In early July 2021, Fannie Mae confirmed something that most real estate professionals already knew: Buyers and sellers are currently on a very different page. Over half of buyers (64%) think it is now a bad time to buy. By contrast, an even higher percentage of sellers (77%) think it is a great time to sell. But are the nation’s sellers and buyers right — is it really a bad time to buy and a great time to sell? And if they are right, what is likely to happen to the real estate market in the final quarter of 2021?
Bad Time To Buy, Good Time To Sell? It’s Not So Simple
On the buyer side, there are many reasons to be wary about buying at this time. In addition to the cost (some economists have suggested that home prices are currently inflated by15% to 20%), inventory is low and competition is fierce. Still, these factors shouldn’t necessarily hold buyers back. It may still be a great time to enter the market for anyone who was already planning to buy and financially ready to do so.