April 2022   Blog Home   Contact

John McClintock Team

Rising Inflation Means Homebuyers
Will Be Looking for Homes
that are $40,000 Cheaper

Inflation accelerated to 8.5% in March, the strongest pace in 40 years. With inflation running this high, the average consumer is spending $500 more compared to one year ago, or $6,132 annually. The higher spending on other consumer items means that the consumer will have less income to spend on a mortgage payment and will be looking for a home that is about $40,000 cheaper.

With rising inflation, higher mortgage rates, and tight supply, housing demand is expected to decrease in 2022, to 10% according to the National Association of Realtors' Chief Economist, Lawrence Yun. However, prices are expected to still increase about 5% because of tight supply conditions.

Are you considering selling and/or purchasing a home in Bucks, Montgomery, Delaware, Mercer, Burlington or Philadelphia? More than ever, you need expert, professional representation. Before you consider making a move, call The John McClintock Team at 267‑759‑9518 for no obligation recommendations on dealing with bids, realistic prices and precise timing to suit your needs.

john mcclintock team

Information is deemed reliable but not guaranteed.