Housing experts are not in agreement. Predictions range from prices rising by around 5% this year, to as much as a 22% decline from the peak in 2022. What happens with inventory, mortgage rates, and the broader economy will likely determine which track the market takes.
In spite of all the economic conditions, including the low number of available properties in many areas, there are still homes available for purchase right now. Properties are sitting on the market a bit longer, and sellers are dropping their asking prices more often than during the previous two years. If you are looking to buy, now may be the time to do so.
Even though the housing market is cooling and home prices are decelerating, it still continues to be a good time to sell. There are several reasons why, including continued buyer demand in many markets and an ongoing shortage of housing inventory.
This housing market is complex, to say the least. Whether you’re on the path to home ownership or have decided to sell, I can help. Contact me today and let’s map out your journey: (919) 291-5704
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