What’s going on in today’s market? Is now a good time to buy a home?

Things are changing very rapidly in real estate these days. Pending sales are down 30% from 2021, and closed sales are down 20%. To put this into perspective, 2021 was a record year for home sales nationwide. It’s to be expected that we would have fewer sales this year than last.

Inventory increased by 10% year-over-year, rising from 248 available homes to 274. That’s extremely low—at this time 10 years ago, we had 1,140 homes for sale. As of June this year, we had 225 pending sales and 152 new listings. So far, it looks as though demand still outstrips supply in our market.

Given these numbers, is now a good time to buy a home? Absolutely! Think about what would happen if you bought a home today compared to buying a home 12 months from now. With interest rates on the rise and with no signs of going down, your future self would thank you for buying a home today.

“Real estate is a great haven for price appreciation in an inflationary economy.”

Even if rates go down next year, you can always refinance and lower your payments. The great thing about 30-year loans is that they’re fixed payments that can’t go up, but they can go down. If rates continue to rise next year, that means we’re still undergoing inflation, which means that your home prices will only continue to increase (though it also means that homes will be more expensive next year if you don’t buy now). Real estate is a great haven for price appreciation in an inflationary economy.

If you have any questions about how to take advantage of our transitioning market or real estate in general, don’t hesitate to give me a call or send me an email. I’d love to hear from you.

P.S. As a fun alternative source for real estate topics, we’ve started a new podcast that releases new episodes every Monday. Check it out!