The US economy is in a turbulent state, with inflation hitting 8.5% in March 2022 – the highest increase in 40 years. This increase is driven by supply chain problems and monetary policies. With high inflation, mortgage rates have also started rising, indicating that the economy may be overheating. On top of that, energy prices have surged by more than 34%, causing almost everyone to tighten their belts on utilities usage. But what does this mean for home buyers and sellers?
Buying and owning a home is one of the biggest investments you’ll make in your lifetime. With the median home price hitting $428,700 in Q1 2022, it's more important than ever to have your prospective home inspected before you commit to such an expensive purchase. An inspection can ensure the home is in good condition and devoid of defects or threats.
Buying your first house is often considered one of the biggest milestones in life. In fact, 70% of Americans consider buying a home an important part of adulthood. Between saving up the funds, getting approved for a mortgage, making offers on homes, and finally getting to closing: the homebuying journey is long and stressful.
In today’s real estate market, buyers are finding themselves out of luck. The historical seller’s market during the covid-19 pandemic has resulted in high home prices and low inventory levels.