Inflation, according to Business Insider, is an increase in the costs of goods and services, means that your money has effectively gone down in value.
https://www.businessinsider.com/personal-finance/what-is-inflation
As a licensed agent, I have many conversations regarding markets, rates and when is the best time to buy/sell. My go to answer is always when you are ready. Here is why- everyone’s life and finances are different and waiting for a “good time” means you could be waiting for many years and still be paying for rent.
Homes are still selling at historically higher value than last year's rate according to the latest report from MLS Release/MAS Report done by our Houston Association of REALTORS® (HAR) even with a higher interest rate.
An increase of 11.6% Average Home Sales:
- Quarter-2 2021 $371,689
- Quarter-2 2022$417,776
An increase of 14.7% Median Home Sales:
- Quarter-2 2021$300,000
- Quarter-2 2022$343,950
Rental rates have increased varies county by county but in general they range from 8%-10.8% from Q1 of 2022 according to the affordability report done by HAR. That’s right, just in 1 quarter!
Here is my advice as an agent: if you are needing to sell/buy, call your local real estate expert and have an honest chat about your reasons for selling/buying. We know what is happening in our areas of how best to process your individual needs. Waiting to see what the markets will do without having a clear picture of your goals and needs is a sure way to drive yourself into a panic spiral. Don’t panic, get informed and make a plan.
Disclaimer: I am licensed real estate agent and member of The National Association of REALTORS®, The Texas Association of REALTORS®, The Houston Association of REALTORS®, & The Women’s Council of REALTORS® and for financial advice you should discuss with a licensed financial advisor.
https://www.nerdwallet.com/article/investing/how-to-choose-a-financial-advisor