Tuesday, August 16, 2022 / by Jim Cherne
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 rates will respond to inflation, and home sales will be more in line with pre-pandemic years.
Let’s connect so you can make your best move this year. ...
Tuesday, August 2, 2022 / by Jim Cherne
Buying a home is a major life decision. That’s true whether you’re purchasing for the first time or selling your house to fuel a move. And if you’re planning to buy a home, you might be hearing about today’s shifting market and wondering what it means for you.
While mortgage rates are higher than they were at the start of the year and home prices are rising, you shouldn’t put your plans on hold based solely on market factors. Instead, it’s necessary to consider why you want to move and how important those reasons are to you. Here are two of the biggest personal motivators driving people to buy homes today.
A Need for More Space
Moving.com looked at migration patterns to determine why people moved to specific areas. One trend that emerged was the need for additional space, both indoors and outdoors.
Outgrowing your home isn’t new. If you’re craving a large yard, more entertaining ...
Thursday, July 28, 2022 / by Jim Cherne
The Feds pulled out their big stick again and increased the federal funds rate by .75% for the second time in less than two months. This hasn’t happened since 1994! With runaway inflation, the government is using the few tools it has to control our economy, and increasing the federal fund rate is one of them. Unfortunately, increasing the fund rate affects inflation indirectly by reducing borrowing power. It doesn’t decrease the cost of gas or a bag of groceries. We will feel the hurt before the help.
Mortgage rates have gone up from under 3% last year to over 6% earlier this year finally settling down to around 5% now. Although 30 yr. fixed mortgages usually follow the 10 yr. treasury bond rate, we will probably see another roller coaster ride in rates from the latest increase in the Federal Fund Rate.
Here are some stats:
The Federal Fund Rate is now 2.25% to 2.50% - This is what is considered a neutral rate – neither t. ...
Friday, July 15, 2022 / by Jill Cherne
Real Estate with JILL CHERNE
Housing Experts Say This Isn’t a Bubble!
For Buyers, For Sellers, Housing Market Updates
With so much talk about an economic slowdown, some people are asking if the housing market is heading for a crash like the one in 2008. To really understand what’s happening with real estate today, it’s important to lean on the experts for reliable information.
Here’s why economists and industry experts say the housing market is not a bubble ready to pop.
Today Is Nothing Like 2008
The 2008 housing crash is still fresh in the minds of many homebuyers and sellers. But today’s market is different. Odeta Kushi, Deputy Chief Economist at First American, says:
“This is not the same market of 2008. . . . It’s no secret the housing market played a central role in the Great Recession, but this market is just fundamentally different in so many ways.” ...
Monday, July 11, 2022 / by Jill Cherne
Real Estate with JILL CHERNE
Should I Buy a Home Right Now?
First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Pricing
If you’ve been thinking about buying a home, you likely have one question on the top of your mind: should I buy right now, or should I wait? While no one can answer that question for you, here’s some information that could help you make your decision.
The Future of Home Price Appreciation
Each quarter, Pulsenomics surveys a national panel of over 100 economists, real estate experts, and investment and market strategists to compile projections for the future of home price appreciation. The output is the Home Price Expectation Survey. In the latest release, it forecasts home prices will continue appreciating over the next five years (see graph below):
As the graph shows, the rate of appreciation will moderate over the next few years as th ...