With the summer approaching, prospective homebuyers are questioning: “Is Summer 2022 the time to find our dream home?” After turning to our experts, here’s the insight our team shared to help you navigate this summer’s market!
Market Snapshot – Summer of 2022
It wouldn’t be outrageous to predict this summer would trend upward for listings. Traditionally, people love to list their homes during the summer. With the market of 2022 so far, we can predict most sellers will take advantage of the higher listing prices. This isn’t a reason to keep you from searching for your dream home this summer. With rates currently increasing, we may see more of a “healthy” market with slightly longer listing times. This summer there’s potential for buyers to land their dream home!
Cost of Homes This Summer
The question is inevitable…. “What prices will we see this summer?”
Our experts suggest we may see listing prices start to drop from where they are currently. Otherwise, we may see overpriced homes start to sit on the market for a few days now and become more negotiable for our buyers. If rates continue to increase, we may start to see the listing prices drop due to lowering inventory demand as well. As of today, our experts noted houses appraisals are trending lower than the astronomical amounts they went under contract for, and we may keep seeing that throughout the summer.
The State Summer Offers
Right now, there are probably 10-15 prospective buyers for one listing, and out of those 6-8 turned into offers per home. Our experts suggest we may see a decrease overall this summer, speculating we may see more like 5-6 buyers for one house that may result in 3-4 offers per home. This is great for prospective buyers as competition decreases per house. We will hopefully see more offers that don’t have to be over the list price to get accepted.
Mortgage Rates for the Summer
Over the past year, we’ve seen an increase in mortgage rates, and our experts speculate they may continue to go up throughout the year. This may be shocking to buyers just starting the home buying process, but there’s no need to panic! While new buyers have started this year with quotes in the high 3’s to low 4’s, these rates are still pretty normal. As previous owners have historically experienced a healthy rate of around 7-8%.
Get Started This Summer
Overall our experts suggest there’s a lot of potential for a great summer for York County and the Pennsylvania market! New communities are popping up such as The Views at Bridgewater, built by Keystone Custom Homes. This community offers a lot to prospective home buyers including location, the incredible Dallastown school district, and nearby hot spots to enjoy.
Contact one of our agents to help you take advantage of this summer’s market!