Homebuyer opportunity is truly available. There are more homes on the market than this time last year, also the last four months more homes sprung up on the market than this time last year and provides more shelter from being out-bided. Saying that interest rates are predicted to go even higher. As you can see the charts are self explanatory. However this is pressing the housing market prices to go down to maintain affordability. See charts for comparisons. At the present time July 2022, the interest rate spike in June is now pressing and testing the housing market to come down on prices. There are many reasons to own your own home /REASONS-TO-OWN-YOUR-OWN-HOME---32819---32836---Dr-Phillips-6-22747.html Your window of opportunity to purchase a home is still alive. Right now National Association of Realtors is showing 92% of buyers are holding back because of inventory issues, 67% is affordability, 46% unrealistic expectations and 15% economic insecurity. Click for more info on /HOMEOWNERSHIP---32819---32836---Dr-Phillips-6-22894.html
Mortgage rates had a huge impact on the housing market. At the present time we are in the ugly stages to reset at pre-pandemic interest rates. This is not an overnight process, it took two years to get where we are currently at and may take more time to regulate back to pre-pandemic interest rates.
Mortgage rates are much higher today as they were the beginning of the year, that had a clear impact on the housing market. Now, as a result, the housing market is seeing a shift back in time to come to the pre-pandemic level for buyer demand and home sales. Interest rates are predicted to continue to rise and drive inflation down, so don't let the headlines scare you. The housing market is still strong, but just a cooling off period from a frenzy of very low interest rates. So this opens up more opportunities as homes come on the market.
Currently we are in the ugly transition stages from the current spike in interest rates June 2022. There are still even more predictions that mortgage rates will continue to rise. Housing affordability is still tough. This means that at the ratio of mortgage rates rising the home prices should subside. This is also called moderating or a reset to the housing market.
This is nothing like the 2005-2008 housing bubble. There were thousands of foreclosures and short sales unlike now.
The differences in this current fate compared to 2005, forbearances were put in place to keep many families in their homes, and with many lessons learned from deception all types of lending practices that led to the housing market crash.
Rental prices skyrocketed and buyer demand with not enough homes on the market. This is why it seems that the market will not crash by economist.
Lean on your trusted advisor Kevin Strawter at 407 479-8583 to steer you in the right direction of success with over 18 years of selling homes.