Friday, January 6, 2023 / by Shane Kilby
Why our housing market is slowing and how it affects your home.
With the recent interest rate hikes, everyone wants to know if the market is slowing. Yes, the market is slowing down some, but it is still a good time to sell.
The number of homes on the market slightly increased. At the same time, buyer demand also decreased. There are a few main reasons why we’re seeing this change.
First, the Federal Reserve has been fighting inflation by raising rates, which has made it harder for buyers to afford homes. Second, we’re also seeing a change with newly-built homes due to altered zoning laws and code changes.
"The market might be slowing, but it’s still a good time to sell your home."
It’s important to keep the context of our market in mind. Home prices have risen 35% over the past two years, and while inventory has increased, it was still below pre-pandemic levels. The market might be slowing, but it is still a very good time to sell your home. And in our opinion, it is always a good time to invest in real estate!
If you need any help selling your home or just want to ask some questions, we'd be more than happy to help. Feel free to call or email us.