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Will the housing market slow down soon?

The answer to the question above is WE’LL SEE. Despite skyrocketing home prices, demand is still extremely high. This is evidenced by the sustained increase in sales over multiple months. Consumers still want to buy houses and live the proverbial “American Dream”. One would think that the presence of Covid-19 would have slowed things down, but we are now almost in the third year of Covid-19 and the opposite has been true. Demand is stubbornly higher than supply, with the average home continually selling above its list price for thirty plus consecutive weeks. One particular builder has indicated that its backlog of homes increased 26% in the quarter.

There may be some help in site, however. An increase in interest rates. Rates have edged higher recently but still remain near historically low levels. Mortgage rates could be increasing further though, in 2022 since the Federal Reserve has hinted that it could potentially raise short-term interest rates a few times this year to help combat inflation. This increase could ultimately put pressure on longer-term bond yields, which in turn, could influence the direction of mortgage rates.

So will the housing market slow down soon? WE’LL SEE.

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Happy 2016!

Hello folks! This is Andrew Isaac, Real Estate Agent and the Owner of New Venture Realty. I am delighted you visited our web site. HAPPY 2016! This is going to be a great year, so let’s make it happen.

Low interest rates have helped fuel home price increases in recent years. Coupled with the fact that the Federal Reserve just raised interest rates in December for the first time in years, projections are being made that rates could continue going up from here. Rates are still at historical lows however, so it’s still a very good time to buy. If you are considering purchasing a home, give me a call. I’d love to help.

It’s also a wonderful time to sell since there are many buyers looking to take advantage of the low rates. Selling a home can be a monumental event, and it can bring about a number of complex financial considerations. Being aware of those considerations and making a plan to deal with them will help the selling process go a bit more smoothly. I would love to help. As I said, I am the owner of the company so I’m sure we can work something out together. Give me a call.

Thanks again for visiting. Come again soon.


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