72Sold: Why Now is a Good Time to Buy Real Estate

For some, now might not seem like the best time to invest in real estate, particularly as house prices continue to climb and mortgage rates are at their highest in decades. And for first-time buyers, it can sometimes feel like the odds are stacked firmly against them. But according to real estate company 72Sold, the opposite could be true.

The pioneering real estate company aims to sell client properties in just eight days or less. Entrepreneur and realtor Greg Hague founded the business in 2018. Enjoying over 2,000% growth in its first three years of business, it ranks among the nation’s fastest-growing private companies and operates across 38 U.S. states.

Of course, there’s rarely a perfect time for anyone to buy or sell real estate. However, as 2023 draws to a close and heading rapidly into 2024, now could be as good a time as any to invest in property. The following is a closer look at why, starting with the unusually noncompetitive state of today’s housing market.

Low Market Competition

The misconception that right now mightn’t be the best time to buy real estate has significantly impacted the housing market. The market became crowded following the coronavirus pandemic as mortgage rates dropped to record lows.

The market is much less crowded now that mortgage rates have risen again. With that, there’s far less competition as people shy away from buying real estate. That means savvy buyers looking to capitalize on today’s low market competition are in an advantageous position when negotiating prices and other sales terms.

Highly Motivated Sellers

Post-pandemic low interest rates meant that real estate demand quickly began to outstrip supply in 2021 and 2022. The result was a seller’s market. Now, with many people shying away from buying, fortune currently favors more savvy individuals and families looking to purchase homes or otherwise invest in property.

As a result, sellers on 72Sold and other platforms are much more motivated to reach a deal than in recent years, giving buyers an upper hand in many cases. The time of the year also has a bearing, with fall and winter often seen as less-than-optimum times to buy a house.

So, by looking to reach a favorable deal before next springtime, shrewd buyers can benefit nicely from several positive factors working simultaneously in their favor.

Favorable Overall Conditions

There’s no escaping the reality that interest rates and property prices are higher than most buyers would ideally like. However, with many sellers currently highly motivated and competition low, real estate market conditions are favorable overall for buyers.

What’s more, things are currently stable, with the latter part of 2023 and early 2024 offering the opportunity to invest in property while market conditions aren’t overly likely to fluctuate.

In spring 2024, market conditions may become more volatile, making now an excellent time to buy before things change – including potentially falling back firmly into 72Sold and other real estate companies seller’s favors.

Switching From Renting

There’s always an incentive for current renters to get on the property ladder, and today is no exception. Irrespective of current market conditions, should monthly mortgage repayments be equal to or less than current rent payments, buying a house is likely a smart move.

Admittedly, switching from renting hinges on buyers having a down payment saved. That’s in addition to the necessary funds for closing and other costs. Yet, where prospective buyers in rented accommodation are in a position to move to home ownership, taking advantage of the current market conditions may mean now is the perfect time to do so.