What Can You Expect The Second Half of 2022 In The Housing Market In Connecticut
Since the beginning of the year, the US economy has been cooling off. After several years of strong growth, rising inflation and energy costs are affecting US households in the buying or selling or real estate, there is confusion and fear about how the economic slowdown will affect their options.
Geroge Ratiu is a senior econmist for research with Realtor.com and in a recent article, he outlined his predictions for the second half of 2022 US Housing Market.
Mortgage Interest Rates - As the Federal Reserve continues to tighten credit flow to slow the economy and flight inflation, expect to see rising mortgage interest rates as well. Ratiu predicts interest rates as high as 6% by the end of the year.
Home Prices - Home prices will continue to rise, but not as quick;y as we've seen. There are still buyers in the market who will want to jump
Sellers Advantage- Sellers have enjoyed a strong seller's market for the past year and Ratiu expects this to continue for well-positioned homes. Homes priced reasonably and in good condition will continue to garner multiple offers through the rest of 2022.
While inflation and rising interest rates affecting the US economy, home buyers and seller should stlll expect the second half of 2022 to be a good market to make a move. The slower pace should also allow them to carefully consider offers, and make good decisions for their future.