The housing market by definition is in a recession. We have seen pressure on home values month over month, new listings declining beyond seasonal trends, job losses across the mortgage industry, and the volume of transactions shrinking.
What does this mean for homeowners, buyers and sellers?
The bright spot in this market is homeowners typically have a large amount of equity in their home and sitting at a fixed mortgage rate below 3.5%, or even in the 2% range. We predict homeowners will find themselves staying in their homes longer than past generations. Buyers have an opportunity to purchase homes as values have come down, but rapid rising rates (doubled since this time last year) requires an affordability conversation. Great time for investors with cash looking for a second home or investment property. Rents continue to rise and will keep first-time buyers and investors thinking about their next move. Most sellers in the market are selling to be in a better location, the need for more square footage, job transfers, or unexpected life circumstances.
Everyone has different real estate needs so lean on a brokerage that can help you with all your residential real estate needs under one flag.
Buy • Sell • Home Loans • Property Management
Talk Soon – Martin
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