Update: How's the Market?
Fall in Telluride is just around the corner and I am looking forward to the change in season! But the season is not the only thing that is seeing changes, so is the real estate market. Here are the latest updates. There are two big questions on everyone’s mind: “are we in a recession?” and “will the market crash?”
As the Federal Reserve makes moves to ease inflation, it’s easy to ask, “Are we in a recession?” The answer is: maybe. But what does that mean for housing? Historically, mortgage rates have fallen during recessions, which is great news for those looking to buy or sell their home.
Let’s take a look into inventory and how that affects the potential for a market crash. Housing prices fall when there is an oversupply of homes, which is not the case today. What we have been seeing, and are continuing to see, is an undersupply of homes. A neutral market has 6 – 7 months of inventory, but the current market is at 2 – 3 months. The risk of a crashing market is extremely minimal.
As the market continues to shift, it is important to have a local expert by your side who knows the ins and outs of marketing, current trends, and historical context. If there is anything I can do to help you reach your real estate goals, please don’t hesitate to reach out.
