Our Market Is at a Turning Point

Our Market Is at a Turning Point

What’s happening in our market, and what does it mean for you?

Should you buy or sell a home this year or wait for conditions to change? The truth is that our market is at a turning point, and what you decide to do now will have an enormous impact on your future. To help you make a decision, we’re sharing the latest data from our market and explaining what it means for you. 

First, what will happen with mortgage rates? Interest rates are one of the major factors in determining your budget; will they increase or decrease? No one has a crystal ball, but experts agree that rates will follow inflation. Inflation is currently high, so we can reasonably predict that rates will increase in the future. It will become more difficult to purchase a home as rates rise, so you may want to act sooner rather than later if you’re looking to buy. 

“No one thinks prices are going to fall in our area.”

Another huge factor in our market is inventory. Our housing supply has been historically low for a while, but more homes will be available as rates increase. However, that doesn’t mean we’re suddenly in a buyer’s market. Inventory is still low overall, and prices will continue rising—they just won’t increase at the crazy rate we saw the last two years. Realtor.com expects prices in our area to increase 8% by the end of 2022, so it’s still a great time to sell.  

The bottom line is that no one thinks prices are going to fall. Our market is slowing down, but a crash isn’t coming. At the same time, interest rates are likely to increase. The longer you wait to buy, the more expensive your purchase will be. 

If you have questions about today’s topic, please call or email us. The Anthony REALTORS Team is always here to help!

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