Homes available for sale are likely to grow. BUYERS: You’ll have more options, but still be prepared to act fast and put in your best offer upfront. SELLERS: You may soon face more competition as other sellers list their homes. But, if you’re also in the market to buy, you’ll benefit from the boost in inventory. As of July 27, 2022, we have 807 active listings which is moving the market towards a balanced market. It is still a great market for sellers but the "party" is over and we are unlikely to see the overinflated prices that we saw in spring 2022.
Mortgage rates will continue to respond to inflation. BUYERS: Find a trusted agent and reputable lender, so you’ll know exactly how rising rates will impact your purchasing power. SELLERS: Selling and then buying? Work with an agent to time your move so you, too, can take advantage of rates before they tick higher. Currently, rates for a 5-year fixed are between 4.79 to 6% shop around for the best rate.
Home prices will continue to climb and stabilize in some markets. BUYERS: Good news! In some markets, home prices are beginning to stabilize or moderately grow compared to earlier this year. SELLERS: Current home prices are still great news for the value of your home & bottom line. Work with an agent who knows how to get you top dollar while staying on top of market trends.
If you have questions about the market feel free to contact me. I would love to take to you about real estate.