Here’s my analysis of some recent market trends in real estate.
We’re getting toward the end of 2021, and today I want to talk about an interesting trend. Week over week, mortgage applications are down by 6%, and rates are ticking back up to the 3.25% range.
What’s going on? It could be the result of a seasonal calming of the market as we wind down on 2021. There could be other factors at hand, including higher inflation, a bit of uneasiness in the stock market, supply chain issues, and more.
Take what the market is giving you and run.
My personal opinion is that we’re leveling out heading into the new year. This is still a fundamental seller’s market based on our low supply and high demand. Homes are still selling at a pretty good clip.
If you’re thinking of selling, I have some advice: Be smart. Don’t get greedy. Take what this market is giving you. Take that 18% price growth we’ve seen over the last few years and run. Now is the time to get your home ready to maximize its value before the market starts to level off even more.
If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.