If you have been following the Real Estate Market, you probably know throughout the past few years, the market has been quite the whirlwind. If you are thinking about buying or selling a house, you are facing an exciting, life changing decision. Any time you make a big decision, one thing you should always consider is timing. As we enter the month of June, 2022 is halfway over, so what does the rest of the year hold for the Real Estate Market?
Active Listings are Likely to Grow
Currently, we are seeing early signs of inventory growth, and experts believe this will continue in the months ahead. According to Danielle Hale, Chief Economist at realtor.com:
“The combination of more sellers listing homes for sale and fewer home buyers able to contend with today’s high costs will lead to growth in the number of homes on the market in the months ahead. Sellers who want to capture the largest possible buyer audience for their home would be well served to list sooner rather than later. Buyers who can still afford to continue shopping should reassess their target home search price to make sure it’s been adjusted to account for the budget impact of today’s much higher mortgage rates.”
As a buyer, having more options is fantastic news, however, housing supply is still low. You will need to be ready to act fast and put your BEST offer up front!
As a seller, your home may face more competition soon as other sellers begin to list their homes. Thankfully, if you are also buying your next home, having more options to choose from should make the entire process much easier.
Mortgage Rates are Likely to Climb
Experts agree inflation will likely continue to drive up mortgage rates. Nadia Evangelou, Senior Economist and Director of Forecasting for the National Association of Realtors, says:
“Mortgage rates will continue their upward trek. As inflation will remain elevated for the next several months, the Fed will continue its tightening monetary policy through a series of interest rate hikes and by reducing its balance sheet. Thus, the 30-year fixed mortgage rate may reach 6.0 percent by the end of the first half of this year.”
If you are a home buyer or seller, it is important for you to know what is happening in today’s housing market in order to make the most informed decision possible. Call Michele Harmon Team at 713-818-1330 to discuss your Real Estate goals and what lies ahead, so you can pick your best time to make a move!