Housing Market Outlook: Should Buyers Wait it Out?
Should homebuyers consider waiting out the hectic housing market? The answer depends on who you ask. Almost two-thirds of June listings resulted in bidding wars, and buyers continue to sweeten their offers by offering vacations and even crypto, but inventory remains low. It’s normal for buyers to wonder if the market is worth their time, and Scott Durkin, president of Douglas Elliman, says agents predict 18 more months of this. Realtor.com’s chief economist says it can be worth it to wait and stand back, but mortgage rates are expected to go up. Market predictions also vary greatly depending on the region, Realtor.com notes.www.probuilder.com