The housing market continues to feel the fall-out from the Fed's inflation fighting plan. If there is good news it is that sales prices are still up over last year at this time but are moving toward a more balanced market. The bad news is that rates may go up yet again in 2023 although I should note that that future rate expectations are typically embedded in mortgage costs, so the Fed raising rates in-line with market forecasts won’t necessarily cause longer-term mortgage rates to correspondingly rise too much. What does that mean for you as a seller or buyer? Life happens. If you need or want to sell you are still sitting on lots of equity gained these past few years so go ahead and sell but price your property based on what is selling now not what sold in the summer. Know the time on market is up to 30-41 days depending on your area. If you want to buy, this could be a good time to dive in if you find the right property at the right price. Several economists predict rates could settle back down around 5+ percent perhaps in early 2024 at which point you can refinance if that happens. For more insight into the housing market check out this article from Forbes.
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