SYRACUSE, N.Y (WSYR-TV) — Between rising inflation and skyrocketing mortgage rates, 2022 was a rough year for the housing market, but one local real estate expert says there’s some hope on the horizon.
“If you wanna buy right now is a good time to buy, interest rates are a little lower and the inventory is low so prices are going to continue to go up this Spring,” said Chip Hodgkins from HUNT Real Estate.
If you’re in the market for a new house you may not notice much of a change in the price tag, but you will in your interest rates, which will pay off in the long run.
“What you really want to do is buy the house now because as interest rates go down you can refinance your interest rate as it goes down but housing prices are going to continue to go up because of the lack of supply,”
Chip Hodgkins, Real Estate Broker HUNT Real Estate
Why is inventory so low you may ask? Hodgkins says it’s because not enough new construction is being built and potential sellers are worried they won’t be able to find anything.
He predicts that will change in the Spring and says in the meantime you should be taking advantage of the Winter months by fixing up the interior of your home.
“You can paint, you can clean, you can declutter, you can do everything those buyers are really looking for…they don’t want anything that looks, acts or smells like their parent’s house so what we’ve gotta do is find those things that will make your house sell for the most amount of money,” Hodgkins said.
So come March time-frame it should be a win-win for buyers and sellers.
