September 2022 National Market Update pt 3

Feeling overwhelmed with the increase in inflation? Are you curious if it even makes sense to sell or buy a home with everything that’s going on? I understand the uncertainty, but there is good news! We are seeing some changes in the market that may put you more at ease.

Experts Predict Mortgage Rates Will Begin to Decline

Let’s see what experts are saying about inflation and the real estate market. Lawrence Yun, the Chief Economist at the National Association of Realtors said “If there is a sustained decline in gasoline prices and more production of apartments and single-family homes, consumer prices will pull back, encouraging the Federal Reserve policy to be less aggressive…Mortgage rates will fall.” But are we going to see that actually happen? Realtor Magazine reported last month a 7% monthly decline in gas prices, but a continued rise in rent costs, which indicates that there is likely still a housing shortage.

Headlines can be scary, and while we can’t say for sure what the Fed will do with interest rates, or how inflation will behave, we can help keep you up-to-date and informed on the Real Estate market to help you make the best decision for your family. Reach out to my team to find out if it’s the right time for you to make your move.