Mark’s Market Update – 11/10/2022
Catching a falling knife?
Don’t do it. It never works well. I did it once…and I have the scar to prove it.
Watch the video to see what kind of falling knife we’re dealing with right now in the mortgage world and how it impacts you.
In the mortgage world – what’s a falling knife? Simply – it’s trying to predict when the best time is to buy or sell.
Sellers want to maximize equity, right? Great. That means they’ll sell high. It also means they will buy high. It’s a wash. They don’t want to sell low. But, if they do – you know what that means? They will buy low. Economically – it is the same outcome…but with a difference:
- When markets are heating up (as they will when rates start falling) – it may be easier to sell, but becomes harder to compete for what you want.
- When markets are slow (as they are right now) – you may not be able to maximize equity – but you’ll be able to buy before the competition kicks in.
You’ll be able to maximize the opportunity on the next home. Economically – it’s the SAME outcome.
Buyers? It means trying to buy when the rates are dropping…or waiting until the home is the lowest price it can be – which is impossible to time. But, here’s what you CAN do.
BUY NOW! Prices are great – and you can refinance later (watch the video to see why). As long as you can afford it – make the move. Ready to sell? Make the move.
Sellers? Sell now – knowing that while you aren’t able to command top dollar on your home…it means you’ll get a deal on the next one.
Don’t catch a falling knife. It never works well.