Housing market FAQs
Kevin Kalligher, a realtor with RE/MAX Results, went through a few of the “Frequently Asked Questions” he’s getting from clients.
On interest rates, Kalligher says in the beginning of 2022, they were around 3.5%. Now, his clients are finding rates around 7%.
“So they’ve gone up quite a bit,” he said. “Ultimately, that’s going to make homes less affordable for people. But I see this as a bit of a stabilization happening in the market.”
Kalligher expects to see homes continue to appreciate, but he thinks it will be at a slower rate.
“If you go to Freddie Mac’s website online, they’re accounting for an additional 4% appreciation heading into 2023,” he said.
He said because of a lack of inventory, prices should stay stable.
“If you’re prepared to buy a home, it’s a good time to buy,” Kalligher said. “Regardless of if there is inventory that’s limited or if interest rates are high, if you’re not prepared, it’s not a good time to buy, even if there is a lot of homes to look at.”
To get prepared, he suggests setting aside an emergency fund of 3-6 months of expenses and paying off other debt.