Here’s what you need to know about the latest housing market trends.

Whether you're considering buying or selling a home, staying informed about the current real estate market is crucial before taking the next step. Fortunately, there's a positive trend we've observed in the marketplace—buyers are adapting to the higher mortgage rates that emerged last year.

Over the past nine months, interest rates have remained relatively stable, hovering between 6% and 7%. Lawrence Yoon, the chief economist for the National Association of Realtors, emphasizes the significance of mortgage rates in driving buyer demand, ultimately affecting home sales.

Consistent mortgage rates have contributed to several consecutive months of steady home sales, which indicates that buyers are actively searching for properties and engaging in the market. When mortgage rates experienced a sharp increase from 3% to over 7% last year, some buyers hesitated to enter the market. However, in the past year and a half, these buyers have become more accustomed to the current real estate landscape and are acknowledging the likelihood of stable mortgage rates for the foreseeable future.

“Buyers' perceptions of the real estate market are evolving.”

In a recent survey conducted by Freddie Mac, 18% of respondents stated that they plan to purchase a home in the next six months. This figure means nearly one out of every five individuals is actively looking to make a move, which bodes well for sellers. The increased buyer activity in the marketplace presents exciting opportunities for those selling their properties.

Overall, buyers' perceptions of the real estate market are evolving. They are adjusting to the presence of higher mortgage rates, leading to more consistent buyer demand and home sales. Whether you're a buyer or seller, contemplating a property transaction, don't hesitate to call or email us. We'd be delighted to have a conversation with you about how these market dynamics can impact you and your family as you plan your next move.