What Does the Rest of the Year Hold for the Housing Market?

As we drift into the summer months, the housing market in Whatcom County is sure to begin heating up. If you’re thinking of buying or selling a house, you’re at an exciting decision point. And anytime you make a big decision like that, one thing you should always consider is timing. So, what does the rest of the year hold for the housing market? 

The Number of Homes Available for Sale Is Likely To Grow

There are early signs housing inventory is starting to grow and experts say that should continue in the months ahead. According to Danielle Hale, Chief Economist at Realtor.com, the gap between the amount of homes for sale this year compared to last year is beginning to shrink. At the beginning of the year, this gap was five times wider than it currently is. This growth will mean more options for buyers as the year continues.

-As a buyer, having more options is welcome news. Just remember, housing supply is still low, so be ready to act fast and put in your best offer up front.

-As a seller, your house may soon face more competition when other sellers list their homes. But the good news is, if you’re also buying your next home, having more options to choose from should make that move-up process easier.

Mortgage Rates Will Likely Continue To Respond to Inflationary Pressures

Experts also agree inflation should continue to drive up mortgage rates, albeit more moderately. According to Odeta Kushi, Deputy Chief Economist at First American, ongoing inflation pressure remains likely to push mortgage rates even higher in the months to come. 

-As a buyer, work with the trusted real estate professionals at MJB, so you can learn how rising mortgage rate environments impact your purchasing power. It may make sense to buy now before it costs more to do so, if you’re ready.

-As a seller, rising mortgage rates are motivating some homeowners to make a move up sooner rather than later. If you’re planning to buy your next home, talk to one of the agents at MJB to decide how to time your move.

Home Prices Are Projected To Continue To Climb

Home prices are forecast to keep appreciating because there are still fewer homes for sale than there are buyers in the market. That said, the pace of that appreciation should moderate – but home prices won’t fall. As more homes enter the market, the prices will slowly begin to level out, though all projections point to prices rising consistently throughout the summer before leveling out.

-As a buyer, continued home price appreciation means it’ll cost you more to buy the longer you wait. But it also gives you peace of mind that, once you do buy a home, it will likely grow in value. That makes it historically a good investment and a strong hedge against inflation. And with expert guidance from your MJB agent, you can find  exactly what you are looking for from a home purchase.

-As a seller, price appreciation is great news for the value of your home. Again, lean on you MJB agent's professional expertise to strike the right balance of the best conditions possible for both selling your house and buying your next one.

Bottom Line

Whether you’re a homebuyer or seller, you need to know what’s happening in the housing market, so you can make the most informed decision possible. Let’s connect to discuss your goals and what lies ahead, so you can pick your best time to make a move.