Brought to you by Lake Oswego Realtor, Justin Harnish, Harnish Properties – REAL ESTATE INSIDER
1. Mortgage rates will remain high, but increases should moderate.
Largely due to rate hikes from the Federal Reserve, mortgage rates have risen significantly since the start of 2022. With further rate hikes slated for the year, consumers can expect borrowing mortgages remain expensive. But rates are unlikely to rise at the same pace as they did from January to May.
2. Housing stock will increase, but only slightly.
Currently, the number of available homes is only a two month supply. And it takes a four to six month supply of housing to create an equalized housing market. Real estate listings tend to increase significantly in the spring. But so far, there is no indication that inventory levels are rising.
3. House prices will remain high
Given that the housing stock is not expected to increase in the latter part of the year, house prices should remain high.
The bottom line? Buyers in most price categories might have a tough road ahead. When buying, you need a trustworthy advisor who can help you navigate the tough market. Contact us at Harnish Properties for top notch service that will lead you to your dream home.
201 B Avenue, Suite 101
Downtown Lake Oswego