A few key points to note-
- With single-family homes showing -39.9% 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.
** Data from Cape Fear Realtors **
U.S. Market Recap
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Mortgage rates saw a brief trend downward last week as the lockdowns in China affected different economic factors. Home prices appreciated at a faster pace on both price indexes. New home sales fell as did pending home sales, suggesting a stabilization in the market. Mortgage application submissions decreased. Continuing jobless claims remained relatively unchanged while initial jobless claims fell. The GDP estimate for quarter one of 2022 fell as well. Inflation continued to climb on the PCE price index. Personal income and consumer spending climbed as well.
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!