2023 Market: Hope and Hibernation
Filed under Home Buyers on Feb 23,2023 | Tagged in: housing market, inflation, mortage rates
The supply of homes for sale has rebounded in early 2023, giving a bit of hope to homebuyers, according to Margaret Heidenry, writing for Realtor.com.
Pricing has also become more reasonable, and mortgage rates are down from their 20-year high at the end of 2022. Declines in inflation could mean a further drop in mortgage rates in the year head. Even with this better news, however, many buyers still face financial crunches in their lives, which makes them unwilling to take on the additional debt of homeownership. Despite the rebound in homes for sale, the supply continues to be limited, as sellers who currently have a very low interest rate don’t want to have to buy another home at a much higher rate. Many sellers are also reluctant to reduce their asking price. With hibernating sellers and reluctant buyers, the market continues to be in a holding pattern overall.
To learn how the Montgomery County market is faring, get in touch with the team at Vanguard Realty Associates. We’ll help you decide if now’s the time to jump in.
