Post by Daniel Maurer
As we move into the second half of the year, many are wondering what is happening in the real estate market. The answer? It's normalizing. Prices have stabilized, and inventory levels are starting to rise (nearly double January 2022). This means that now may be a good time for both home buyers and sellers to consider making a move. We have experienced a bit of a bump over the last month as families try to get find new homes before the start of school. Year over year however, we remain behind 2021 across the market.
After years of steep increases, home prices have finally begun to stabilize. In the second half of 2022, market conditions cooled slightly, as buyers became fatigued and interest rates rose. As a result, prices have stabilized, giving buyers some much-needed relief. However, it's important to note that the market is still very competitive, and homes are selling quickly, you're just not having to bid against so many other offers.
Additionally, interest rates had been on the rise in recent months, but rates have come back down a bit since reaching higher levels in June. Rates peaked around 6.1% in June and have dipped back to around 4.77% as of this post. This is good news for potential home buyers who may have felt like they missed the opportunity to buy when the rates were so low. Historically speaking, interest rates are still incredibly low, so now is still a great time to buy a home.
Although the market has normalized, there are still amazing opportunities to be had. If you’re considering a move in the near future, please give me a call – I can help you understand where things are at and what your options might be.
If you are looking for some advice on a real estate transaction, my door is always open