Outstanding Homes In the Savannah area

The real estate market has emerged as a boom for sellers and a source of worry for buyers following the epidemic. Home prices have been increasing in the mid-single digits for many years. In the last couple of years double-digit price rises reflected the convergence of exceptional demand and chronically low supply. Prices increased as a result of enough money on the sidelines and very low mortgage rates. Then,  Interest rates rose in an attempt to fight inflation and. as inventory stays low,  we reached a state of still low inventory and decreased demand. Hopefully, as prices stabilize and interest rates slowly go down, we will see a more balanced market in the future.  I remain optimistic and encourage you to follow market trends, and exceptions, closely. Sometimes the opportunity appears when one less expects it. 

According to Freddi Mac's latest forecast, house value growth in 2022 will be less than half of what we've witnessed so far this year. The increase in house price growth will be less transitory than the increase in consumer prices, as the U.S. housing market will continue to struggle with a shortage of available housing for many months to come.  Growth is expected to slow to 7 percent in 2022.

The consensus seems to be that  the average rate on a 30-year fixed loan could continue to experience a gradual decrease in 2024. Even with the decrease, rates won't be anywhere as low as they  were a couple of  years ago, but they could be somewhere in  the  mid- 6-low 7% range.  

Being aware of market trends is important, but each person should make a decision based on their own goals and circumstances.