REAL ESTATE LOCAL | Is the Red Hot Housing Market Coming to an End? by Penny Obrien
IS THE RED HOT HOUSING MARKET COMING TO AN END?
The answer is not any time soon! With ever-rising interest rates, the market is changing weekly. Freddie Mac reports that interest rates have increased 1.75% since January. Interest rates are currently hovering around 5%. It's had the opposite effect of slowing down the market. Buyers are trying even harder to secure a home for their future, as interest rates & home prices rise! But the interest rate increase hurt the buyer's purchasing power.
Experts are expecting home price increases to normalize in the next few years after experiencing double-digit increases over the last 2 years. As the inventory increases & some buyers have happily made their dream home purchase, the market should calm down! There are more homes to see & the dated homes aren't selling as quickly. We are also seeing the overzealous pricing by some sellers require a price drop to get the home sold. The buyers once again have become more scrutinizing.
Bottom line, is it a good time to sell? Heck, yes! We are realizing record high prices. Is it a good time to buy? Double heck yes! Prices & interest rates are only going to go up!
ABOUT PENNY O'BRIEN
BAIRD & WARNER – One word that consistently comes to clients’ minds when they think of Penny O’Brien is “hustle.” As a Seller Representative Specialist, she loves meeting with sellers to discuss pre-market home improvements and guide them to make their home “showtime ready” when it hits the market. She strongly believes in professional staging and offers it as a complimentary service. With a reputation for “good-looking listings,” she helps clients realize a higher return and quicker sale. Penny says “Staging transforms a home from average to amazing”.
Penny O'Brien Broker, Relocation Specialist and Negotiation Expert (630) 207-7001 • penny.obrien@bairdwarner.com
