Anticipating timing on the market over the last couple years, for many, has felt like an ongoing game of double-dutch (do we jump? do we wait? do we go now…are we too late?). I know it’s not been easy BUT I am confident that there are great solutions to be had for most anybody. We just need to implement the strategy and resources to make that move happen.
To succeed as a buyer in today’s market, it’s important to understand which market trends will have the greatest impact on your home search. There are two factors every buyer should be keeping in sight:
“Going forward, the conditions buyers face are primarily dependent on two things: mortgage rates and housing supply.”
Let’s talk a bit more about these.
Mortgage Rates in 2022
Your interest rate directly impacts how much you’ll pay on your monthly home mortgage. Rates have continued to rise throughout 2022. At the present, the expectation is that we will only continue to see this increase over the months ahead.
As the graph shows, mortgage rates are expected to climb next year. But they’re still low when you compare to where they were just a few years ago. This should serve as a good motivator to lock in a low mortgage rate before they climb higher.
Homes are Still Hitting the Market
Supply is always a key factor in the climate of the real estate market. This is Economics 101: Supply & Demand. While we have continued to endure some challenges with low-inventory, a survey from realtor.com indicated that more sellers are planning to list their homes as we work into the winter.
What Does That Mean for You?
With all the moving parts, it’s understood market conditions won’t shift overnight. We still want to see more homes hitting the market to help us move back into more neutral conditions. That said, there’s ever opportunities for buyers and sellers. It just takes the right connections (and maybe a little patience) to help you find incredible solutions.
Buyers entering the current market should be prepared to act quickly. This means having already gone through pre-approval with your elected lender and working with an agent ready to go to bat for you. Let’s connect today so you have an expert on your side to help act as quickly as possible when the right home for you hits the market.