The housing market’s holiday traditions

While most of us are enjoying the holiday season and participating in our own special traditions, the housing market’s traditions may not be so enjoyable right now for some.

We started off the year seemingly stalled in the peak of a sellers market much like the previous few years however, we certainly won’t be ending the year in that same place. The housing market has it’s own traditions and though it may not seem predictable or repetitive, for hundreds of years the housing market has had it’s own trends and traditions much like we do in this holiday season! This years trend has been an upward one for sure!But unlike the last few years where the prices were on the upward trend, this year it’s been the rates and a steep hill they’ve climbed! So while many of us are enjoying the Holiday season by seeing old friends, baking cookies and spending money on gifts, buyers and sellers may not be having such a favorable December.

This wild ride is constantly changing and this year’s rate increase has really added a twist to the already “inflated” market we were seeing. The rapid and drastic increase in rates has not only forced many buyers out of the market but it has also significantly changed what some buyers can afford for homes. A typical buyer 6 months ago looking for a $400,000 home was likely getting a 4.25 rate and would have been looking at a $2000 mortgage. That same buyer right now is getting a 6.3% interest rate and can likely now only afford a $300,000 home and finding one of those is not an easy task!

So how’s the market? Well, the overall amount of active buyers has decreased but the amount of activity is still high and the inventory level is still very low. Buyers are getting some reprieve from having to waive home inspections and paying over appraised value but the competition is still around.

For sellers, if they’re watching the trend and using an agent who is doing the same, all is still good and prices are still high but pricing your home right is so important and making sure you hire an experienced agent that understands that and can guide you correctly will be pivotal in selling your home for maximum return. Sound familiar to anyone? While these trends are much different than others we’ve seen in the past, the housing market is as traditional as Santa himself!

Don’t be a Grinch, call an experienced agent and get more information whether you’re planning to buy or sell, having an expert work on your behalf is absolutely in your best interest. Happy Holidays to all!

For more market updates, feel free to reach out: email- [email protected] Instagram @lisashawsells or call me at 508-826-7661.