Quarter 2, 2023

As we enter the second quarter of 2023, the real estate market continues to experience notable changes. In this market update, we will take a closer look at the trends in rates and house prices.Rates:One of the most notable changes to the real estate market at the moment is the increase in interest rates. After years of record-low rates, we are now seeing a steady increase in rates which is expected to continue throughout the year.This is largely due to the Federal Reserve's decision to taper its bond-buying program, which has kept rates artificially low for several years. As a result, mortgage rates are expected to continue to rise over the next few months, making it more expensive for buyers to obtain financing.House Prices:Another major trend in the real estate market right now is the continued increase in house prices. According to recent data, median house prices are up nearly 10% from the same time last year.This increase in house prices can be attributed to a few factors, including low inventory levels and high demand. With more buyers entering the market, there simply aren't enough homes available to meet the demand. As a result, sellers are able to command higher prices for their properties.In addition, the pandemic has led many people to reconsider their living arrangements, with many opting for larger homes or homes in more suburban areas. This shift in demand has also contributed to the increase in house prices.Overall, while the real estate market is experiencing some challenges in terms of rising interest rates, it remains a strong market for sellers. With high demand and low inventory levels, sellers are in a great position to command top dollar for their properties. However, buyers may need to be prepared to pay higher prices and secure financing at higher interest rates.

View more