Inflation Impact on Real Estate
Inflation is a hot topic right now.
With everything from diesel to groceries getting more expensive, everyone is wondering how this will affect the real estate market.
IMPACT OF INFLATION ON REAL ESTATE:
- With the increase in the price of construction materials, the price of new properties rises, which will make the sale of used properties more competitive, maintaining the trend of rising house prices for longer.
- There continues to be greater demand than houses for sale, which also contributes to keeping prices high.
- And the rise in interest rates remains, although it is expected to be slight and in small progressive doses.
- With all this, the demand for rental assets increases.
In summary? While inflation is likely to favor home sellers this year, there’s reason to be optimistic that the tide will turn in buyers’ favor, making home buying easier in 2023.
For now, even in a competitive market, there are many opportunities if you are ready to find your next home.
Message me if you have questions or want to start your pre-qualification process.