3 Things to Know in the Housing Market Today!
A lot is happening in the world, and it’s having a direct impact on the housing market. The reality is this: some of it is positive and some of it may be negative. Some we just don’t know yet.
The following three areas of the housing market are critical to understand: interest rates, building materials, and the outlook for an economic slowdown.
1. Interest Rates
One of the most important things to consider when buying a home is the interest rate you will be charged to borrow the money. In our recent post we posed the question, “Are Low Interest Rates Here To Stay?” The latest information from Freddie Mac makes it appear they are. We are currently at a 21-month low in interest rates.
2. Building Materials
Talk of tariffs could also affect the housing market. According to a recent article, the National Association of Home Builders reports that as much as $10 billion in goods imported from China are used in homebuilding. Depending on the outcome of the tariff and trade discussions between several countries, there could be as much as a 25% boost in the cost of building materials.
3. Economic Slowdown
In a prior blog post on this topic, we began the year with many economic leaders thinking we could expect a recession in late 2019 or early 2020. As spring approached, we reported that economists had started to push that projection past 2020. Now, three leading surveys indicate that it may begin in the next eighteen months.
Bottom Line
We are in a strong housing market. Wages are increasing, home prices are appreciating, and mortgage rates are the lowest they have been in 21 months. Whether you are thinking of buying or selling, it’s a great time to be in the market.
What will happen the second half of this year?
Part 3 What will happen the second half of this year? Yes, we are seeing a slowdown. However, we are really just heading back toward the market pace we saw pre-pandemic, and those were still great years for real estate. Focus on the big picture, and that’s this: the...
Expert Housing Market Forecasts for the Second Half of the Year
Expert Housing Market Forecasts for the Second Half of the Year The housing market is at a turning point, and if you’re thinking of buying or selling a home, that may leave you wondering: is it still a good time to buy a home? Should I make a move this year? To help...
If the economy slows further, what does that mean for real estate?
IN TIMES OF UNCERTAINTY, PEOPLE FOLLOW THE CERTAIN Part 3 If the economy slows further, what does that 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...
What’s happening with mortgage rates, now and in the future? Part 2
What’s happening with mortgage rates, now and in the future? Rising mortgage rates are no doubt one of the biggest factors impacting the housing market right now. But it’s important to remind your clients that the low rates of the last few years were an anomaly. As...
The market has shifted, and that’s a good thing.
IN TIMES OF UNCERTAINTY, PEOPLE FOLLOW THE CERTAIN – top five housing market questions Over the next 5 days we will post the top 5 questions everyone is asking. Question one: Is the housing market going to crash? Answer: Headlines right now scare consumers that the...
3 Tips for Buying a Home Today
3 Tips for Buying a Home Today If you put off your home search at any point over the past two years, you may want to consider picking it back up based on today’s housing market conditions. Recent data shows the supply of homes for sale is increasing, giving buyers...
Planning To Retire? Your Equity Can Help You Reach Your Goal.
Planning To Retire? Your Equity Can Help You Reach Your Goal. Whether you’ve just retired or you’re thinking about retirement, you may be considering your options and trying to picture a whole new stage of your life. And you’re not alone. Research from the Retirement...
Experts Increase 2022 Home Price Projections
Experts Increase 2022 Home Price Projections If you’re wondering if home prices are going to come down due to the cooldown in the housing market or a potential recession, here’s what you need to know. Not only are experts forecasting home prices will continue to...
Pricing your house based on current market conditions means it’s more likely to sell quickly. Let’s connect so you can have the best advice when you sell today.
Is the Shifting Market a Challenge or an Opportunity for Homebuyers?
Is the Shifting Market a Challenge or an Opportunity for Homebuyers?If you tried to buy a home during the pandemic, you know the limited supply of homes for sale was a considerable challenge. It created intense bidding wars which drove home prices up as buyers...