The flaming-hot housing market has seen median home prices soar an unprecedented 24% since the outbreak of the virus last year – great news for sellers. But in recent weeks, that fire has lost some of its heat as buyers finally start to push back at sky-high prices. Simply put: The housing market is showing signs of slowing down. Though house price growth appears to be slowing amid an ebb in bidding wars, it remains strong. It is still a seller’s market and will remain so well into 2022.
On the buying front, there is a potential for an increase in available inventory. Many homes currently protected by the COVID hardship forbearance program could soon be put on the market.
This influx of inventory, of course, would be welcome good news for home buyers who have been pitted against each other in one of the nation’s fiercest housing markets ever. Housing inventory has been depleted by a combination of COVID-19 recession-induced low mortgage rates, a demographic wave of first-time home buyers, and remote workers able to branch out geographically. Depending on the percentage of homes potentially entering the market (predicted at between 25% – 50%), this could be an opportunity for home buyers.
Mortgage rates are continuing to inch upwards. For buyers looking to enter the market, now is the time to take advantage of still low rates.
Whether you are buying or selling, you need a professional on your side to help you navigate this red-hot market. Contact me today: 919-291-5704
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