Wondering if home prices are set to drop? Get the latest insights on where the housing market is headed.
Home prices are influenced by supply and demand, economic conditions, and interest rates. Currently, in our local market the demand has dropped off a bit, causing the market to slow, but we still remain a popular inbound market and the ever increasing desire for people to move here keeps our prices up. It may also seem that we have more than enough inventory, but the fact of the matter is that we are still behind on supply and this prevents a massive fall in the market. The economy’s health and mortgage rates also play big roles—low rates boost prices, while high rates might cool them. Right now I see a huge gap in the middle market, where the "average" buyer is much more affected by the cost to borrow money and therefore has decided to hold off on a purchase or a move.
Local market factors and predictions all seem to suggest that, prices will stay stable or rise slightly rather than drop significantly. I would simply say that the market is flattening out and it;s hard to tell where we'll go next. We may see a slight dip in prices over the coming year, but we may see it pick back up while interest rates come down in the future. So, don't expect a big price drop soon, but keep an eye on market trends and local conditions. Give me a call if you need advice! - Greg
What's new with Mortgage Rates?
This is a scenario for top tier borrowers with 20% down and great credit. These rates could be improved by using seller credits! Unsure what that means? Shoot me a message!
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