Is Now a Good Time to Buy a Home?
You haven’t given up on the housing market and the chance to make your big move, have you? After hearing about recent reports, you may change your mind.
I’m sure that if you’re like everyone else, interest rates have been on your mind, if you are thinking about buying. But the unease you may be feeling may be coming to an end. Sam Khater, Freddie Mac’s chief economist says, and I quote “Although rates continue to fluctuate, recent data suggest that the housing market is stabilizing as it transitions from the surge of activity during 2020-2021 to a more balanced market,” and he quotes “Declines in purchase demand continue to diminish while supply remains fairly tight across most markets. The consequence is that house prices likely will continue to rise, but at a slower pace for the rest of the year.” Lawrence Yun from the National Association of Realtors gives his insight on what he believes will be happening soon in regards to interest rates, saying that if we see inflation begin to fall in the coming months, it suggests mortgage rates are topping out.
Additionally, since the homebuying frenzy is over with, you no longer have to pay an extra $50,000, or more, due to competition from multiple offers. Also, the inventory is up nearly 300% in most markets, so you have A LOT more options now, than you had in the prior market. So, if you are looking to buy, don’t miss out on the opportunities that are right in front of you.
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!