THE NEW NORMAL
As a homeowner getting ready to sell your house, it is important to know what you can expect with the current housing market.
Let’s break it down: Current housing data is showing there is a positive trend right now with buyers adapting to today’s mortgage rates. The sticker shock of higher mortgage rates has worn off and buyers who may have been on the fence six months ago are back out shopping and have accepted the new normal of higher mortgage rates.
According to Lawrence Yun, chief economist at the National Association of Realtors and I quote, “Mortgage rates heavily influence the direction of home sales and the recent steady rates have led to several consecutive months of consistent home sales.” As a seller, this is good news to know that home sales are consistent right now because it means buyers are out-purchasing homes.
Of course, mortgage rates are not the only reason buyers are shopping, life continues to happen and there will always be reasons to move and sell such as job relocation, family size, or any other personal motivation. If you would like to know more about your home value and equity in your home, feel free to reach out to my team and I so we can get you accurate information on your home value and the equity you may have.
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 2023 real estate forecast, don't hesitate to reach out - we're happy to help!