$\"Why$ \n

There have been a lot of shifts in the housing market recently. Mortgage rates rose dramatically last year, impacting many people\u2019s ability to buy a home. And after several years of rapid price appreciation, home prices finally peaked last summer. These changes led to a rise in headlines saying prices would end up crashing.<\/p>\n

Even though we\u2019re no longer seeing the buyer frenzy that drove home values up during the pandemic, prices have been relatively flat at the national level. Lawrence Yun, Chief Economist at the National Association of Realtors<\/em> (NAR), doesn\u2019t expect<\/a> that to change:<\/p>\n

\u201c<\/em>[H]ome prices will be steady in most parts of the country <\/em><\/strong>with a minor change in the national median home price.\u201d<\/em><\/p><\/blockquote>\n
You might think sellers would have to lower prices to attract buyers in today\u2019s market, and that\u2019s part of why some may have been waiting for prices to come crashing down. But there\u2019s another factor at play \u2013 low inventory. And according<\/a> to Yun, that\u2019s limiting just how low prices will go:<\/p>\n
\u201cWe simply don\u2019t have enough inventory. Will some markets see a price decline? Yes. [But] with the supply not being there, the repeat of a 30 percent price decline is highly, highly unlikely.\u201d<\/em><\/p><\/blockquote>\n
As you can see in the graph below, we\u2019ve been at or near record-low inventory levels for a few years now.<\/p>\n
<\/a><\/p>\n
That lack of available homes on the market is putting upward pressure on prices<\/a>. Bankrate<\/em> puts<\/a> it like this:<\/p>\n
\u201cThis ongoing lack of inventory explains why many buyers still have little choice but to bid up prices. And it also indicates that the supply-and-demand equation simply won\u2019t allow a price crash in the near future.\u201d<\/em><\/p><\/blockquote>\n
If more homes don\u2019t come to the market, a lack of supply will keep prices from crashing, and, according<\/a> to industry expert Rick Sharga, inventory isn\u2019t likely to rise significantly this year:<\/p>\n
\u201cI believe that we\u2019re likely to see low inventory continue to vex the housing market throughout 2023.\u201d<\/em><\/p><\/blockquote>\n
Sellers are under no pressure to move since they have plenty of equity right now. That equity acts as a cushion for homeowners, lowering the chances of distressed sales like foreclosures and short sales. And with many homeowners locked into low mortgage rates, that equity cushion isn\u2019t going anywhere soon.<\/p>\n
With so few homes available for sale today, it\u2019s important to work with a trusted real estate agent who understands<\/a> your local area and can navigate the current market volatility.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
There have been a lot of shifts in the housing market recently. Mortgage rates rose dramatically last year, impacting many people\u2019s ability to buy a home. And after several years of rapid price appreciation, home prices finally peaked last summer. These changes led to a rise in headlines saying prices would end up crashing. Even […]<\/p>\n","protected":false},"author":1,"featured_media":3811,"comment_status":"registered_only","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12],"tags":[29,27,20,18,28],"class_list":["post-3810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-insight","tag-idaho-real-estate","tag-north-idaho-homes","tag-rain-silverhawk","tag-real-estate","tag-sandpoint-idaho"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t