Real Estate

In the current real estate landscape, prospective buyers and sellers are facing challenges due to rising mortgage rates and increasing home prices, a significant shift from the trends of recent years. The accompanying graph offers a clear perspective on how today’s affordability compares with the past. As you can see in the graph above, housing affordability is historically low. The National Association of Realtors (NAR) provides guidance on interpreting the graph’s data: “To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced […]

As we approach the new year, many are curious about the prospects of buying or selling a home in 2024. Understanding expert predictions for the housing market is crucial for making well-informed decisions. Surprisingly, the outlook for what to expect in the 2024 housing market might be more positive than anticipated. Predictions Indicate Continued Rise in Home Prices Recent forecasts from Fannie Mae, the Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR) provide valuable insights: The forecasts, represented by orange bars in the accompanying graph, suggest an average price increase of about 2.8% by the end of

As you navigate the decision to buy or sell a home, understanding the current trajectory of home prices is crucial. Here’s the latest information you need. Despite prevailing confusion and misinformation, national trends indicate that home prices continue to rise in most markets (refer to the graphs below): In early 2022, there was a significant surge in home prices, a trend that proved unsustainable. Consequently, the latter half of 2022 saw a correction with minor price dips, which were short-lived. Despite media emphasis on these decreases, the bigger picture is more optimistic. 2023 marks a return to rising home prices,

Recent Fannie Mae data reveals that 23% of Americans anticipate a decline in home prices over the next year. What’s behind this belief shared by about one in every four people? Much of this sentiment can be traced back to pervasive pessimism surrounding home prices throughout the past year. Media reports since late 2022 have stoked fears of a market crash, and these anxieties persist. It’s common to hear concerns about falling home prices from people around you or to encounter such predictions from influencers on social media. If you’re among those who expect a drop in home prices, consider