With all the headlines circulating about home prices and rising mortgage rates, you may wonder if it still makes sense to invest in homeownership right now. A recent poll from Gallup shows the answer is yes. In fact, real estate was voted the best long-term investment for the 11th consecutive year, consistently beating other investment types like gold, stocks, and bonds (see graph below):If you’re thinking about purchasing a home, let this poll reassure you. Even with everything happening today, Americans recognize … [Read more...]
Oops! Home Prices Didn’t Crash After All
During the fourth quarter of last year, many housing experts predicted home prices were going to crash this year. Here are a few of those forecasts:Jeremy Siegel, Russell E. Palmer Professor Emeritus of Finance at the Wharton School of Business:“I expect housing prices fall 10% to 15%, and the housing prices are accelerating on the downside.”Mark Zandi, Chief Economist at Moody’s Analytics:"Buckle in. Assuming rates remain near their current 6.5% and the economy skirts recession, then national house prices will … [Read more...]
Today’s Real Estate Market: The ‘Unicorns’ Have Galloped Off
Comparing real estate metrics from one year to another can be challenging in a normal housing market. That’s due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared. Comparing this year’s numbers to the two ‘unicorn’ years we just experienced is almost worthless. By ‘unicorn,’ this is the less common definition of the word:“Something that is greatly desired but difficult or … [Read more...]
The Benefits of Selling Now, According to Experts
If you’re trying to decide if now’s the time to sell your house, here’s what you should know. The limited number of homes available right now gives you a big advantage. That’s because there are more buyers out there than there are homes for sale. And, with so few homes on the market, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house.Here’s what industry experts are saying about why selling now has its benefits:Lawrence Yun, Chief Economist at the National Association … [Read more...]
Powerful Job Market Fuels Homebuyer Demand
The spring housing market has been surprisingly active this year. Even with affordability challenges and a limited number of homes for sale, buyer demand is strong, and getting stronger.One way we know there are interested buyers right now is because showing traffic is up. Data from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, makes it clear more people are out looking at homes than there were prior to the pandemic (see graph below):And though there’s less traffic than … [Read more...]
What You Need To Know About Home Price News
The National Association of Realtors (NAR) will release its latest Existing Home Sales Report tomorrow. The information it contains on home prices may cause some confusion and could even generate some troubling headlines. This all stems from the fact that NAR will report the median sales price, while other home price indices report repeat sales prices. The vast majority of the repeat sales indices show prices are starting to appreciate again. But the median price reported on Thursday may tell a different … [Read more...]
The Worst Home Price Declines Are Behind Us
If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an unnecessarily negative picture. Contrary to those headlines, home prices aren’t in a freefall. The latest data tells a very different and much more positive story. Local home price trends still vary by market, but here’s what the national data tells us.If we take a year-over-year view, home prices stayed positive – … [Read more...]
Homeowners Have Incredible Equity To Leverage Right Now
Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time:“Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.”How Your Equity Can Help You Achieve Your GoalsThe … [Read more...]
The Worst of the Home Price Declines Is Behind Us [INFOGRAPHIC]
Some HighlightsWhile home prices vary by local area, they’ve already hit their low point nationally, and now they’re starting to rise again.Last July, prices started to decline, but around February, they began climbing back up.If you put your plans to move on hold waiting to see what would happen with home prices, reach out to a local real estate expert to discuss if now’s the right time to jump back in. … [Read more...]
The Worst Home Price Declines Are Behind Us [INFOGRAPHIC]
Some HighlightsWhile home prices vary by local area, they’ve already hit their low point nationally, and now they’re starting to rise again.Last July, prices started to decline, but around February, they began climbing back up.If you put your plans to move on hold waiting to see what would happen with home prices, reach out to a local real estate expert to discuss if now’s the right time to jump back in. … [Read more...]
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