Ever heard this before- “The housing market is crashing and prices will soon be free-falling”?
You’re waiting to make your move because the media is sending constant mixed messages…but don’t get discouraged because here are 5 ways to define our NEW NORMAL and what to do about it!
1. Low supply- housing inventory remains extremely low and is not likely to catch up soon. We have been hovering at about 2-3 months of supply for almost a year now, when we had 7-9 months of inventory before the pandemic.
2. High demand- There is pent-up demand from buyers who still want to find their new home and seller longing to make a change. (You know who you are!)
3. Values are up- Most economists forecast stable home prices in 2023 followed by continued moderate appreciation starting in 2024.
Low supply + high demand = upward pressure on prices.
4. Rates went up, but already moderated- Rates reached the 6-7% level after we all embraced the anomaly of extremely low rates during the past two years. Experts project rates to moderate downward to the 5% range by the end of 2023.
5. Environment is stable-
Of note:
– Foreclosure levels are low.
– Unemployment levels are low.
– Homeowner equity levels are strong compared to 2008.
– Lending regulations have been stringent
So now is a good time to reset expectations. We are in a new normal, it’s a good a year as any to move on with your plans!
🏡 🏃♀️
Sources: Infosparks, NAR, RISMedia, KCM, Bright MLS
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Fairfield and Westport CT Real Estate Guide 