Buying a home on the seller's market: what might happen in the future? 4 Abilities

Having worked for over 15 years as a licensed real estate seller in New York State, I believe that I have never witnessed the market we live in. This is not just an extreme seller market, but no one can be sure how long it will last. Many factors have contributed to this, including: post-pandemic, emotions, needs, perceptions and priorities; long periods of historically low mortgage rates; increase consumer confidence; improve labor / employment; For those who buy, it may be wise to better understand and think about what might happen when buying for most of them the largest personal financial asset when the price rises sharply. , a long time ago, With that in mind, in this article we will try to review, test, evaluate, and briefly discuss 4 possibilities that you should understand and prepare for. Going Up ?: When is this possible and to what extent is speculation, but as rates rise, how will this affect prices and the housing market in general? The more you have to pay to borrow the funds you need to buy a home! This also applies to lender ratings in terms of what is commonly referred to as economic ratios / rations, often lending standards.Also, if the monthly costs are higher, how will this affect availability, and ultimately price? Price Resistance - When I see which houses in my area are up for sale, I ask myself: at what point will there be resistance, point / price level? How much will buyers want and can buy because, remember, most people use a mortgage, but they also have to pay very dearly up front? When is this combined with closing costs, when will these costs be a factor, etc.? Supply and demand: Currently, the volume of demand significantly exceeds supply, which means that there is a seller's market. This creates inflated prices, less competition, less time on the market, etc. in a few years: today's sellers, especially those who have owned homes for a while, can see significant prices on these sales. price increases, what might happen if some of the current buyers want or need to sell in the next few years?If you are considering buying a home, the better you understand many factors, the better it will serve you in your best interest, and so on. Would this be smart?