UPDATE: Contributing Factors to the Current Real Estate Market

ATTENTION BUYERS AND SELLERS ! 

As we head into the second half of the year, it's time to take a look at the current state of the real estate market. After two years of rapid price appreciation, home prices have started to cool in recent months. There are a few contributing factors to this market update.

• Firstly, there has been an increase in inventory in many markets. This means that there are more homes for sale than there were a few months ago. When there are more homes for sale, buyers have more options, which can lead to a slowdown in price growth.

So what does this mean for sellers? If you are thinking about selling your home, it's important to be realistic about your asking price. It's no longer a seller's market, and you may need to price your home competitively to attract buyers. You should also be prepared to negotiate with buyers and potentially make concessions, like covering closing costs, to close the deal.

• Secondly, mortgage rates have been on the rise. This means that it is becoming more expensive to borrow money to buy a home. Higher mortgage rates can put a damper on home sales and lead to a slowdown in price growth.

For buyers, this market update is good news. With more inventory and slower price growth, there may be more opportunities to find a home that fits your needs and budget. However, it's still important to be prepared. *Get pre-approved for a mortgage before you start your search, have a clear idea of what you're looking for, and be ready to act quickly when you find the right home.*

• Lastly, there has been some uncertainty in the economy as a whole. Trade tensions with China and other countries have created some uncertainty, which can make people hesitant to make major purchases like a home.

Overall, the current state of the real estate market is a mixed bag. While home prices have started to cool, there are still challenges for both buyers and sellers. If you're thinking about buying or selling a home, it's important to work with a trusted real estate professional like myself who can help guide you through the process and make the most of the current market conditions.