Yes, you heard it right. The breathing room buyers have been waiting for appears to be here or right around the corner!
This last November, we attended four different economic forecasts (both local and national) of which all of them predicted this (being named the shift). Our 2022 Economic Forecast was gearing us up for the year that would level out the exploding prices in our local real estate market with a six to eight percent increase in 2022.
2020 - 12% price increase
2021 - 23% price increase
2022 - We are officially at the half-year mark, and we are at 6%.
What does this mean to you?
It means if you have been on the fence for buying or unsuccessful with multiple offers, NOW IS YOUR TIME!
We have likely hit a plateau of pricing, which is what us as REALTORS have been waiting for in order to keep a healthy and sustainable market. The Fed has expedited the process of raising interest rates a bit faster than we had hoped, but I can assure you they are not done yet. Experts are expecting 6.5 to 7% by the end of the year. Why am I suggesting you purchase in a time of higher interest rates? Because the only thing that matters is what your monthly payment is!
Talk to your REALTOR, talk to your lender, get new calculations, make appropriate adjustments—because today, for the first time in over five years, you will be able to:
1. Get a home inspection (and maybe even ask for repairs) on the property you’re buying
2. Not pay over list price or be bidding against 10 other offers
3. Have the ability to get an appraisal!
All of these things come with a normal and healthy market. We still have a housing shortage, and as soon as this sticker shock of 5 to six percent interest rates are over, we will likely see prices bump up again in 2023 or 2024.
Our team is heavy into stats, and we listen to the experts constantly. Not every location is being affected the same, nor is every price point. It is imperative to get good information if you still have it on the to-do list of making a move.
Let’s go grab a coffee, tea or wine and talk shop. It just might be your time!