MINT HILL, NC – What goes up must come down, right? The housing market has been going up, up, up, and eventually, it has to come down. That would be logical thinking, which means sooner or later the housing market frenzy must pass.
Currently, we are in the midst of the hottest stretch for the housing market in the history of the country. The Mint Hill real estate market and pretty much every other market across the country is very, very hot.
Home prices are up more than 18% over the past year, which is the highest year-over-year rate since the busted bubble of 2008. Most housing economists believe the housing market frenzy will pass, but it won’t happen anytime soon.
When Will the Frenzy Start to Cool Off?
While most experts agree, that the housing frenzy has to cool off at some point, they don’t think it will happen in the coming months. Many believe it will happen and the cooling-off could be seen later this year, but it will more likely be next year.
With a lack of inventory seen in just about every market across the country, it’s still causing more demand than supply. Inventory is drying up all over the US, which means the market will remain very hot, likely through at least the summer of 2022, if not longer.
Some think the market will begin to ease in 2023, while others think it could be even longer. Fannie Mae has forecasted that home prices will go up more than 11% through 2022, but even less in 2023.
Will Rising Interest Rates Help?
Yes, it’s expected that mortgage rates going up will help cool off the frenzy. However, rising interest rates also make it harder for some buyers to afford homes. While it may cool off the market some, it may cause other issues by making homes less affordable for many buyers.
Regardless, the housing market frenzy isn’t going anywhere in the near future. If you’re a buyer, this means it will remain competitive this home-buying season and even into the fall and winter. Sellers will still be able to get top dollar when listing a Mint Hill home for sale. If you’re waiting for the market to cool, you’ll have to remain patient for at least several more months.
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 | email@example.com | www.1stchoicepropertiesinc.com