The pandemic has brought about changes to the housing market across our nation and we have definitely felt it locally. For the month of July, the change in the number of units sold in Frederick
The Housing Slowdown May Be Coming To An End
Dated: July 17 2019
The Housing slowdown may be coming to an end....
The housing slowdown we've experienced since last summer may be reversing this fall which is a boon for sellers and not so much for buyers. Last summer we saw a surge in homes going on the market with fewer sales after years of annual price growth.
It's a possibility that home sales and prices will pick up if the mortgage rates continue to stay low says Chief economist Danielle Hale of realtor.com.
With interest rates still low and recently taking a dip below 4% is a reason for the market sparking back up again. Buyers are coming back out looking to purchase a home before rates go back up which could save them thousandths of dollars over the life of a 30-year fixed rate mortgage.
In addition, the number of homes available for sale is expected to decline in the next few months because the growth in inventory is slowing. Experts are predicting that it will decline even more by the end of the year. Prices go up when supply is low and demand is high.
Homeowners that are looking to trade up into nicer, bigger homes are not making the move because they are not finding anything in their price range.
This years buyers are a little more patient and more willing to wait for a good property.
Many buyers are on edge for fear the economy could hit a recession and they also want to be sure their jobs are safe. When people are a little unsure about the economy buying a home is not a priority.
Much of the housing market relies on the mortgage interest rates and as long as they stay low, buyers have more money to spend on homes.
It's still a great time to sell and with mortgage rates low, it just might bring more buyers.
Jennifer was born and raised in Maryland and for the last 21 years has resided in Middletown, MD. Upon finishing her studies at the University of Maryland University College with a Bachelors degree in....