MINT HILL, NC – The real estate market in the United States is moving fast and changing almost overnight. With median listing prices up, new listings down, and the time on the market up, it’s changing for homebuyers. More buyers are waiting or being priced out of the market, as well, due to the higher mortgage rates.
Recently, the Federal Reserve raised rates again in September. This will likely cause the mortgage rates to go up even further. The market is no longer favoring the seller the same way it did earlier this year and in 2021.
How the Real Estate Market is Changing Drastically
It might seem like it’s moving slowly, in some areas, but the real estate market is changing rather quickly due to the rate increases and more homes sitting on the market longer. While homes are taking longer to sell, prices still remain pretty steady without major discounts. However, there are more listings being discounted than before.
Some of what is happening in the market is being driven by the rate hikes from the Feds, but it’s also being driven by buyers tightening their budgets due to inflation.
The market was incredibly hot throughout 2021 but hit a speed bump during what should have been the hottest part of 2022, for most markets. Often, the summer is the best time to buy or sell a house across the nation. However, the real estate market kept seeing hiccups all summer long.
What Will the Fall and Winter Bring?
The summer ended with many of the stats showing the real estate market turning back towards the buyer. In many areas, more homes hit the market throughout the summer and stayed on the market longer. Higher mortgage rates have made it harder for many buyers to get the home they truly want.
While there will always be homes for sale and buyers looking, the market isn’t the same as in 2021. Buyers aren’t needing to compete with multiple offers as much and aren’t having to go over listing price as much, either. There are fewer buyers and more sellers, which has flipped the market compared to last year.
It will be interesting to see how things change as we go into a commonly slower season for real estate. The fall is usually pretty steady, but the winter, in many areas of the country, is slower. This slower season could give some hints to how the market might look in 2023, as well.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger (704) 650-5707 | firstname.lastname@example.org | www.1stchoicepropertiesinc.com