BIG CHANGES in the Housing Market | May 2022 San Clemente Housing Market Update
There are some big changes happening in the housing market.
Here’s what I’m seeing this month…
It’s no secret interest rates are up - averaging around 5%, up from the low threes just a few months ago. This substantial increase is what is causing the shift in the housing market.
Buyers are no longer able to push over a certain price and they have to be more realistic with their budget. The crazy, multiple, over price offers are starting to slow down causing the market to begin to normalize.
If you’re a buyer in the market right now, it’s important to note interest rates are likely to continue to go up and housing prices are anticipated to increase 5-10% over the next year. Sitting out of the market for the next 6-12 months could cost you even more money.
If you are a seller, pricing strategy is critical during this shifting market. Your home is still worth more than it ever has been, but you do not want to overprice and have it sit on the market.
If you have any questions on what these changes mean for you and your goals for housing, please shoot me a text, (949) 212-1433, or schedule a call with me through this link, https://calendly.com/ryanschramm.