There’s a lot going on in the United States economy, and that can directly influence the housing market both locally in Mammoth Lakes and nationwide.
So, what does the current economic climate in the US mean for the housing market in the coming months?
A recent article from realtor.com outlined insights on the housing market from George Ratiu, senior economist and manager of economic research for realtor.com, including:
- Mortgage interest rates will probably keep going up. Ratiu predicts that as the Federal Reserve tightens credit flow, interest rates for mortgages will continue to rise—and a 6 percent rate on 30-year loans is a definite possibility.
- Home prices will continue to rise—just not as quickly. Home prices have been rising at a historic rate. And while that rate of growth will likely slow down in the near future, home prices should continue to rise throughout 2022—due to there being more interested buyers than available inventory in markets across the country.
- Sellers will continue to have an advantage—albeit a smaller one. Sellers have had a huge upper hand for a long time. And while they’ll likely keep that advantage in the months to come, there are a number of factors (including inflation and rising interest rates which are pricing some buyers out of the market, as well as more inventory hitting the market) that could lessen that advantage, making it a more even playing field for buyers and sellers.