August 2022 National Real Estate Market Update, Pt. 5
Some Buyers Leaving the Market, While More Sellers Enter the Market
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? Let’s take a look at what experts are saying about how home prices and home appreciation are 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.
Experts Predicting Home Values Will Continue to Increase
According to Realtor.com, “…Experts don’t believe the market is in a bubble or a crash is in the cards, like during The Great Recession. The nation is still suffering from a housing shortage that has reached crisis proportions at a time when many millennials are reaching the age when they start to consider homeownership. That’s likely to keep prices high.” The housing market, like any other market, is all 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 my team and let us help you navigate the shifting market and the best decision for you to make with your home.