With all the headlines and talk in the media about the shift in the housing market, you might be thinking this is a housing bubble. It’s only natural for those thoughts to creep in that make you think it could be a repeat of what took place in 2008.
The good news is, there’s concrete data to show why this is nothing like last time.
Read the blog post, 3 Graphs Showing Why Today’s Housing Market Isn’t Like 2008, or the graph below showing the supply of homes is nothing like last time.
If you’re concerned we’re making the same mistakes that led to the housing crash, this graph should help alleviate your fears.
There just isn’t enough inventory on the market for home prices to come crashing down like they did the last time, even though some overheated markets may experience slight declines.
Text me @ 203-994-3950 so we can talk about your housing needs and goals in today’s market.
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What’s happening with mortgage rates, now and in the future?
One of the biggest factors of the housing market cooldown we’re seeing is the swift rise in mortgage rates. And as that volatility continues, many people are asking “are mortgage rates going to keep rising?”
But to answer this question, you have to first understand the why behind the reason mortgage rates have doubled since the beginning of the year: inflation.
In an effort to ease inflation, the Federal Reserve is taking steps to try to tame inflation by slowing the economy, and those decisions are having an impact on mortgage rates. And until that’s under control, we may continue to see them stay high or rise even higher.
Read the blog post, The Cost of Waiting for Mortgage Rates To Go Down, I can help you navigate this rising rate environment and be the market expert you need.
If you’re waiting for mortgage rates to drop, you may be waiting for a while as the Federal Reserve works to get inflation under control.
And if you’re considering renting as your alternative while you wait it out, remember that’s going to get more expensive with time too.
Each person’s situation is unique. To make the best decision for you, let’s connect to explore your options.
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If the economy slows further, what does it mean for real estate?
Post-2009, nothing will strike fear into the hearts of buyers and sellers like the word “recession.”
But as the economy slows down, history tells us this would likely mean lower mortgage rates for those looking to refinance or buy a home.
While no one really knows exactly what the future holds, one thing will forever remain the same: people will always need a place to call home.
Read the blog post, What Happens to Housing when There’s a Recession? to see that historically, each time the economy slowed down, mortgage rates decreased.
Historically, each time the economy slowed down, mortgage rates decreased.
And while history doesn’t always repeat itself, we can learn from it. While an economic slowdown needs to happen to help taper inflation, it hasn’t always been a bad thing for the housing market. Typically, it has meant that the cost to finance a home has gone down, and that’s a good thing.
Text me @ 203-994-3950 so we can discuss what this means for your homeownership goals.
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What’s Ahead For Home Prices?
After years of record-breaking price appreciation in the country, we’ve been seeing a very different scenario play out in the last few months.
In order to truly understand why this is happening, this quote from David Ramsey explains it all:
“The root issue of what drives house prices almost always is supply and demand.”
Read the blog post, What’s Ahead for Home Prices? the graphic below shows what experts are saying about home prices next year.
As the housing market cools in response to the dramatic rise in mortgage rates, home appreciation is cooling as well. And if you’re following along with headlines in the media, you’re seeing conflicting messaging.
While opinions differ, the most likely outcome is we’ll fall somewhere in the middle of slight appreciation and slight depreciation.
Text me @ 203-994-3950 so I can help you navigate what’s ahead.
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Should I wait to buy a home?
This is probably one of the biggest questions you’re getting asked right now, and it’s never been more important to have a good answer for it.
Despite the volatility we’re seeing in today’s housing market, it’s important to remind our clients of the many financial and non-financial benefits of homeownership.
Yes, affordability is a challenge right now. It’s true that it costs more to buy a home today than it did last year, but the same is also true for renting. This means, either way, you’re going to be paying more. The difference is, with homeownership you’re also gaining equity which will help grow your net worth.
Read the blog The Long-Term Benefit of Homeownership this map shows how home values have still increased significantly. 
Wondering if you should buy a home today? Data shows home values typically appreciate over time, and that gives your net worth a nice boost.
Homeownership truly wins over time.
Don’t let the shifting market delay your dreams. Text me @ 203-994-3950 if you’re ready to buy.
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