MECHANICSBURG, Pa. (WHTM) -- The real estate market still belongs to the sellers.
Recent reports show home prices continue to rise, but pending home sales fell last month, largely because of low inventory.
Mechansicsburg-based financial analyst Rob Morgan says if you've been waiting for the market to cool off before you buy your next home, you may not have to wait much longer.
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"The feds pretty much announced it's gonna raise rates a number of times. A lot of people think it's gonna be four times this year, four times next year, and that's definitely gonna take some steam out of the housing market," Morgan said. "We're going to start to see more inventory, we're going to start to see less competition, and fewer buyers," he added.
Morgan points out that with those interest rate hikes, potential buyers who plan to take out a mortgage may not want to wait too long, because mortgage rates are likely to climb as well.
However, cash buys can afford to be more patient.
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