Answering whether or not foreclosures are currently on the rise.
Today, I want to talk a little bit about foreclosures. Are they on the rise?
As we know, interest rates are rising—still hovering around 6%. Even with the slight increase, they haven’t affected mortgage rates yet, which are still at a historical low. As for our inventory rate, we’re still at about 2.8 months of supply—meaning homes that are actively for sale right now.
As far as foreclosures per week, there’s maybe a handful—two to five a week, if that. So there’s not a huge increase or influx in foreclosures. We probably won’t see that for a while if it does ever occur.
“There’s not a huge increase or influx in foreclosures.”
Now is a good time to sell. It’s the best time to sell as we’re currently in this price correction period. Since the interest rates have climbed so quickly, we’ve seen many price reductions in the last month and a half. If you want to sell, I strongly suggest trying to sell before the end of the year. If you’d like to wait to sell, the prices are still going to come down quite a bit.
Looking further into 2023 and beyond, the values of homes will start to rise back up. But it’ll probably be about three to five years before the prices of homes are back to where they were in February 2022.
If you need any more information about your home, give us a call at (904)-219-7539 or send us an email. If you have any questions regarding what I answered in this video, please reach out. I’d love to help!
