A few key points to note-
- With single-family homes showing -7.8% 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 trended upward last week after unexpectedly strong jobs data, overseas inflation spike, and overall bond market weakness. Home price appreciation cooled in June on both the FHFA house price index and the Case-Shiller home price index. Job openings increased in July. Mortgage applications slipped. ADP employment increased in June but decreased in July and August. Initial jobless claims went down while continuing claims inched up. Construction spending decreased in July. The employment situation was overall stronger than expected
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!