Realtor Insights: Navigating the Current Housing Market
The housing market is facing challenges that impact activity and affordability. High mortgage rates, elevated home prices, and limited housing inventory create a trifecta of headwinds, perpetuating the housing affordability crisis. On top of that, concerns about ongoing inflation, an impending recession, and potential interest rate hikes add to the uncertainty in the air.
Quick Stats:
- Average active listings for July: 15,575 (1985-2022)
- Record high in July 2006: 31,989 listings
- The record low in July 2021: 4,056 listings
- Historical average increase from June to July: 5.27%
- This year’s gain: 3.76% (sluggish growth of new listings)
These numbers reflect the current state of the market, signaling a need for strategic approaches for buyers and sellers.
Navigating Strategies for Buyers and Sellers:
For Buyers:
- Stay informed on market trends and conditions.
- Get pre-approved for a mortgage to act quickly when the right property arises.
- Be flexible with preferences to explore various options within your budget.
- Work with a knowledgeable realtor who can guide you through the process.
For Sellers:
- Price your property competitively yet reasonably to attract potential buyers.
- Highlight the unique selling points of your home to stand out in the market.
- Be prepared for negotiations with cautious buyers and find common ground.
Despite the challenges, opportunities exist for those who are well-informed and have the proper guidance.
Buyers and sellers can make informed decisions in this changing landscape by keeping a close eye on the market and working with experienced real estate professionals.
