Interest rates are on the rise and the market is shifting quickly! Buyers are leaving the market and sellers are coming into it. Are you panicking about what this means about the value of your home?
Hi, I’m Sherri Echols, Broker Associate with RE/MAX Bryan – College Station. Let me tell you what experts are saying about how home prices and home appreciation are going to behave in the coming years.
The biggest thing I want you to hear is that experts are not saying that the market is crashing, this is not 2008.
Realtor.com says, “…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 a huge generation entering the housing market creating high demand, and not enough homes available to keep supply up, we are still waiting for the market to balance out, but we are not waiting for it to crash.
The interest rate hikes have aided in the market normalizing, which the headlines make it seem all doom and gloom, but let’s compare it to how hard it was for the average buyer with purchasing power to have the ability to get into a home with all of the competition, it’s not as bad as the news makes it seem.
Reach out to me and I’ll help you navigate the normalizing market and decide on the best decision for you to make about your home.
I’m your Community Market Leader Sherri Echols, a helping hand for a happy home.
