With mortgage rates recently hovering over 6 percent, home sales cooling and the uncertainty of a recession looming, what are the experts saying about housing trends in the fourth quarter of 2022? Now that we are in the fourth quarter of this year, when typically the housing market slows to the slowest three month stretch of the year, what is going on with the supply and demand?
According to Selma Hepp, chief economist lead at Corelogic,“Current mortgage rate increases will likely put another damper on home sales activity, resulting in a greater decline in sales than historically seen at the end of the year fourth quarter.” This means there will be more supply and less demand on the current inventory. So as the market continues to slow, what is the best advice for home buyers and sellers who absolutely need to purchase or sell in the 4th quarter? For sellers, price your home correctly and possibly make some seller concessions rather than risk your property sitting on the market for a length of time.
According to Greg McBride, chief financial analyst for Bankrate, “Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still selling quickly.” For homebuyers, if you are in a strong position to purchase, buying a property during the 4th quarter might be your best strategy to take advantage of all the opportunities of a slower market. Then after purchasing, refinancing your mortgage down the road when rates become more affordable might be the best option. And of course, always reach out to a trusted agent to give you the latest update on mortgage rates, inventory and prices so you can make the best educated decision. If you would like more information on 4th quarter trends and the latest market update, please feel free to reach out to me.
I’m Krista Mashore with Homes by Krista and eXp Realty. In 2018 Krista Mashore sold over 22 Million dollars worth of Real Estate and is named in the Wall Street Journal within the Top 100 Agents Nationwide. Please see the article at The Wall Street Journal. To see Krista’s local recognition check out this link featured in the Brentwood Press.
Krista’s expertise and professionalism is revealed not only in the 14 years in Real Estate but also by being within the top 1% of all Realtors in Contra Costa County continuously since 2002. Krista possess a Master’s Degree in Education, previously employed as a School Teacher. Her excellence derives from her outstanding communication, skills, expertise in marketing, and her optimistic attitude towards life in general. Pristine Customer Service to her clients is a top priority. Krista has a natural ability for developing trust by her client base.
Her attitude is characterized her slogan:
“When You Do What You Love, People Love What You Do”