House buyers are are turning their jog into a run to get the home of their dreams, as competition in our low inventory market is being stiffened by rising mortgage rates. As an article in the Business Insider explains with easy-to-read graphs, the downward rates that we've experienced the last few years gave us an "historic home buying opportunity" that we can still benefit from today.
The article includes a graph that shows the steady increase in home prices. That rise, coupled with that of interest rates, is usually a red flag that housing affordability is going down. But not so, according to U.S. Chief Economist Joe LaVorgna. "Home prices are still about 27% below their last peak," he says, "and personal income is sharply up." So if mortgage rates continue to rise, as forecasters predict, home affordability will still be higher than it was before the industry started improving.
As the housing industry makes these adjustments, it is recognized as a leader in our economic improvement, and definitely worthy of your investment. I highly recommend taking advantage of our current market conditions if you have been considering a move and as always, welcome helping you assess the current market value of your home and getting the top dollar for it.