Local Real Estate July 19, 2022

National Real Estate Market Update – July

Summer is here and so are your plans for buying or selling a home this summer. But is it a god idea? Let’s see what experts have to say about what the market looks and where it’s going. Hi, I’m Maya Crelan Ray with David Lyng Real Estate, and I want to help guide you toward the best decision for your family and your biggest asset, your home. Looking at mortgage rates, Sam Khater, Chief Economist with Freddie Mac, says, “Mortgage rates continue to inch downward this week, but are still significantly higher than last year, affecting affordability and purchase demand. Heading into the summer, the potential homebuyer pool has shrunk and supply is on the rise and the housing market is normalizing.” After the way the market has looked the last couple of years, this is a welcomed relief to many. With less buyers and more sellers out there, there is hope out there for the buyers that are staying in the market. In addition to this, data from Freddie Mac suggests that mortgage rates have hit a plateau in the last 6 weeks, giving even more hope to buyers that fewer people will see themselves being priced out of the current market. That’s where we are at right now, keep coming back as I break down the market even further! I’m Maya Crelan Ray with David Lyng Real Estate here to help with your home buying and selling needs. And as always, I hope you have an amazing day.