Moore-Maguire Achievements and Expert Market Forecasts

First, we must mention our achievement for being recognized as the Top Group for achieving 12 units sold and $3,794,550 in volume for June 2022! We could not be more proud of our team for this wonderful achievement. 

Expert Market Forecasts for the Second Half of 2022

The housing market is at a turning point, and if you’re thinking of buying or selling a home, that may leave you wondering: is it still a good time to buy a home? Should I make a move this year? To help answer those questions, let’s turn to the experts for projections on what the second half of the year holds for residential real estate.

1.         Where Mortgage Rates Will Go Depends on Inflation

This year, rates have climbed over 2% due to the Federal Reserve’s response to rising inflation. If inflation continues to rise, it’s likely that mortgage rates will respond. Greg McBride, Chief Financial Analyst at Bankrate, explains it well:

“Until inflation peaks, mortgage rates won’t either. Without improvement on the inflation front, we don’t know where the interest rate ceiling will be.”

Whether you’re buying your first home or selling your current house to make a move, today’s mortgage rate is an important factor to consider. When rates rise, they impact affordability and your purchasing power. That’s why it’s crucial to work with a team of professionals, so you have expert advice to help you make an informed decision about your best move.

1.         The Supply of Homes for Sale Projected to Continue Increasing

Experts say that growth will continue. Recently, realtor.com updated their2022 inventory forecast. In the latest release, they increased their projections for inventory gains dramatically, going from a 0.3% increase at the beginning of the year to a 15.0% jump by the end of 2022 (see graph below):

1.         Home Price Forecasts Call for Ongoing Appreciation

Even though housing supply is increasing today, there are still more buyers than there are homes for sale, and that’s maintaining the upward pressure on home prices. That’s why experts are not calling for prices to decline, rather they’re forecasting they’ll continue to climb, just at a more moderate pace this year. On average, homes are projected to appreciate by about 8.5% in 2022.

Bottom Line

Whether you’re a homebuyer or seller, you need to know what’s happening in the housing market, so you can make the most informed decision possible! Let’s connect over a free strategy call to discuss your goals and what lies ahead, so you can determine the best plan for your move.