What you need to know heading into the summer market

As we head into the summer market here are some things you should know:

Rates are still high, hovering right around 7%. You are also going to be paying some extra closing costs to get that rate down to the low 7's.

Expect prices to be 1-2% higher than last summer. Certain "hot" locations will see a larger increase in price than others. Although, prices are not rising rapidly given the high interest rates.

Not all listings are selling in multiple offers. We aren't in a 2021 type market where 4/5 homes have bids. Don't expect to list your home and have offers in the first few days. It may take a 2-3 weeks.

Lastly, I would advise you to be prepared for a mortgage rate decrease. If and when that does happen prices will bump up 5% in my opinion. Many experts believe as the election approaches, mortgage rates will go down. Even if we go to a 6.5% rate that will cause a rush to the market. May be smart to get into a house before that happens.