Is It a Good Idea to Buy a Home Right Now?
Summer is here and so are your plans for buying or selling a home this summer. But is it a good idea? Let’s see what experts have to say about how the market looks and where it’s going.
Looking at mortgage rates, Sam Khater, Chief Economist with Freddie Mac, says, “Mortgage rates continue to inch downward this week, but are still significantly higher than last year, affecting affordability and purchase demand. Heading into the summer, the potential homebuyer pool has shrunk, and supply is on the rise and the housing market is normalizing.”
After the way the market has looked the last couple of years, this is a welcomed relief to many. With less buyers and more sellers out there, there is hope for the buyers that are staying in the market. For one thing, buyers today are facing far less competition, and even though rates have increased significantly, the buyers are no longer having to pay an additional $50,000 to $150,000, on average, above the full list price! In addition to this, data from Freddie Mac suggests that mortgage rates have hit a plateau in the last 6 weeks, giving even more hope to buyers that fewer people will see themselves being priced out of the current market.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2022 real estate forecast, don't hesitate to reach out - we're happy to help