Timing is everything! If you’re thinking of buying or selling a house, you’re at an exciting decision point and timing is an important consideration. So, let’s chat about what the rest of the year holds for the housing market.
The Number of Homes Available for Sale Is Likely To Grow
First, some amazing news! After home availability fell, there are early signs housing inventory is starting to grow and experts say that should continue in the months ahead. While it won’t be up to pre-pandemic levels, it is a start!
- As a buyer, having more options is welcome news. Just remember, 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 (yes, more good news!) is, if you’re also buying your next home, having more options to choose from 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 (don’t worry we’re super amazing and friendly, though I may be a bit biased), 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
Well, climb for now. While home prices are forecast to keep appreciating because there are still fewer homes for sale than there are buyers in the market, the pace should balance out (but not 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 great news for the value of your home. Again, lean on a professional (hello again!) to strike the right balance of the best conditions possible for both selling your house and buying your next one.
Whether you’re a homebuyer or seller, you need to know what’s happening in the housing market, so you can make the most informed decision possible. Let’s connect to discuss your goals and what lies ahead, so you can pick your best time to make a move.