Realtor.com reports that “There is no national housing market” What does this mean for you? Let’s dive in.
The old adage, “location, location, location,” has never been more accurate. While the national housing market was thriving during the pandemic, things have changed since then. Rising interest rates and inflation have led to localized housing markets that vary from city to city.
The good news is that a great home is still a great home, no matter where it’s located. Move-in ready homes are still in high demand, and buyers are willing to pay a premium for them. However, the shortage of these properties means that competition is fierce.
According to Selma Hepp, chief economist of the real estate data firm CoreLogic, real estate markets in the Northeast, Midwest, and Southeast are holding up the best.
It’s essential to be aware of national trends, but they may not match the homes you’re looking for in the neighborhoods you’re searching in. That’s why we encourage you to stay informed by reading our monthly blogs that discuss market statistics for the Great Smoky Mountains. Our blogs are a great resource for both buyers and sellers in the area!
In conclusion, while the national housing market may have been thriving during the pandemic, things have changed. The housing market is becoming increasingly localized, so it’s important to research your specific area of interest thoroughly. Stay informed by checking out our monthly blogs, and happy house hunting!