What Does the Rest of the Year Hold for the Housing Market?

The Number of Homes Available for Sale Is Likely To Grow

According to Danielle Hale, Chief Economist at realtor.com:

“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. . . . This growth will mean more options for shoppers than they’ve had in a while, even though inventory continues to lag pre-pandemic normal.”

• Buyers: remember, housing supply is still low, so be ready to act fast and put in your best offer up front.

• Sellers: having more options to choose from should make that move-up process easier.

Mortgage Rates Will Likely Continue To Respond to Inflationary Pressures

Odeta Kushi, Deputy Chief Economist at First American, says:

“… ongoing inflationary pressure remains likely to push mortgage rates even higher in the months to come.”

• Buyers: work with real estate professionals so you can learn how rising mortgage rate environments impact your purchasing power.

• Sellers: talk to a real estate advisor to decide how to time your move.

Home Prices Are Projected To Continue To Climb

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“Prices throughout the country have surged for the better part of two years, . . . Given the extremely low inventory, we're unlikely to see price declines, but appreciation should slow in the coming months.”

• Buyers: continued home price appreciation means it’ll cost you more to buy the longer you wait.

• Sellers: price appreciation is great news for the value of your home.

DM me to discuss what lies ahead so you can pick your best time to make a move.

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