A few key points to note-
- With single-family homes showing -33.7% less inventory, if you are a buyer, it is extremely important to be READY when the right home hits the market. Think about where you are in the process on a scale of 1 to 10 (1 just starting and a 10 being you would like to find a home today) where would you rate yourself? How can we as your real estate advisors get you to a higher number?
- Median Sales Price and Average Sales Price are huge increases to note especially if you are considering selling your home in this market.
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** Data from Cape Fear Realtors **
U.S. Market Recap
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The consumer price index for September increased 0.4% month-over-month, doubling the expected increase and much higher than the 0.1% increase in August. Annual inflation was higher than expectations as well, up 8.2%. Core inflation, stripping out food and energy had the same monthly increase as August – 0.6%. Annual core inflation was higher than expectations at 6.6%.
Bottom Line
Whether you’re a first-time homebuyer or someone looking to sell your current house and buy a home that better fits your needs, waiting to decide what to do will cost you in two ways:
- Mortgage rates are forecasted to continue to rise.
- Home prices should continue to appreciate at double-digit levels for some time.
If you wait, rising mortgage rates and high home price appreciation will continue to grow!