What the shifts in the housing market mean for potential buyers.
Is it still a good time to buy? Many people are wondering, so I studied the current market trends and predictions, and I believe that it is. Let me tell you why.
One question that many buyers are wondering is where mortgage rates will go. No one has a crystal ball that will tell them the answer, but real estate experts know for sure that the lower rates during the pandemic were not the norm.
This year rates have climbed 2% due to the Federal Reserve’s response to rising inflation. If inflation continues to rise, mortgage rates will likely do the same. This will affect your buying power and how much you can afford. During times like these, it’s crucial to work with a team of professionals so you get the expert advice you need to make informed decisions.
This decrease in affordability has decreased demand, but inventory has curbed. Experts say that inventory growth will continue. More homes to choose from will be great if you are craving more options in your home search, but again, working with a professional is necessary to stay on top of what the inventory looks like in your market.
There has also been a record-breaking increase in home prices, and they are expected to continue rising but at a more moderate rate. That is why it may make sense to buy now instead of waiting. Plus, once you buy a home, the appreciation will increase the value of your investment.
If you are thinking about buying, I would love to connect with you to discuss your goals and help you determine the best plan for your situation. Call or email me anytime.