To say that the market of houses and apartment is wild would be an understatement. Ever since the beginning of the pandemic, the prices have been skyrocketing and things that were happening were quite extraordinary. For those looking to buy a property thing are beginning to calm down. If I were to address the sellers now, I would warn that of their waning power. Chasing unrealistic prices may … [Read more...]
As More Sellers Drop Prices, Is the Housing Market Finally Slowing Down?
The housing market has shifted in recent years, but not as dramatically as people may think. There are definitely changes, but they are slow in coming. Buyers have a slightly more favorable market, with prices dropping across-the-board. However, buyers also face the challenges of rising interest rates and higher mortgages. One benefit to buying right now is that there isn't a whole lot of … [Read more...]
Homes prices in these cities could drop 10%, report says
Actions from Congress and the Federal Reserve helped to avoid a housing market bust, and housing prices surged instead. However, the Fed's actions are now pushing up mortgage rates and cooling off the housing market. Moody's Analytics found that metropolitan home prices are overvalued almost everywhere and are set to decline. However, CoreLogic thinks home prices will rise another 5% over the next … [Read more...]
As mortgage rates rise, here’s how to decide whether you should buy a home or rent
Buying a house or an apartment in a market like the one we are currently experiencing, can be a daunting task. Potential buyers are dealing with a market that is quite hot, with no signs of significant slowdown. In addition, inflation causes the rise in interest and mortgages are becoming less and less affordable. Therefore, more buyers are reconsidering their strategy and goals, which means that … [Read more...]
First-Time Homebuyers are Driving the Market Forward
When the global pandemic turned our world upside down, few people expected the real estate and housing market to take a path that it actually took. It would be reasonable to assume that prices would face downward pressure, but exactly the opposite happened, and the market has been on fire since early 2020. This makes it quite difficult for people who are trying to buy their first dwelling find a … [Read more...]
Best Home Insurance for First-Time Buyers | 2022
In today’s market where mortgage rates steadily climb and housing prices are skyrocketing, buying an apartment or a house is a daunting task. Inventory seems insufficient to meet the demand, which means that most properties sell rather quickly. In such situation, in addition to quality inspection and due diligence buyers need to perform, it is equally important to choose the insurance for your … [Read more...]
Yes, You Can Buy a Home in 2022: Tips From a Real Estate Agent
It is safe to say that housing market has been quite unusual since the start of the global pandemic. Contrary to what we would expect in the times of economic uncertainty, the market was really live and prices drastically increased. Yet, even though market is not friendly to buyers currently, that does not mean that purchasing a house is out of your reach. Ensure that your loan has the best … [Read more...]
The unlikely suspect that could keep powering the housing market boom: ‘real’ mortgage rates
One of the biggest reasons why the housing market boom may continue is because of real mortgage rates. Right now we have seen the fixed mortgage rate jump from 3.1% to 5.25% in the time period between December to April which is basically unheard of. The real mortgage number even went negative for the first time since the 1970s back in January. We are currently going through an era where the real … [Read more...]
Buying New Construction? 5 Costly Mistakes to Avoid | Bankrate
Increased demand for existing homes along with limited inventory has caused the price of homes to significantly increase. Therefore, a newly constructed home might be the better option. However, while these homes offer improved energy efficiency and amenities, the costs can quickly get out of control. So, if you want to avoid expensive mistakes when purchasing a new house consider negotiating … [Read more...]
The odds home prices will decline in your local housing market, as told by one interactive chart
There is a chance that home prices will decline in local housing markets according to an interactive chart. One of the big problem with spiking mortgage rates is that it out prices some of the potential homebuyers which leads to higher prices but also more of a demand. The 30 year fixed mortgage rate increased from 3.11% in December to 5.11% just four months later. That may not seem like much but … [Read more...]