Key Factors Behind the Real Estate Market Paralysis
Rate Frozen Sellers
Homeowners with a mortgage today have an average interest rate of less than 4% according to Fannie Mae. This is much lower than the typical mortgage rates offered to buyers today which are much higher than that at 6% This is causing many homeowners to become “rate locked” and stay in their homes. And thus, the main challenge for housing markets is the current lack of inventory. Experts suggest that this may not last as they project mortgage rates will drop gradually over 2023 – making it easier for people to move when desired.

Will I be Able to Find a New Home?
Fear of not being able to find a new home has kept many potential sellers on the sidelines. If you’re considering making a move, it’s vital to explore all your options. Don’t let fear hold you back from taking advantage of this unique housing market. As the year continues to move on, experts predict interest rates will continue to lower and inventory will be increasing

These conditions reveal NOW is an ideal time to consider selling your house. Working with a local real estate professional could help you get even more out of this market and make use of any equity in your current home. Take advantage today before it’s too late!
