Think Home Prices Are Going To Fall? Think Again
Over the last few years, housing prices have boomed. The primary cause of this rapid increase was the balance between supply and demand. There was low supply but high demand; thus, prices rose to account for the new equilibrium. Homebuyers and sellers are wondering: will prices crash in the future?
Currently, prices are still rising, but nowhere near the same rate as before. The slow but steady increase is still due to the low supply of houses on the market. Though housing demand is lessening, there are still not enough homes to accommodate all those searching the market. Professionals’ predictions are numerous and filled with jargon, so we’ve gathered the basics below.
The Future of the Housing Market
Expert housing market data analysis over the last few years shows unrelenting price increases. Despite this, they are confident the gains will be much more moderate now that homebuyers are decreasing in number. A softening demand means inflated prices don’t have to rise as steeply to meet the market equilibrium.
However, they do maintain that the current growth rate is unsustainable and will ultimately become stagnant or decrease at some point. The higher mortgage rates and an eventual increase in inventory are the main reasons prices will slow. However, even with this in mind, these experts are sure “some point” will not be soon.
As prices keep growing, the time to buy is now. The costs are rising at a moderate level, and if you bought today and wanted to sell tomorrow, you could make a profit. Additionally, mortgage rates may continue to increase in the future, so better to enter the housing market when they are at a manageable cost. Buying now is an investment, and your home equity will be the bearer of this reward.
If you’re looking to buy or sell a home in the Utica, Illinois, region, let Starved Rock Realty represent your needs. We understand many kinds of taxes and financing: VA, FHA, USDA, Fixed, and Conventional, to name a few, so increased housing prices won’t break the bank. Additionally, we can recommend local banks to work through mortgage rates and housing deals. Our over 25+ years of experience means we’ve seen the housing market fluctuate in the past. Having knowledge and expertise in reading these trends is imperative to a successful housing experience.
Contact Us Today
Want more information on the ins and outs of the housing market? Contact Starved Rock Realty. Our experienced professionals can help you buy and sell any home in an uncertain market. Our guarantee is customer satisfaction and ensuring homebuyers are informed on the latest trends.
We build our partnerships on trust and communication, promising to meet all your expectations. Call (815) 667-9990 or email us at email@example.com for more information. You can also visit our website for our available listings and agents.