News → Buyer Relief

Home Buyers Finally Catch a Break

Hope for Home Buyers

02 June 2022
It looks like the combination of rising mortgage rates and sky-high prices is finally dampening demand in the red-hot housing market. Does that mean home buyers will soon catch a break?
In April, single-family home sales along the coast dropped 8.5 percent from the previous year. Year-to-date, nationwide home sales were down 7.4 percent. So far that hasn’t stopped the climb in housing prices. April’s nationwide median home price was just shy of $885,000, up 4.2 percent from March and up 8.7 percent from April 2021.
The good news? Prices across the country may soon level off, and might even decline. With a record number of brand new single-family units under construction in April, a burgeoning supply should give buyers a much-needed break on price. It’s probably smart to lock in a rate before mortgages rise even higher.

Portia Green, REALTOR®

Portia’s clients all have a similar story. Most likely, you met her huddled around a tablet at the dinner table yet she feels like a friend. Her personable nature and easy going approach attract Sellers and Buyers alike, in what can be a stressful and emotionally charged event. A talented REALTOR® with 15 years experience, Portia is just as excited about real estate today as she was with her first transaction. She remains ever-committed to helping her clients find their place in the world and helping busy people navigate this crazy real estate market like a pro.

Related News

Home Prices Are Finally Dropping

More than 25% of homes for sale on the market have seen their prices slashed. Is this the new normal – a more balanced and affordable housing market?

The Real Estate Market Has Peaked

It likely comes as no surprise that we’ve been in the middle of historically high home values. Has the market peaked, or will the craze continue?

The Pros & Cons of FHA 203k Loans

Weigh the advantages and risks of using an FHA 203k mortgage instead of a traditional FHA loan, including a few tricky details about using a 203k.