The overall economy has been a rocky road for the past 2 years, but the housing market has been more boom than bust since mid-2019. According to Realtor Magazine, three economic factors could bring major changes in the housing market over the next few months:
- Rising Interest Rates – Economists expect the Federal Reserve to raise interest rates at least three times this year. Mortgage loan rates will likely continue to rise as rates go up.
- Decreasing Financial Security – Programs to help out-of-work Americans have expired. This may lead to increased housing supply as homeowners consider downsizing, selling or opt for a short sale.
- Lagging Consumer Confidence – People make long-term purchasing decisions when they are optimistic about the future. As the pandemic era evolved, consumer confidence fell. This could continue well into the coming year.
For more information, contact Penny at (206) 618-5123 or email me at Penny@TheOriginalPenny.com.
Serving: Bainbridge Island, Poulsbo, Silverdale, Kingston, Bremerton, Port Orchard, Port Ludlow and Ocean Shores.