The housing market this year is poised to be challenging for both buyers and sellers due to a combination of high mortgage rates, steep home prices, and low inventory levels. However, there is good news as rates have been cooling off a bit, and if this trend continues throughout the year, as many experts predict, the market activity should heat up in response. Lower mortgage rates will help spur home sales activity, which could drive more sellers to trade their existing homes and help add much-needed inventory to the market.
Currently, tight inventory is giving sellers the upper hand, as there are more buyers than homes available. Each house on the market becomes more of a hot commodity than it might if there were more options. Without a significant uptick in inventory, the seller’s market seems unlikely to change anytime soon.
Fortunately, experts forecast a continued increase in new home construction that will boost inventory levels. More inventory and slightly lower mortgage rates create more breathing room for buyers who have felt locked out of the housing market.
Given the complexities of the current conditions, it is wise to seek the guidance of an experienced local real estate agent if you want to enter the market, whether as a buyer or a seller. If you need help, I am here to assist you. Please don’t hesitate to reach out today at (919) 291-5704
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