REALTORS® Reveal Buying and Selling Tips for a Competitive Real Estate Market Media tour conducted featuring important local insights from the latest quarterly report from the National Association of REALTORS®
New York, NY
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May 05, 2022 12:00 PM Eastern Daylight Time
A video accompanying this announcement is available at: https://youtu.be/CRjkmgrwWmc
Buying or selling a home is among the greatest financial decisions an individual or family will ever make. For both buyers and sellers, there are many factors that must be considered, from interest rates to space for growing families and, of course, location. Given the complex nature of this exciting transaction, many consumers turn to expert advice from real estate agents.
The National Association of REALTORS® reported that 70% of metro areas recorded a double-digit annual increase in the median single-family existing-home sales price. The median sales price of single-family existing homes rose at a faster pace of 15.7% in the first quarter to $368,200 (14.3% in the previous quarter).
NAR forecasts homebuying activity to return to more normal levels and for home sales to be down 9% from last year. For buyers who have been frustrated by competing with multiple offers, a less hurried market is on the way.
Inflation will start to moderate to 5.5% in the second half of the year, lower than the current 8.2%. NAR noted a decrease in year-over-year contract activity, with a drop in pending home sales from the last five months. This implies that multiple offers will soon dissipate and be replaced by much calmer market conditions.
The good news is that home prices should begin to normalize later this year.
As the market continues to shift is it important to consult an expert real estate agent.
Real estate professionals save home buyers time and help take the stress out of the process. They have knowledge of local, county, and state property taxes, can decipher public property information, and advise on price trends and neighborhoods.
An expert real estate agent can also: coordinate with lenders; research mortgage rates and terms; schedule appraisals and inspections; navigate all required state and federal forms; and handle closing documents.
If you’re looking for a REALTOR® in your area, visit REALTOR.com.®
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