Category Archives: Housing Market Updates

Auto Added by WPeMatico

What’s Ahead for Home Prices in 2023

First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Real Estate, Rent vs. Buy, , , , ,

What’s Ahead for Home Prices in 2023 Simplifying The Market

Over the past year, home prices have been a widely debated topic. Some have said we’ll see a massive drop in prices and that this could be a repeat of 2008 – which hasn’t happened. Others have forecasted a real estate market that could see slight appreciation or depreciation depending on the area of the country. And as we get closer to the spring real estate market, experts are continuing to forecast what they believe will happen with home prices this year and beyond.

Selma Hepp, Chief Economist at CoreLogic, says:

“While 2023 kicked off on a more optimistic note for the U.S. housing market, recent mortgage rate volatility highlights how much uncertainty remains. Nevertheless, the continued shortage of for-sale homes is likely to keep price declines modest, which are projected to top out at 3% peak to trough.”

Additionally, every quarter, Pulsenomics surveys a panel of over 100 economists, investment strategists, and housing market analysts regarding their five-year expectations for future home prices in the United States. Here’s what they said most recently:

So, given this information and what experts are saying about home prices, the question you might be asking is: should I buy a home this spring? Here are three reasons you should consider making a move:

  1. Buying a home helps you escape the cycle of rising rents. Over the past several decades, the median price of rent has risen consistently. The bottom line is, rent is going up.
  2. Homeownership is a hedge against inflation. A key advantage of homeownership is that it’s one of the best hedges against inflation. When you buy a home with a fixed-rate mortgage, you secure your housing payment, so it won’t go up like it would if you rent.
  3. Homeownership is a powerful wealth-building tool. The average net worth of a homeowner is $255,000 compared to $6,300 for a renter.

Experts are projecting slight price depreciation in the housing market this year, followed by steady appreciation. Given that, you may be wondering if you should move ahead with buying a home this spring. The decision to purchase a home is best made when you do it knowing all the facts and have an expert on your side.

2 Things Sellers Need To Know This Spring

For Sellers, Housing Market Updates, Real Estate, Selling Myths, , , , ,

2 Things Sellers Need To Know This Spring Simplifying The Market

A lot has changed over the past year, and you might be wondering what’s in store for the spring housing market. If you’re planning to sell your house this season, here’s what real estate experts are saying you should keep in mind.

1. Houses That Are Priced Right Are Still Selling

Houses that are updated and priced at their current market value are still selling. Jeff Tucker, Senior Economist at Zillow, says:

“. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.”

The need to price your house right is so important today because the market has changed so much over the past year. Danielle Hale, Chief Economist at realtor.com, explains:

“With a smaller pool of buyers today and more competition from other homes on the market, homesellers will likely need to adjust their price expectations in the market this spring.”

While this spring housing market is different than last year’s, sellers with proper expectations who lean on a real estate expert for the best advice on pricing their house well are still finding success. And that’s great news if you’re thinking about selling.

2. Buyers Are Still Out There

As mortgage rates have risen and remain volatile, some buyers have pressed pause on their plans. But there are still plenty of reasons people are buying homes today. Lisa Sturtevant, Chief Economist at Bright MLS, spells out the mindset of today’s buyers:

“For some buyers, higher mortgage rates simply means buying a home is out of the question unless home prices fall. For others, higher mortgage rates will be a hurdle but ultimately will not keep them from getting back into the market after sitting on the sidelines for months.”

That’s why, if you’re interested in selling your house this spring, it’s helpful to work with a real estate agent who can help connect you with those buyers who are ready to purchase a home.

Equity Gains for Today’s Homeowners

For Sellers, Housing Market Updates, Move-Up Buyers, Pricing, Real Estate, , , , ,

Equity Gains for Today’s Homeowners Simplifying The Market

Today’s homeowners are sitting on significant equity, even as home price appreciation has eased recently. If you’re a homeowner, your net worth got a boost over the past few years thanks to rising home prices. Here’s what it means for you, even as the market moderates. Continue reading Equity Gains for Today’s Homeowners →

What You Should Know About Rising Mortgage Rates

First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Move-Up Buyers, Real Estate, , , , ,

What You Should Know About Rising Mortgage Rates Simplifying The Market

After steadily falling over the winter, mortgage rates have started to rise in recent weeks. This is concerning to some potential homebuyers as the combination of higher mortgage rates and higher prices have made homes less affordable. So, if you’re planning to purchase a home this year, you too may be wondering if now’s the right time to buy or if you should hold off on your search until rates come back down. Continue reading What You Should Know About Rising Mortgage Rates →

One Major Benefit of Investing in a Home

First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Real Estate, , , , ,

One Major Benefit of Investing in a Home Simplifying The Market

One of the many reasons to buy a home is that it’s a major way to build wealth and gain financial stability. According to Freddie Mac: Continue reading One Major Benefit of Investing in a Home →

How To Make Your Dream of Homeownership a Reality

Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Real Estate, , , , ,

How To Make Your Dream of Homeownership a Reality Simplifying The Market

According to a recent Harris Poll survey, 8 in 10 Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and nonfinancial benefits, so that interest is understandable. Continue reading How To Make Your Dream of Homeownership a Reality →

The Two Big Issues the Housing Market’s Facing Right Now

For Buyers, For Sellers, Housing Market Updates, Interest Rates, Real Estate, , , , ,

The Two Big Issues the Housing Market’s Facing Right Now Simplifying The Market

The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply: Continue reading The Two Big Issues the Housing Market’s Facing Right Now →

Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance

For Sellers, Housing Market Updates, Real Estate, Selling Myths, , , , ,

Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance Simplifying The Market

To sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but inventory is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, homes that are updated and priced at market value are still selling fast. Continue reading Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance →

Wondering What’s Going on with Home Prices?

For Buyers, For Sellers, Housing Market Updates, Pricing, Real Estate, , , , ,

Wondering What’s Going on with Home Prices? Simplifying The Market

The recent changes in home prices are top of mind for many as the housing market begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices.

Continue reading Wondering What’s Going on with Home Prices? →