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.
3 Graphs To Show This Isn’t a Housing Bubble
3 Graphs To Show This Isn’t a Housing Bubble With all the headlines and buzz in the media, some consumers believe the market is in a housing bubble. As the housing market shifts, you may be wondering what’ll happen next. It’s only natural for concerns to creep in that...
Why the Forbearance Program Changed the Housing Market
Why the Forbearance Program Changed the Housing Market When the pandemic hit in 2020, many experts thought the housing market would crash. They feared job loss and economic uncertainty would lead to a wave of foreclosures similar to when the housing bubble burst over...
Housing Market Forecast for the Rest of 2022
Housing Market Forecast for the Rest of 2022 Some Highlights The housing market is shifting away from the intensity of the past two years. Here’s what experts project for the remainder of 2022. Home prices are forecast to rise more moderately than last year. Mortgage...
Why It’s Still a Sellers’ Market
Why It’s Still a Sellers’ Market As there’s more and more talk about the real estate market cooling off from the peak frenzy it saw during the pandemic, you may be questioning what that means for your plans to sell your house. If you’re thinking of making a move, you...
Pre-Approval Is a Strategic Move When You’re Buying a Home
Buy or Sell with Marty Gale "Its The Experience" Principal Broker and Owner of Utah Realty™ Licensed Since 1986 General Contractor 2000 (in-active) e-pro (advanced digital marketing) 2001 Certified Residential Specialist 2009 Certified Negotiation Expert 2014 Master...
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...
Happy 4th of July
Happy Independence Day
Real Estate Consistently Voted Best Investment
Real Estate Consistently Voted Best Investment Some Highlights Based on a recent Gallup poll, real estate has been rated the best long-term investment for nine years in a row. Owning real estate is more than just a place to call home. It’s also an investment in your...
Why an Agent Is Essential When Pricing Your House
Why an Agent Is Essential When Pricing Your House Some Highlights When it comes to pricing your house, there’s a lot to consider. The only way to ensure you price it right is by partnering with a local real estate professional. To find the best price, your agent...
A Recession Doesn’t Equal a Housing Crisis
If you're following the news, you might be wondering what could happen to the housing market if there's a recession. Let's connect to discuss why history shows a recession doesn't equal a housing crisis.Buy or Sell with Marty Gale "Its The Experience" Principal Broker...