With the spring buying season in full swing, many Americans are contemplating whether it’s a good time to buy or sell a home.
Higher mortgage rates and relentless competition for the few houses on the market are some of the many reasons sellers and buyers should work with a REALTOR® to find the right home and negotiate the terms of sale. In fact, according to the National Association of REALTORS®:
- Existing-home sales jumped 14.5% in February to a seasonally adjusted annual rate of 4.58 million, representing the largest monthly percentage increase since July 2020 (+22.4%).
- Mortgage rates are significantly higher than last year, but they are still considered historically low.
- Housing inventory is expected to remain tight in 2023, with housing starts below historical averages.
We're talking about what the real estate outlook is for the second half of 2023 in our area and if homeownership is still a worthwhile investment.
For more information, visit Realtor.com.
