IS THE RED HOT HOUSING MARKET COMING TO AN END?
The answer is not any time soon! With ever-rising interest rates, the market is changing weekly. Freddie Mac reports that interest rates have increased 1.75% since January. Interest rates are currently hovering around 5%. It's had the opposite effect of slowing down the market. Buyers are trying even harder to secure a home for their future, as interest rates & home prices rise! But the interest rate increase hurt the buyer's purchasing power.
Experts are expecting home price increases to normalize in the next few years after experiencing double-digit increases over the last 2 years. As the inventory increases & some buyers have happily made their dream home purchase, the market should calm down! There are more homes to see & the dated homes aren't selling as quickly. We are also seeing the overzealous pricing by some sellers require a price drop to get the home sold. The buyers once again have become more scrutinizing.
Bottom line, is it a good time to sell? Heck, yes! We are realizing record high prices. Is it a good time to buy? Double heck yes! Prices & interest rates are only going to go up!
ABOUT PENNY O'BRIEN
One word that consistently comes to clients’ minds when they think of Penny O’Brien is “hustle.” As a Seller Representative Specialist, she loves meeting with sellers to discuss pre-market home improvements and guide them to make their home “showtime ready” when it hits the market. She strongly believes in professional staging and offers it as a complimentary service. With a reputation for “good-looking listings,” she helps clients realize a higher return and quicker sale. Penny says “Staging transforms a home from average to amazing”. Penny O'Brien Broker, Relocation Specialist and Negotiation Expert (630) 207-7001 • penny.obrien@bairdwarner.com