Bonnie's Takeaways

Summer market is here and kids are back to school.  Prices are up at an average of $371,171 while inventory and sales are down. As I have been saying for months now, higher interest rates are going to keep potential home seller off the market which will keep inventory low and prices continuing to stabilize and slowly rise.  Homes take longer to sell and we are seeing price reductions as buyer's are not buying overpriced homes.  However, it is still a seller's market and we are still not back to a balanced market.  Recession fears from the experts are low and recent probability of a recession sits around 20%.  Be wary of fear mongering and sensational headlines of doom and disaster.  It is just not in the foreseeable future.    If you are waiting for a major drop in home prices or interest rates to buy or sell, you will probably be waiting a long time.  Don't make your family suffer waiting on the perfect time.  If you need to make a move for your family as your needs for housing have changed, go ahead and make the move.  You can always refinance when interest rates drop.