Friday, May 13, 2022 / by Kevin Schumacher
Will Home Prices Fall This Year? Here’s What Experts Say
Many people are wondering: will home prices fall this year? Whether you’re a potential homebuyer, seller, or both, the answer to this question matters for you. Let’s break down what’s happening with home prices, where experts say they’re headed, and how this impacts your homeownership goals.
What’s Happening with Home Prices?
Home prices have seen 121 consecutive months of year-over-year increases. CoreLogic says: “Price appreciation averaged 15% for the full year of 2021, up from the 2020 full year average of 6%.”
So why are prices climbing so much? It’s because there are more buyers than there are homes for sale. This imbalance is expected to maintain that upward pressure on home prices because homes for sale are a hot commodity in today’s low-inventory housing market.
Where Do Experts Say Prices Will. ...
Tuesday, April 12, 2022 / by Kevin Schumacher
If you’re thinking of selling your house this year, timing is crucial. After all, you’ll want to balance getting the most out of the sale of your current home and making the best investment when you buy your next one.
If that’s the case, you should know – you may be able to get the best of both worlds today. Here are four reasons why this spring may be your golden window of opportunity.
1. The Number of Homes on the Market Is Still Low
Today’s limited supply of houses for sale is putting sellers in the driver’s seat. There are far more buyers in the market today than there are homes available. That means purchasers are eagerly waiting for your house.
Listing your house now makes it the center of attention. And if you work with a real estate professional to price your home correctly, you can expect it to sell quickly and likely get multiple strong offers this season.
2. Your Equity Is G. ...
Friday, March 18, 2022 / by Kevin Schumacher
Low interest rates have fueled demand, but there aren't many properties for sale, reducing competition for sellers. Because supply is at an all-time low, it may be time to put your house on the market.
In January, total inventory was down 28% year over year, while new listings were down 9%. Why aren't individuals selling their houses when they can get a great deal? According to Danielle Hale, chief economist at Realtor.com, “Factors like omicron uncertainties could be causing sellers to hesitate even when they know housing conditions are favorable.”
You might assume our market is slowing down due to a shortage of supply, yet things could be hotter than they've ever been. Right now, the typical home spends just 61 days on the market, and in urban areas, it's much fewer. Since Realtor.com began keeping track in 2016, this is the quickest rate they've seen.
Supply isn’t the only factor making our current market so crazy. Interest rates are finally incre. ...
Thursday, February 10, 2022 / by Kevin Schumacher
Where is the market heading? Is it a buyer's market or a seller's market? And what does that even mean? Are we going to see a crash? Are we in a housing bubble?There are a lot of things to speculate in today's market. So let's dive in and see what the experts have to say in this national market update.The biggest factor impacting our market today is that we are really, really short on available listings. Realtor.com states that the national average of number of homes available from December 2020 to December 2021 is down 27% nationwide. Yet, even with how hard it's been to find available houses, it has not slowed down our home buyers. In fact, according to the ShowingTime monthly index, the number of buyer showings during November 2021 was higher than November 2020.And these numbers are absolutely crushing the number of showings that were happening before the world turned sideways on us. The Vice President of ShowingTime says, "Showings traditionally lag during the holiday season, b ...
Wednesday, January 12, 2022 / by Kevin Schumacher
As we begin another year, one of your goals may include selling your home. If you’re thinking about doing that, now would be a great time.
The following are the three main reasons:
1. We did notice two trends in 2021: a low supply of homes for sale and supply chain issues. These trends are predicted to continue in 2022, which is good news for sellers because a low supply means higher prices.
2. After another strong year of appreciation, 2022 may see a slight slowdown. Homes will still increase in value, but the rate of appreciation is expected to slow based on predictions from the National Association of Realtors.
3. Today’s average interest rate are still low but rising. Today’s average interest rate on a 30-year fixed-rate mortgage is in the low 3% range. However, the Federal Reserve recently announced that it will wind down its bond purchases, which will cause rates to increase across the board. This may cause even more buyers to enter the market now ...