Interest rates are on the rise and the market is shifting quickly. Buyers are leaving the market and sellers are coming into it. What does this mean about the value of your home?
I'm Stephanie Martenzi, SuperMom SuperAgent with Southland Properties. Let's take a look at what experts are saying about how home prices and home appreciation is going to behave in the coming years. The biggest thing I want everyone to hear is that experts are not saying that the market is going to be crashing.
This is not 2008. Realtor.com says, and I quote, "Experts don't believe the market is in a bubble or a crash is in the cards, like during in the great recession. The nation is still suffering from a housing shortage that has reached crisis proportion at a time when many millennials are reaching the age when they are starting to consider home ownership." Now that's likely to keep the prices high.
The housing market, like any other market, is about supply and demand. With the largest generation entering the housing market, creating huge demand and not enough homes available to keep supply up, we are still waiting for the market to even out, but we are not waiting for it to crash. The interest rate hikes have aided in the market normalizing, which may seem all doom and gloom. But if you compare it to how hard it was for the average buyer's purchasing power to have the ability to even get into a home with all of the competition, it's not as bad as the news makes it seem.
Reach out to me and let me help you navigate the shifting market and make the best decision for you and your home. I'm Stephanie Martenzi, SuperMom SuperAgent, here to help you have a super fun, empowered, and informed real estate experience by guiding you every step of the way. If you see me out in the community, make sure to say hi.
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