What Does The Rest Of The Year Hold For The Housing Market?

If you’re thinking of buying or selling a house, you’re at an exciting decision point. Anytime you make a big decision like that, you should always consider timing. So, what does the rest of the year hold for the housing market? 

The Number Of Homes for Sale Is Likely to Grow

There are early signs housing inventory is starting to grow and experts say that should continue in the months ahead.

As a buyer, having more options is welcome news. Remember, the housing supply is still low, so be ready to act and put in your best offer. 

As a seller, your house may soon face more competition when other sellers list their homes. The good news is if you’re also buying your next home, having more options to choose from should make that move-up process easier. 

Mortgage Rates Will Likely Continue To Respond to Inflationary Pressures

 Inflation should continue to drive up mortgage rates. 

As a buyer, work with trusted real estate professionals, including your lender, so you can learn how rising mortgage rate environments impact your purchasing power. 

As a seller, rising mortgage rates are motivating some homeowners to make a move up sooner rather than later. If you’re planning to buy your next home, talk to a trusted real estate advisor to decide how to time your move. 

Home Prices Are Projected To Continue To Climb

Home prices are forecast to keep appreciating because there are still fewer homes for sale than there are buyers in the market. The pace of that appreciation should moderate- but home prices won’t fall. 

As a buyer, continuous home price appreciation means it’s cost you more to buy the longer you wait. But it also gives you peace of mind, that once you do buy a home, it will likely grow in value. That makes it historically a good investment. 

As a seller, price appreciation is great news for the value of your home. Again, lean on a professional to strike the right balance of the best conditions possible for both selling your house and buying your next one.