At MarketPro, we believe that an informed homeowner is our best client. As the real estate market continues to evolve at a rapid pace, we make it a priority to provide you with our extensive knowledge and expertise on a monthly basis. As we transition into the fall season, we feel it’s crucial to take a comprehensive look at the national trends. While we typically focus on what’s happening in our region, it’s equally important to have a broad understanding of the overall national landscape.
Here’s a quick rundown:
Rates have dropped a bit, but are still high.
Rates have lowered slightly from their recent high, but the national average is still hovering above 7%. The downward motion we saw wasn’t enough to change the market; we’re still seeing the “mortgage rate lock-in effect,” where people are hesitant to sell their current homes when a new purchase would come with a significantly higher mortgage rate.
Inventory is still limited.
Consequently, real estate inventory is still low. Alexander Hermann from Harvard’s Joint Center for Housing Studies explains that “the number of existing homes available for purchase today remains near the record lows set in early 2022.” Low inventory is causing many people to turn to new builds as a solution. Even with the help of new builds, inventory isn’t enough to meet demand.
Prices are holding steady.
This demand is keeping real estate prices steady. This means that any equity you’ve earned over the past couple years of skyrocketing home values is holding strong. You can use the equity in your current home to help make your next purchase a success.
What this means for buying and selling:
Expert outlook is generally positive regarding where the housing market is going. Most people are not expecting the Fed to raise rates in September, which means that mortgage rates have a better chance of continuing a gradual downward trend. This will likely not happen quickly, and home prices may slowly climb as rates go down.
If you’re considering a move, selling this fall may be great timing, as you can get in ahead of any coming rise in home prices for your new purchase and refinance to a lower interest rate when rates do drop. If you want to buy a new home but your current home needs too many repairs to sell quickly on the market, we’d love to help you here at MarketPro.
Work with MarketPro:
Homeowners in our area and across the country have enough market forces to contend with. Let us take away several of the variables that may be keeping you from selling your home today. We’ll give you a fast cash offer for your current home just as it is now; no repairs, no upgrades, no inspection, no commissions or fees. You can even choose your exact closing date. Our team will walk you through your quote, including a review of what your home would likely bring on the open market.
If you’re in Washington, D.C., Maryland, Virginia, Pennsylvania or Florida, we’d love to show you how easy and stress-free the sales process can be. Contact us today for a same-day, no-pressure quote.
