09/21/2022
More than a decade of under-building homes, and millions of millennials (finally) entering the housing market are 2 factors that resulted in a major discrepancy in housing supply and demand — a pause/decrease in product (new construction) with a surplus of buyers!
Current market trends show that although increasing interest rates will certainly have an impact on the continued level of appreciation, the housing market is expected to trend upwards over the next few years at a more stable rate. However, there are some factors that could affect the "pace of the market," whether it favors buyers or sellers.
Despite the clear signs of a slowing housing market, it remains competitive for homebuyers, with new records set for home-selling speeds and price increases. While sellers remain in an advantageous position, price stability and the continuation of competitive interest rates may provide some much-needed relief to buyers over the next year.