You’re dying to know what the experts are saying about housing trends in the fourth quarter of 2022. Mortgage rates hovering over 6 percent, home sales cooling and the threat of a recession looming is making you nervous right? Let’s find out what the experts are saying.
Now that we are in the fourth quarter of the year, when the housing market typically slows to the slowest three month stretch of the year, what is going on with the supply and demand?
According to Selma Hepp, chief economist lead at Corelogic,“Current mortgage rate increases will likely put another damper on home sales activity, resulting in a greater decline in sales than historically seen at the end of the year fourth quarter.”
This means there will be more supply and less demand on the current inventory. So as the market continues to slow, what is the best advice for you if you absolutely need to buy or sell in the 4th quarter?
For sellers, price your home correctly and possibly make some seller concessions rather than risk your property sitting on the market for a long time going stale.
According to Greg McBride, chief financial analyst for Bankrate, “Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still selling quickly.”
For buyers, if you are in a strong position to purchase, buying a property during the 4th quarter might be your best strategy to take advantage of all the opportunities of a slower market. Then after purchasing, refinancing your mortgage down the road when rates are more affordable might be the best option.
Watch for my next video, I’ll tell you what the opportunities ARE for you in a market like this!
I’m your Community Market Leader Sherri Echols, a helping hand for a happy home.
