Home Buying is Expected to be Better in Late Summer or Early Fall
6/23/2022
The beginning of summer has been interesting for the housing industry, with the lack of homes for sale or finding a home only to have your bid buried among other competitive bids; has led to a frustrating season for buyers. However, the end of summer often leads to a recovery of inventory.
In a normal year, late summer or early fall is typically when you see a bump in listings. Interest rates will play a factor in the available inventory. Mortgage rates are expected to increase, which will make it more difficult for buyers to afford homes. Over the last year, home prices grew in double digits.
The mortgage rate can work for and against sellers. Some will decide to stay in their current home.
While the housing market is expected to be better in late summer or early fall, the market will not bounce back overnight. Supply chains are slowing the new construction, when it used to take nine months to build a new home, it is now taking over a year, as builders wait for supplies to be delivered.
There are ways around the slump of potential homes if waiting until late summer or early fall doesn’t work with your purchasing schedule. Consider expanding your search area to less expensive areas and communities.
Any buyer should be prepared to move fast, so when the right listing comes along, an offer can be made quickly.
If you have any questions about today’s selling market or to find homes for sale or want to purchase a home in the Kansas City, Missouri or Kansas area, give Ed Rippee a call. He can give you the latest information and help make your home buying or selling, a smooth transition.