A Note from Amy
Happy Summer From Amy Balewicz Homes!!
The housing market is certainly at a turning point, and if you’re thinking of buying or selling a home, that may leave you wondering:
Should I buy a home this year? Is it still a good time to sell a home?
One of the big questions on all buyers’ minds is where will mortgage rates go in the months ahead? No one has a crystal ball to know exactly what will happen in the future. The record-low mortgage rates during the pandemic were an outlier, not the norm. This year, rates have climbed over 2% due to the Federal Reserve’s response to rising inflation. If inflation continues to rise, it’s likely that mortgage rates will respond. Until inflation peaks, mortgage rates won’t either.
Whether you’re buying your first home or selling your current house to make a move, today’s mortgage rate is an important factor to consider. When rates rise, they impact affordability and your purchasing power. That’s why it’s crucial to work with a team of professionals, so you have expert advice to help you make an informed decision about your best move.
Moderating buyer demand has slowed down the pace of home sales, which in turn helps inventory rise. Even though housing supply is increasing today, there are still more buyers than there are homes for sale, and that’s maintaining the upward pressure on home prices. That’s why experts are not calling for prices to decline, rather they’re forecasting that they’ll continue to climb, just at a more moderate pace this year. On average, homes are projected to appreciate by about 8.5% in 2022.
For current homeowners looking to sell, know your home’s value isn’t projected to fall, but waiting to make your purchase does mean your next home could cost more as home prices continue to appreciate & interest rates rise. Rest assured, once you buy a home, price appreciation will help grow the value of your investment.
See below for more detailed information about our local market.
As always, Amy Balewicz Homes wants to be your first resource for all things real estate! If you have any questions about the local real estate market please reach out!
Engaging with our community and fostering new connections is extremely important to us and we would love to be a local real estate resource for you. We are here to help and serve!
~Amy
