T
he Time to Buy or Sell a Home is Now

    By Kevin Joyce

    Despite the challenges of affording a home, now may be the best time to enter the market. Mortgage interest rates have retreated slightly, but remain around 6.85% for a 30-year fixed mortgage and 6% for a 15-year loan. While there's hope that rates might drop further due to inflation data, economic realities temper these expectations.

    The current landscape favors sellers, making it an ideal time to list your home. Buyers are returning to the market after realizing that waiting for lower interest rates is unlikely to pay off. Home ownership remains the best path to generational wealth, with most new units on the market catering to millennials and commuters or senior housing communities.

    In Rockland County, the median sales price in May was $679,464, with only 953 homes available last month selling within 36 days of listing. A significant portion (44.7%) sold for over their listed prices. Home values continue to rise, albeit at a slower pace than last year, and low inventory will likely influence the market.

    The takeaway is that mortgage rates are unlikely to decline significantly, making it essential to buy or sell now. With more homes on the market and days spent unsold increasing, the time to act is now. If you're planning to retire soon, listing your house can be a great opportunity to downsize to a more affordable state. For buyers, starting to build equity in a home now can provide long-term financial security, knowing that home prices will likely continue to rise and refinancing options are always available.

    As Will Rogers once said, "Don't wait to buy real estate, buy real estate and wait." Owning a home is a cornerstone of wealth, offering both financial and emotional stability.