Is NOW the sweet spot we’ve been waiting for?

For many of us who are affected by the rollercoaster of the real estate market in some way, it has been a hectic couple of years!

Rates have remained low and housing inventories clamped down in most markets as the pandemic triggered a lot of mobility. Many people discovered that they could work from anywhere - or at least renegotiate their geographical proximity to their offices.

As you are no doubt aware, this drove housing prices to record high levels in many areas, causing trouble for first-time buyers and those who were especially sensitive to affordability issues.

We might just be close to a sweet spot - or at least a bit of relief for some of our clients - as mortgage rates stabilize at favorable levels and available listings increase.

According to this CNBC article ,

For more than a year now, the housing market has been a perfect storm for sellers, but the winds may finally be shifting.

Strong demand and record-low supply are starting to ease, and mortgage rates are coming down off their recent highs. While home prices are still surging, these new market dynamics will likely take some of the heat out of those gains as well.

New listings of homes jumped 4% in the four-week period ending July 4 compared with the same period one year ago, according to Redfin. They were up 3% from the same time in 2019. It was the first-time new supply topped pre-pandemic levels.

It continues...

Mortgage rates, while historically low, have been on a roller coaster lately, starting the year at a record low but then shooting higher at the end of March. Last week, they fell back again, and while they are expected to rise slowly over the long term, there appears to be no imminent fear of another spike.

"They [buyers] aren't racing to buy before mortgage rates go up, because rates have dropped back below 3% and are likely to stay low. With more new listings starting to come on the market, buyers who threw in the towel may want to look again because the market is tilting more in their favor," added Fairweather.

Of course, this general outlook is always affected by our local market conditions. As things shift, I'd welcome a pause to talk this through with you - what it means, how we can best serve our clients and prospects, and each other!

Please drop me an email or call if you have any questions - or someone you know is in need of expert advice. I love to help those you care about. Your referrals are the heart and lifeblood of my business.