Our summer market has started to shift, and here’s what it means for you.
Summer has officially started, and we need to enjoy it before the snow starts falling again. Before that happens, let’s go over our summer market update.
Did you know that summer is one of the best times to buy a home? A lot of the buyer competition starts to subside as the spring market ends. Lately, our market has started to shift, and if you’re buying or selling in the coming months, you need to be prepared.
“Our market is starting to balance out.”
Buyers are seeing more inventory, but it’s coming at a cost. Interest rates have jumped almost 2%, and this is a trend we expect to continue into 2023. When interest rates rise, your buying power decreases, and this can have a significant effect on home values. We’ve seen housing prices climb by 20% to 30% over the last few years, and rapid increases like that are simply not sustainable.
We believe our market is starting to balance. A balanced market has around a six-month supply of homes. At the beginning of this year, we only had a one-month supply of homes, but the number of available properties is growing. This should temper the double-digit price increases and set the stage for a more normal market.
However, every situation is unique, and real estate markets are very localized. You should consult a trusted agent when you’re ready to make a move to learn more about your situation.
If you have any questions, call or text us anytime at (952) 222-9000. We’d love to help.
