Most experts agree that the robust housing market since 2016 came to a sliding stop in early 2022. However, they use various levels of sugar-coating in their statements. It happened subtly but firmly. By October 2022 end the number of homes sold had dropped by about 30%, compared to one year ago, according to the National Association of Realtors. The main factor to cause this was a steep and rapid increase in mortgage lending rates. These rates are currently at a 20-year high level.
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The old Chinese saying ” may you live in interesting times ” applies to our current housing market. We have experienced double-digit price increases in home values in recent years. A mad rush to buy homes during the pandemic, combined with the homes being in short supply and near-zero interest rates for mortgages, inflated house prices by over 40%, shutting out many first-time buyers during the last couple of years.
U.S. Federal Reserve has hiked the interest rates by a cumulative 255 basis points since March, and more are expected over the coming months, essentially guaranteeing a slowdown in the housing market which is highly sensitive to the cost of borrowing.
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Are you looking for a real estate agent? Then you should consider a few things to ensure your real estate agent is professional and worth your penny. Sometimes, hiring a real estate agent is an easy process but sometimes, it is not because of multiple choices and lack of time for profile verification. In this article, we have mentioned the most important three things to remember when you hire your real estate agent.
Is the seller’s real estate market a buyer’s market? The straight answer is YES, the seller’s real estate market has become a buyer’s market!
There are many reasons for this phenomenon, but the main one is that buyers can no longer rely on their down payment. With low-interest rates and months-long waits for financing, sellers are able to negotiate more favorable terms. The other reason buyers have fewer opportunities is the current economic slump that is going on in America.
The current real estate housing market has been transitioning to a buyer’s market since about May 2022. At the same time, due to mortgage lending rates climbing high and quickly, it has squeezed out the essential segment of home buyers. In 2021, one could buy a house worth $759,000 with 20% down and a monthly payment of $2500.00. Now, that monthly payment will get you a house worth $476,000.
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The Washington housing market is booming due to increased demand for housing. Tech giants such as Microsoft and Amazon have been here for decades. Still, in recent years, companies like Google and Facebook, amongst numerous others, have set up their operations here as well. This influx of high-paying jobs has led to a spike in demand for housing. In response, large companies are investing in building new offices and housing facilities for their employees.
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Whether it is a buyer’s market or seller’s market, if you want to buy a home, you must know and follow some rules. Following rules is not always that simple yet not much difficult if you tried to do it! So, let’s dig in to know the must-follow rules before buying a home.
The US mortgage market is now under increased stress recently as demand for homes is softening, primarily due to the rising interest rates for home loans. There has also been a slowdown in the number of homes sold in recent months.
Are you planning to sell your house? Consider getting your house inspected before putting your house on the market. When a licensed home inspector conducts a house inspection, he will examine certain home components and then produce a detailed report covering their findings. A typical inspection lasts two to three hours, and you should be present for the inspection to get a firsthand explanation of the inspector’s findings and, if necessary, ask questions. The purpose of this initiative is to promote a greater level of trust from potential buyers who will have peace of mind knowing their investment isn’t going to fall on them next week when they take ownership.
Every homeowner wishes to sell their house fast in a hassle-free way! Of course, it is possible but requires minimum effort to make it happen. Selling your house depends on various factors that you can control, and some are uncontrolled, like the local housing market or real estate market shifts.
So, when you plan to sell your house, a few things need to be considered. But before that, get the best price for your house.
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