Weekly Housing Market Update – 9/16/22 – Chief NAR Economists, Danielle Hale, not only forecasted the rate hike she also highlights her thoughts around 2:35 of the video regarding home sellers and home buyer.
The current real estate environment poses a great opportunity for sellers and buyers. Timing couldn’t be better for both.
- Demand for housing is high
- Supply/Inventory is low, below what experts consider balanced
- Interest rates are historically low
In this market sellers earn top value for their home and buyers experience greater buying power and increased affordability.
- The Mid Atlantic Region to include DC, VA, MD, parts of WV, PA and DE housing Months of Supply is 2, well below the 4 to 6 months which is generally considered a balanced market.
- The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year or $7,200 over the life of your loan. Maybe it’s time to lock in now while rates are still low.
- How can you take advantage of this market? Don’t wait and see, connect with a RE professional and make a plan.