Update: How's the Market?
Temperatures are dropping and the housing market is cooling as we head into the holiday season. Rising mortgage rates, home appreciation and economic uncertainty have brought with them countless questions about whether now is the right time to buy or sell a home. More than ever, it’s important to know the facts so you can confidently make the right decision for your situation.
Those looking to buy should know that home equity is still a primary source of wealth creation. According to recent data, the net worth of a homeowner is 40 times greater than that of a renter. Rising mortgage rates have slowed the pace of sales but created more inventory options. This means potential buyers who may have been outbid more times that they can count or haven’t been able to find their dream home are seeing an increase in opportunities and selections.
While the housing market is seeing change in housing prices, it is not near the extent of what was seen in 2008, with many experts believing prices have plateaued or are going to increase in 2023 and 2024. Compared to the frenzy of buyer activity of the past two years, buyer demand is moderating, though low inventory still means we’re in a sellers’ market.
If you’d like to chat further about current market trends or there is anything I can do to help you reach your real estate goals, please don’t hesitate to reach out.
