One realtor says the housing market is returning to normalcy

DELMARVA – With a combination of high inflation rates and rising interest rates, it may be harder to buy a home.

According to statistics, only 30 percent of Americans think right now is the right time to buy a house, in a Gallup’s Annual Economy and Personal Finance poll. However, officials say it’s not as bad as we think compared to the housing crash in 2008. 47 ABC spoke with a local realtor and he says that there are fewer buyers, and more sellers, ultimately creating more normalcy in the housing market. He does not expect another housing market crash. Local realtor Marco Smith breaks it down:

“Inflation is definitely a thing. Home prices are going up, there are expected to go up a little less rapidly coming up here, but interest rates are also going up cause when a bank wants to lend you money for thirty years, they have to make sure they get that investment out it,” says Long and Foster Realtor, Marco Smith.

Realtor Smith also says that prices are going to go up, it really depends on the situation. He says that it is harder to see past the end of the year, however right now is a good time to sell your home or even buy a new one. Smith recommends that you talk to a lender and a realtor to see what will get you moved into your new home.

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