, it's often the case that you need to manage both the buying and selling process simultaneously. In today's market, that adds a lot of uncertainty many sellers prefer not to deal with. They want to know precisely where they're going when they close on their current property.
It takes an average of about 56 days to close on a home compared to less than a week for the average rental application. Although there are certainly some drawbacks to renting, most sellers are looking ahead to the possibility that the market may be very different 12 months from now.
Renting can be an adjustment if you're used to having your own home. But it's much easier to adapt to if it's just a stop along the way, not a final destination. In 202—or even later this year—we could well be in a situation where 2021's meteoric home price gains fall back to Earth.
Here's how to find a great place in the meantime:
Renting gives you new perspective—it's a step back, not a step-down. And when you're ready to buy, we're here to help. Contact us to learn more today.