Market updates November 3, 2022

Market Update

You may have seen articles or seen news stories about the market and what to expect going into 2023:

“Real Estate Market tipping back towards buyers by fall 2023”

“Don’t expect home prices to crash.  The housing market is more Resilient than it looks.”

” With mortgage rates escalating higher, home sales — and, in some areas, home prices — hitting the brakes, and increased uncertainty felt throughout the market, many homeowners, prospective sellers and prospective buyers are nervous about next year.”

And in the Charleston area you may have seen this headline: “The typical value of homes in Charleston-North Charleston Metro is $409,960, up 28.2% over the past year. The Charleston housing market forecast ending with May 2033 is positive. Zillow predicts that Charleston-North Charleston Metro home values may grow by 13.1% by May 2023.”

Confused? Talk to this real estate agent!

Interest rates are going up and Inflation is the main reason why.  It is interesting to look at where interest rates have been to see where it may go:

The average rate by the end of 70’s was 7.54%

The average rate by the end of 80’s was 9.78%

The average rate by the end of the 90’s was 8.06%

The average rate by the end of the 2000’s was 5.14%

The average rate by the end of the 2010’s was 3.72%

The average rate by the end of October 2022 was 7.14%

These rates are based on a 30-year conventional loan.

As you can see the current interest rates are in line with past trends.  The highest interest rate was October 1981 when rates hit their historical peak at 18.45%.  The lowest was in December 2020 when we saw mortgage rates hit 2.68%.

Maybe a fortune teller can tell you what the future hold?  

Homes are still selling as the market shifts back to a balanced or even to a buyers market.

I keep up on the current market trends and our lending partners at Guaranteed Rate Affinity can help you find the best financing for you next home purchase.

If you are thinking about buying, selling or renting in Nexton or the Charleston area I’d love to show you what I and Coldwell Banker Realty can offer to make the process easier!  We also have programs for Cash offers to buy and sell with RealSure! https://www.realsure.com/

I always keep up to date with everything going on in Cane Bay Plantation and Nexton too.