If you’ve been thinking about buying or selling a home recently, you might have heard that it’s a tough time to do so due to the rising mortgage rates and home prices in the current market. And, to an extent, this is true. But that doesn’t mean it’s impossible to make your move and achieve your real estate goals. In this blog post, we’ll examine how the current affordability situation stacks up to recent years, highlight the pace of home sales happening right now, and provide some insights on how working with a trusted agent can make all the difference in realizing your real estate objectives.
If you take a look at the graph below, you’ll see how the current affordability situation stacks up to recent years:
The black dotted line represents that 100 value on the index. Essentially, the higher the bar, the more affordable homes are. As you can see, the orange bar for today shows a clear challenge, with higher mortgage rates and home prices affecting affordability.
But despite this challenge, there’s still some positive news. According to NAR, almost 4 million homes will sell this year based on the current pace of sales. That means, on average, over 10,000 homes sell each day in this country!
Breaking it down further with some simple math, we get:
- 3.96 million homes divided by 365 days in a year = 10,849 houses sell each day
- 10,849 divided by 24 hours in a day = 452 houses sell per hour
- 452 divided by 60 minutes in an hour = about 8 houses sell each minute
So, regardless of whether you’re a buyer or seller, this data goes to show there are still ways to make your move possible, even at a time when affordability is tight.
One of the biggest game-changers in today’s real estate market is working with a trusted agent. Agents can help buyers navigate the current conditions and find properties that are still within their budget, even with higher rates and prices. For sellers, agents can help them price their property optimally, so it sells quickly, and often in some of the hottest markets.
Another factor that buyers and sellers should keep in mind is the current inventory levels. The supply of homes for sale is lower than usual, which is driving up prices and creating competition for homes in many markets. But, don’t let this deter you because while inventory is low, there are still ample homes available in many areas for those who are actively looking.
While it’s true that buying or selling a home in today’s market can pose some challenges due to rising mortgage rates and home prices, it’s still possible to achieve your real estate goals with the help of a trusted agent. And despite these challenges, homes are still selling every day in this country, proving that it’s not impossible to make your move happen. So, if you’re ready to take a step towards buying or selling your home, don’t let the current market conditions deter you from making your move a reality. Contact a trusted agent today and see how they can help you find success in the current real estate market.
