Now that mortgage rates have returned to pre-pandemic levels, new home buyers are starting to feel the full weight of record prices. But analysts say higher mortgage rates are just what’s needed to cool things down. These higher rates are expected to slow demand and temper home prices – good news for home buyers.
More potentially good news for buyers – 64% of prospective sellers anticipate placing their homes on the market within the next six months, which could mean an unexpected boon for summer inventory. More homes on the market would be a welcome sight for buyers who have been struggling in this tight market. Buyers who remain interested in purchasing a home may find that competition has moderately softened.
It does, however, continue to be a seller’s market. Skyrocketing home values have continued to increase equity for homeowners. Rising mortgage rates may be cooling things down, but homeowners are still in the driver’s seat.
Whether you are buying or selling, you need a pro (especially now). Contact me today so that we can formulate the perfect plan for you: (919) 291-5704
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