Is the Real Estate Market Slowing Down?
Short answer: We don’t expect prices to decline rapidly this year, but the number of houses for sale will increase.
After nearly two years of soaring prices and low inventory, the red hot market is starting to cool off ever so slightly. The supply of homes for sale is starting to increase, which means that the frenetic pace of the market should slow down a bit.
Lake Placid will always be a great investment. We are beginning to see inventory trickle in. Homebuyers and renters who have struggled to find places to live will have more choices and fewer bidding wars.
New home and condominium construction has also supported the housing supply, says Lawrence Yun, chief economist for the National Association of Realtors.
With rising mortgage rates becoming a factor for the first time in a while, we are seeing the dynamics of the housing market shift.
The bottom line: Whether you are considering buying or selling, it is important to consult a local real estate agent professional who can give you the best insights.
Our team at The Reynolds Group of Lake Placid is ready to answer your every question and guide you through the current market trends. Give us a call today: 518-418-7747