The only reasonable answer is … who knows?
While mortgage rates continue to climb – with the distinct possibility of higher rates to come – active inventory and new listings are up.Home are moving faster – by one day – than they did a year ago. Finally, the median listing price is down 1.3% year-over-year.
So what does all of this mean? Quite possibly, we’re seeing both buyers and sellers adjusting to the current market with the realization that nothing is going to change drastically anytime soon. If you’re looking to sell, list your home realistically. If your looking to buy, don’t waste your time looking for super bargains. In both cases, be prepared.