Uncertainty — like a stock market slide or, worse, a war — is never good in the real estate industry. Buyers tend to shy away, causing sellers to lower prices to get a deal. But a realtor says it’s different this time with the war on Ukraine. Michael Perna leads the Perna Team. The Keller Williams associate says a stock market slide and the war drove lenders to reduce interest rates unexpectedly. Perna says that, perhaps, makes this the best of times in the near future to be in the market.
“Based on our indicators, the only person I’m telling not to conduct real estate right now, not to buy or sell, are downsizers,” Perna said. “If they can hold out six more months, they’re going to see 5 to 8% more on their sale price, and it’s worth it.”
Perna says sellers who hold out will see improved prices because anyone not directly affected by the war will, in time, conclude life must go on. Perna says buyers should take advantage of the unexpected lower interest rates, because they’ll trend back up again.
