What’s happening in our housing market and how it affects your home. Is the real estate market really slowing down? You may hear about this on the news or from your friends, and Many of
How This Shifting Market Will Affect You
Dated: August 12 2022
Views: 144
What’s happening in our housing market and how it affects your home.
Is the real estate market really slowing down? You may hear about this on the news or from your friends, and Many of my clients have asked me this recently, and it's easy to see why. With the recent interest rate hikes, everyone wants to know if the market is slowing.
We’ve seen a dramatic change in our market recently. Inventory increased significantly in April, according to both Zillow and Realtor.com. The chief economist at Realtor.com notes, “If the trends we’re seeing now hold true, we could potentially see year-over-year inventory growth within the next few weeks.” At the same time, buyer demand also decreased. The number of new mortgage applications fell in April for the third month in a row, and existing home sales dropped 2.4%.
Without a doubt, the market is starting to shift from the hot, pandemic-fueled one we had for the last few years to one that favors buyers slightly more, and there are a few main reasons why we’re seeing this change. First, as you may already know, the Federal Reserve has started fighting inflation by raising rates. Mortgage rates have risen around 2% to 3% since the start of the year and may continue to climb. That has a direct effect on buyers by making it more difficult to afford a home. As a result, demand has fallen.
"The market might favor buyers more, but it’s still a good time to sell your home."
On top of rising rates, we’re also seeing a surge in newly-built homes and altered zoning laws aimed at increasing the housing supply. As the Biden administration notes, more homes will be built this year than any since 2006.
Keep in mind that this doesn’t mean our market is crashing. Most experts agree that poor lending practices were the cause behind the 2007 crash, and today’s lending standards are much tighter.
However, it’s important to keep the context of our market in mind. Home prices have risen 34% over the past two years, and while inventory is increasing, it was still 48% below pre-pandemic levels in April. The market might be slowing, but it is still a very good time to sell your home. If these trends continue, now may be your last chance to sell near peak demand and get the most for your home.
Keep us in mind if you’re looking to sell your home. You can always find us on our website or on Facebook. We’d love to hear from you.
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