The Current State of the Market

To clear up any confusion, here are five facts to know about our market.

There have been a lot of conflicting accounts of what’s going on in the market lately. Today Mr. Licorice and I will set the facts straight:

Fact No. 1: The market is starting to shift. Inventory is still low, but it’s growing. That means buyers have more opportunities and more choices.

Fact No. 2: The median home sales price is $412,000. That’s an 8% yearly increase, which is great news for homeowners.

Fact No. 3: We may be heading into a recession. To prepare, review your budgets, and cancel any unnecessary services, set a goal to save money over the next six months for emergencies, and stay informed by listening to your trusted real estate advisor.

Fact No. 4: Mortgage rates have increased. Despite rising rates, buyer demand is still present, though it has softened some compared to last year. Some buyers have left the market to go back to renting; that leaves space for others who previously missed their chance to buy a home due to the heated competition. If you’re concerned about how interest rates will impact your monthly payments, we could connect you with a lender who can set you up with an adjustable-rate mortgage (ARM). An ARM has a much lower rate than a fixed-rate mortgage (at least in the beginning).

Fact No. 5: Rents are increasing drastically. Apartments in 34% of metro areas have experienced double-digit rent increases.

Whether you’re thinking of buying or selling, this shifting market still holds opportunities for you. If you have any questions or need assistance, give us a call or send us an email. We’d love to help you.