What does the rest of the year hold for the housing market?
By Mark Marzeotti
If you’re thinking of buying or selling a house, you’re at an exciting decision point. And anytime you make a big decision like that, one thing you should always consider is timing. So, what does the rest of the year hold for the housing market? Here’s what we see.
The number of homes available for sale is likely to grow. There are some early signs indicating that housing inventory is starting to grow and experts say that should continue in the months ahead.
The gap between this year’s homes for sale and last year’s is one-fifth the size that it was at the beginning of the year. The catch-up is likely to continue. This growth will likely mean more options for shoppers than they’ve had in a while, even though inventory continues to be behind pre-pandemic normal.
As a buyer, having more options is great news. Just remember, housing supply is still low, so be ready to act fast and put in your best offer up front. Let’s get you prequalified!
As a seller, your house may soon face more competition when other sellers list their homes. But the 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, however more moderately.
As a buyer, work with trusted realtors/real estate professionals, including your lender, so you can learn how rising mortgage rates impact your purchasing power. It may make sense to buy now before it costs more to do so, if you’re ready. Call us if you are ready, we’re here to help!
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 realtor/real estate advisor to decide how to time your move.
Home prices are projected to continue to climb. Home prices are forecast to keep appreciating because there are still fewer homes for sale than there are buyers in the market. That said, experts agree the pace of that appreciation should moderate – but home prices won’t fall.
Statistics show that home prices throughout the country have surged for the better part of two years, including in the first quarter of 2022. Given the extremely low inventory, we’re unlikely to see price declines, but appreciation should slow in the coming months.
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 member of Marzeotti Group or another professional 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. Connect with a realtor/real estate advisor to discuss your goals and what lies ahead, so you can pick your best time to make a move.