There’s been so much news lately relating to the economy and real estate. If you’re planning to buy or sell a home soon, you may be wondering what it means for you. The housing market, which received a boost from record low-interest rates during the Covid-19 pandemic, has begun to shift.
The Arrival of a More Balanced Market
With mortgage interest rates and home prices on the rise, we expect the housing market will continue to cool from the surge in demand we’ve seen in the last few years. As a bright spot for frustrated homebuyers, the number of homes on the market is expected to increase, bringing back a more balanced market.
For homeowners interested in selling, it’s still a great time to put your property on the market because the supply of homes available remains at record low levels. Even if sales decline from last year, the real estate market is on track for an overall good year.
Long & Foster is Ready for Any Challenge
During Long & Foster’s more than 50-year history, we’ve weathered every economic storm. We’re a solid company whose business model is built to handle market shifts.
Long & Foster is diversified into eight lines of business to serve every step of the home buying process, from brokerage, mortgage lending and settlement services to insurance, property management and moving services, all of our business lines ensure our ability to successfully meet our clients needs in both healthy and challenging markets. In addition, as a Berkshire Hathaway HomeServices of America affiliate, we have unequalled financial strength and stability.
To stay updated on what’s happening in your market, please contact your Long & Foster agent. If you, your friends, or family are planning to buy or sell a home, your agent can successfully guide you through the process.