As we move into the latter half of the year, questions about what’s to come are top of mind for buyers and sellers. 🤔
Near record-low mortgage rates coupled with rising home price appreciation kicked off a robust housing market in the first half of 2021, but what does the forecast tell us about what’s on the horizon?
Mortgage Rates Will Likely Increase, but Remain Low
Many experts are projecting a rise in interest rates. However, even as mortgage rates rise, the anticipated increase is expected to be modest at most, and still well below historic averages. Rates remaining low is good news for homebuyers who are looking to maximize their purchasing power.
Home Price Appreciation Will Continue, but Price Growth Will Likely Slow
Experts remain optimistic about home prices, too. Joe Seydl, Senior Markets Economist at J.P. Morgan, shares, “Homebuyers—interest rates are still historically low, though they are inching up. Housing prices have spiked during the last six-to-nine months, but we don’t expect them to fall soon, and we believe they are more likely to keep rising.”
Inventory Remains a Challenge, but There’s Reason To Be Optimistic
Home prices are rising, but they should moderate as more housing inventory comes to market. George Ratiu, Senior Economist at realtor.com, notes there are signs that we may see the current inventory challenges lessen, slowing the fast-paced home price appreciation and creating more choices for buyers.
As we look at the forecast for prices, interest rates, inventory, and home sales, experts remain optimistic about what’s on the horizon for the second half of 2021. DM me today to discuss how we can navigate the market together in the coming months.
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