The State of Our Housing Market: What Buyers and Sellers Need To Know

As Realtors, we often get asked about the state of the market. Buyers who listen to the news may feel anxious due to the negative reports. However, we are in the market every day and can provide a better perspective.

For instance, I went out canvasing yesterday, and the market was buzzing with buyers. Even though interest rates have gone up slightly, they have also dropped enough to keep buyers interested in purchasing homes. The problem is that inventory is low, as homeowners who refinanced or bought three or four years ago got very low interest rates. If they move into a bigger home, their payments will be much higher due to the higher mortgage rates, insurance, and property taxes.

"Inventory won’t increase anytime soon."

Therefore, they are less likely to move, making inventory scarce. Even if we enter a recession, the housing market will remain strong, and home prices are likely to continue to rise. This is because the sellers are not selling, except for those who are divorcing, moving out of state, or dying. This situation means that our inventory is unlikely to improve anytime soon.

If you are considering buying, now is an excellent time to do so as our inventory is low. If you want to know more about what is happening in the market, please do not hesitate to call or email us. We look forward to hearing from you!