If you have been riding out the rough last few months in the housing market and are anticipating some new direction in the Spring housing market this is what you want to be reading.
1. A calmer market: Let's face it now that the pandemic is just a bad memory; lock downs are a thing-of-the-past; and buyers frantically looking to purchase larger homes to accommodate the "work from home" craze - relax, the housing market has begun to take on a calmer tone.
Affordability is and will be a challenge for many buyers, while sellers will take a step back to make their homes more competitive in a calmer market.
The rise in mortgage rates has dramatically taken some of the zeal out of the market. Buyers are roughly spending 31% of their household income on a mortgage even after a 20% down payment.
2. "A little competition is always a good thing." Buyers living in the regions where the home prices are more affordable and at a lower price point should expect competition. For sellers, well-priced, well-market homes will receive attractive offers.
If you are waiting on the sidelines for prices to drop or skyrocket, you may be disappointed.
Bottom Line: Here are the key elements to keep in mind as you survey the 2023 Spring Housing Market.
1. The course of inflation.
2. Unemployment.
3. Mortgage rates.
4. Housing inventory.
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