This will never be a headline…
The fact that rates have slowly crept down to just over 6%. They’re actually at a 4 month low, with yesterday the average 30yr fixed rate being 6.01%
This means many buyers are securing mortgages under 6%.
Recent Consumer Price Index reports show inflation continuing to slowly decrease as economists have expected.
This improves overall confidence and encourages a more balanced marketplace.
Here’s what I think…
We’ve seen a quick decline in home values and I believe the worst of it is behind us.
We will see a strong spring market. There are already reports of active open houses with dozens of people shuffling through.
With so much pent up demand last year from buyers sitting on the sidelines (for good reason), we will see a much healthier market in 2023.
I think prices will remain relatively stable throughout the year with rates hovering around 6%The goal is always to find balance – and with fairly stable prices and rates around 6%, that’s where we’ll find it…at least for this year.