Despite a rough housing market in 2022, marked by rising inflation and soaring mortgage rates, a local real estate expert has offered some hope for the future. Chip Hodgkins, of HUNT Real Estate, tells WSYR-TV that now is a good time for potential buyers to enter the market.
According to Hodgkins, interest rates are currently lower and inventory is low, which will lead to an increase in prices in the spring. While the price tag may not change significantly, buyers will see a difference in interest rates, which will ultimately pay off in the long run.
The low inventory can be attributed to a lack of new construction and potential sellers being hesitant to list their homes due to concerns about finding a new property. However, Hodgkins predicts that this will change in the spring.
In the meantime, Hodgkins advises homeowners to take advantage of the winter months by making small improvements to their homes, such as painting, cleaning, and decluttering. As buyers are looking for properties that are move-in ready, these small changes can make a big difference in the sale price.
Overall, Hodgkins predicts that the housing market will be a win-win for both buyers and sellers by March. With interest rates remaining low and inventory expected to increase, it may be a good time to enter the market or list your home for sale.
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