What Does the Rest of 2022 Look Like for the Real Estate Market?
June 3, 2022
When you are thinking of buying or selling your home it is always an exciting time of decisions but it can also be slightly daunting. Anytime you consider such a huge decision, timing is super important. As most people are aware the real estate market has been crazy for the last couple of years. Properties fly off the market and the prices are at record highs. But if you are considering selling or buying this year, here is what the experts say the year will hold for the real estate market.
As you may have already noticed, the number of homes on the market are already growing in comparison to last year. Experts say that not only are the numbers rising but they are expected to continue to rise throughout the year.
If you are a potential buyer in this market this news is exactly what you may have been wanting to hear! Having more options to choose from definitely makes things better and easier for a buyer. I still encourage all potential buyers to be smart and act fast if they find a home they love. Just because the market is leveling back out does not mean that homes will still not move quickly.
If you are a seller, there are going to be a rising number of homes on the market so your home will have more competition than it had in the last year. However don’t look at this as a negative. When selling your home you are likely buying a new home so just look at it as the shift in the market will allow you more options to choose from when upgrading to your next home.
The other thing the experts are predicting to occur in the market over the next year is mortgage rates to rise. As we all know the price of literally everything is going up thanks to inflation. There is no exact amount to which the experts predict they will rise but inflation is having its effect on mortgage rates just as it is the price of everything else right now.
Lastly, it is predicted that home prices are going to continue to rise over the next several months. While all the experts agree that they are likely to level out this year, they do also agree the prices are not going to fall. As a buyer, this could mean that the longer you wait the more it will cost you. However, on the upside if you buy now, with prices going up still that means your home will appreciate in value. For a seller, this can be great news for you that prices are still increasing. You can get top dollar for your current home and if you are looking to upgrade to your next home you can look to your trusted agent, ME, and I can guide you into your next purchase. Contact me today and let me get started working for you. I want to be YOUR realtor!