06/06/2022
Are You Wondering if the Housing Market is a Bubble that's going to "BURST", meaning Home Prices will FALL a lot? In order for that to happen we would need to have a lot more houses For Sale compared to the number of Buyers who are looking to BUY. As you can see from this Chart, the number of House that were FOR SALE in May hasn't never been lower. Since Supply is so low, in order for Prices to Fall, Demand will need to Fall, a lot. Given the Rise in Mortgage Interest Rates, Demand may indeed Fall. Here's what experts are predicting:
→ All signs point to interest rates growing further in 2022, with the Fed planning hikes after each of its remaining 2022 meetings.
→ Inventory is likely to peak in late summer or early fall. About 64% of prospective home sellers plan to list their properties by the end of August.
If you’ve got your heart set on buying and you'd like to get a "Deal", look for a house that needs work (the seller will be more inclined to negotiate) or for houses that have been on the market for more than 30 days and/or for ones that the seller has already lowered the price
Where are you hoping to buy this summer or fall? Share in the comments below so I can keep an eye out!
DM me if you need a Lender Referral, You have questions.
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Sources: The Mortgage Reports
Freddie Mac, 30-Year Fixed Rate Mortgage Average in the United States
