If you’re thinking of buying or selling a house, you’re at an exciting decision point. Anytime you make a big decision like this, one thing you should always consider is the timing of your decision. So, what does the rest of the year hold for the housing market? Here’s what our team at Corken + Company would like you to know!
The Number of Homes Available for Sale Is Likely To Grow
There are early signs housing inventory is starting to grow and experts say that should continue in the months ahead.
As a buyer, having more options is welcome news. Just remember, the housing supply is still low, so be ready to act fast and put in your best offer up front.
As a seller, your house may soon face more competition when other sellers list their homes. But the good news is that if you’re also buying your next home, having more options should make that move-up process easier.
Mortgage Rates Will Likely Continue To Respond to Inflationary Pressures
Experts also agree inflation should continue to drive up mortgage rates, albeit more moderately.
As a buyer, work with trusted real estate professionals, including your lender, so you can learn how rising mortgage rate environments impact your purchasing power. It may make sense to buy now before it costs more to do so if you’re ready.
As a seller, rising mortgage rates are motivating some homeowners to make a move up sooner rather than later. If you’re planning to buy your next home, talk to a trusted real estate advisor to decide how to time your move.
Home Prices Are Projected To Continue To Climb
Home prices are forecast to keep appreciating because there are still fewer homes for sale than there are buyers in the market. That said, experts agree the pace of that appreciation should moderate – but home prices won’t fall.
As a buyer, continued home price appreciation means it’ll cost you more to buy the longer you wait. But it also gives you peace of mind that, once you do buy a home, it will likely grow in value. That makes it historically a good investment and a strong hedge against inflation.
As a seller, price appreciation is excellent news for the value of your home. Again, lean on a professional to strike the right balance of the best conditions possible for selling your house and buying your next one.
Whether you’re a home buyer or seller, you need to know what’s happening in the housing market, so you can make the most informed decision possible. Connect with a real estate agent to discuss your goals and what lies ahead, so you can pick your best time to make a move.
Learn more about the 2022 housing market at:
https://www.keepingcurrentmatters.com/2022/05/31/what-does-the-rest-of-the-year-hold-for-the-housing-market/
