Market Watch: November 2022

The best time to buy a home is always now! The market goes up and down, but life does not wait. Over time, you will build equity on your home which is a valuable asset to have. When we work together, we can explore all the options available to you in order to help you make the best decision for your future.

Right now, mortgage rates are a huge concern. However, rates do go up and down and fluctuate constantly. As you can see from this graph of rates created by Freddy Mac, rates are trending downwards right now.

As you can see, there is hope and it’s encouraging to see the rates going back down! We may very well be returning to a normal real estate market.

Next let’s talk about inventory. The pandemic saw a record low of homes for sale in 2020. However, as of Q3 of this year, the amount of homes for sale has increased and is definitely headed in the right direction. This means more opportunities for buyers, and better prices as the market will not be so competitive. We are not completely back to normal in this regard, but getting close.

If you have any questions about the market or the home buying process, please don’t hesitate to contact me! I am happy to answer all of your questions.