We get this question a lot lately…”It's a seller's market, should I wait to buy a home?”. We have done a lot of research and listened to economists talk on the subject. This is what we've learned: Housing prices are expected to continue to increase into and through 2022 (and likely for several years to come) and housing inventory will remain low. The housing inventory is low in part because new construction is low and has been for the past ten years or so. That, coupled with low interest rates, is creating an increase of buyers and a supply shortage. The experts say that interest rates will stay at or below 3.5% for 2021, but will increase in 2022. No one knows for sure how much home prices will increase in the next year or how much rates will rise exactly, but all signs point to homes being more expensive because of appreciation and a higher interest rate. So if you have been on the fence about buying, it may be worth jumping in now when you can get more house for your money.
We understand the market and what it takes to get our buyers under contract. We are very open and honest and set realistic expectations from the beginning so our buyers have a very good understanding of the market. If you are thinking of moving, talk with an experienced agent and lender to see if now is the right time for you.
Here are some articles about the market and what predictions are for the rest of 2021 and 2022:
www.nar.realtor/blogs/economists-outlook/instant-reaction-housing-starts-june-16-2021