The housing market is at a turning point, and you may be wondering if it is still a good time to buy a home. The number of homes for sale has increased this year, partly due to more listings, and higher mortgage rates.
Homebuyers are concerned about mortgage rates and where will they go in the coming months. Housing market experts know that the record-low mortgage rates during the pandemic were unusual.
Mortgage rates have climbed this year. Greg McBride, Chief Financial Analyst at Bankrate said, “Until inflation peaks, mortgage rates won’t either. Without improvement on the inflation front, we don’t know where the interest rate ceiling will be.”
Whether you’re buying your first home or selling your current home, mortgage rates are an important factor to consider. When mortgage rates rise, they impact affordability and your purchasing power. That’s why it’s crucial to work with a team of real estate professionals, so you have expert advice to help you make an informed decision.
Homes for Sale Projected to Increase
The number of homes for sale this year has increased. That is partly due to more listings, and higher mortgage rates have helped with buyer demand. Controlling buyer demand slows down the pace of home sales, which in turn helps the housing inventory rise.
Experts project that growth will continue. Realtor.com increased its projections for inventory gains dramatically, going from a 0.3% increase at the beginning of the year to a 15.0% jump by the end of 2022.
The housing supply is still low, so you should work with a real estate agent to stay on top of what is available in your market and move fast. It’s not going to be easy to find a home, but it won’t be as difficult as it has been over the past two years.
Housing Market Continues to Appreciate
Even though housing inventory is slowly increasing, home prices continue to rise because there are still more buyers than homes for sale. Experts are forecasting that home prices will continue to climb at a more moderate pace, about 8.5% on average this year.
If you’re thinking about buying a home, it may make sense to do so now before prices climb higher. Contact a real estate agent from Wenzel Select Properties today to discuss your goals and assist you with the best plan for your move. Call (630) 430-4790. Our real estate office is in the heart of downtown Downers Grove. We are just minutes away from Interstates 88, 355, 55, 290, and 294. Wenzel Select Properties real estate brokers are available to meet with you 7 days a week – Monday through Sunday.