If you’re thinking of buying a home in today’s housing market, you may be wondering how strong your investment will be. You might be asking yourself: if I buy a home now, will it lose value? Or will it continue to appreciate going forward?
Below is a brief review of what to expect for home prices, mortgage rates and overall home sales:
With buyers still outweighing sellers, home prices are forecast to continue climbing in 2022, just at a slower or more moderate pace. This is also true of vacation homes in Maine.
Mortgage rates are expected to increase up to three times in the next twelve months, resulting in limiting consumer’s buying power, especially for first-time buyers – which may in turn adversely affect selling prices to a degree.
And while the number of homes for sale today is expected to improve with more sellers getting ready to list their homes this winter, we’re certainly not out of the inventory woods yet. Thus, the projections show continued appreciation, but at a more moderate rate than what we’ve seen over the past year.
To keep up to date with changes in the market, you can create your own Maine Real Estate Update report on our website.
Until Next Time … Imagine More!
Moving to Maine?
About the Author: Michael
