Ever determined to bring you news that can help you make sound financial decisions concerning your real estate sale or purchase, Renae Stucki Realtor has been watching certain economic trends.
Tuesday, the S&P index posted its first month-over-month decline in 10 months. The housing recovery was certainly a motivator in economic recovery last year, but with mortgage rates climbing, it’s clear the recovery is losing momentum. While the housing market will make further contributions to gains this year, the pace is likely to slow quite a bit.
But that’s actually good for the market. We’ve discussed before how a rapid increase was expected to help properties regain value they lost during the recession. But such rapid increases are unsustainable.
Sellers who are flipping properties or who’ve seen great gains over the past year may experience an adjustment period as they acclimate to the new market values, but a return to modest value increases means the market is well on its way to getting back to normal.
And that’s good for everyone. For buyers, it means a more stable inventory to shop in. You can pre-qualify for a mortgage and feel confident while searching in that price range. It also means you can feel confident the properties in your price range will stay in your price range.
Now’s a great time for both sellers and buyers to contact Renae Stucki and start the process of buying or selling a home. We’re there to make it happen for you!
