What I think may be a more impacting issue on the housing market is the rapidly rising cost of gasoline. Industry experts are expecting gas to hit $4.25 a gallon by April, which is two months earlier than the traditional start of the summer driving season. Will we see $5.00 a gallon gasoline by mid summer? If gas prices remain high, expect to see reduced consumer spending coupled with homeowners attempting to move closer to their place of work.
And expect to see the housing market cool by the end of the 2nd quarter as uncertainty as to who will be elected in November will cause many buyers to pause their housing search. So sell it while you can.