Housing Market Update: Interest Rates, New Homes, and More

Here’s what you need to know about interest rates in our market.

What’s going on in our housing market? In case you didn’t know, there was a lot of optimism heading into this year that the Federal Reserve would finally drop interest rates. However, things aren't unfolding quite as expected at the start of the year. We were anticipating early rate drops, but the Fed is holding off due to inflation data.

This has led to a bit of stagnation in the market, so where's the opportunity? Well, projections for the year are still uncertain, but many economists, including myself, see potential in new construction. I'm representing a community called Sycamore Crossing in Oxford, where there are great buying opportunities.

"New construction has plenty of opportunities."

With new construction, you can lock in now and potentially benefit from future rate drops. Keep in mind, if you're considering buying a resale home, competition is fierce due to low inventory levels. Houses are selling quickly with multiple offers, often above asking price.

Selling, on the other hand, remains favorable for sellers. As for the Fed, their next meeting is in March, but it's unlikely they'll lower rates. No matter what happens, we’ll be sure to keep you updated. In the meantime, call or email us with any questions. We look forward to hearing from you!