New Year Same Low Inventory keeps pushing prices, but will the price increase pace continue? It is typical that inventory is lower this time of year seasonally so we will see if we begin to see more options for buyers as spring approaches. Unfortunately interest rates are beginning to raise as the Fed has indicated it is beginning a series of increases in response to inflation and strong employment market. The Mortgage Bankers Association forecasts average rates will be slightly above 4 percent by the end of the year – still low in historic terms, but higher than was borrowers have been seeing. The chief economist at Realtor dot com said she believe that prices will continue to grow, just at a slower pace due to the decreasing affordability. So if you are on the fence about buying earlier in the year may be better than waiting – reach out and one of our agents and they would be happy to guide you in this unprecedented market.
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