A few key points to note-
- With single-family homes showing -7.6% 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 sharp downward trend last week after the Federal Reserve’s rate hike and the GDP’s negative data. Home price appreciation slowed. New home sales fell. Mortgage application submissions saw a composite decrease. Pending home sales declined. Both continuing and initial jobless claims went down. Inflation increased, as did personal income and consumer spending.
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!