If you’re feeling a bit muddy about home prices, that’s no surprise. Some people still say prices are falling, even though data proves otherwise. Part of that misconception is that people get their information from unreliable sources. But it’s also coming from some media coverage misrepresenting the data. So, to keep things simple, here’s what you need to know using accurate data you can trust.
Normal home price seasonality explained
In the housing market, predictable ebbs and flows happen each year. It’s called seasonality. Spring is the peak homebuying season when the market is most active. That activity is typically intense in the summer but begins to wane as the cooler months approach. Home prices follow along with seasonality because
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The new year is approaching, and you might wonder if 2024 will be the right time to buy or sell a home. To make the most informed decision possible, it's essential to know what the experts say about what's ahead for the housing market. Spoiler alert: the projections may be better than you think. Here's why.
Experts Forecast Ongoing Home Price Appreciation
Take a look at the latest home price forecasts from Fannie Mae, the Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR):
As you can see in the orange bars on the left, on average, experts forecast prices will end this year up about 2.8% overall and increase by another 1.5% by the end of 2024. That's big news, considering many people thought prices
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If you're wondering what’s happening with home prices, know they’re still rising, just at a slower pace – and that’s perfectly normal for this time of year.
Based on typical seasonality in the market, prices go up most in the spring during the peak buying season, and then price growth slows down as the year goes on.
Home prices aren’t falling. They’re just rising slower and going back to normal seasonal trends. That’s a good thing. If you're curious about prices in your area, reach out to The Aaronson Group for answers. Call 949-388-5194 or email firstname.lastname@example.org
According to the latest data from Fannie Mae, 23% of Americans still think home prices will go down over the next twelve months. But why do roughly 1 in 4 people feel that way?
It has much to do with all the negative talk about home prices over the past year. Since late 2022, the media has created a lot of fear about a price crash, and those concerns remain lingering. You may be hearing people in your own life saying they’re worried about home prices or see on social media that some influencers are saying prices will come tumbling down.
If you’re someone who still thinks prices are going to fall, ask yourself this: Which is a more reliable place to get your information – clickbait headlines and social media or a trusted expert on the
If you've been following the news recently, you might have seen articles about increased foreclosures and bankruptcies. That could make you feel uneasy, especially if you're thinking about buying or selling a house.
But the truth is, even though the numbers are going up, the data shows the housing market isn't headed for a crisis.
Foreclosure Activity Rising, but Less Than Headlines Suggest
In recent years, the number of foreclosures has been deficient. That's because, in 2020 and 2021, the government put the forbearance program, and other relief options were put in place to help many homeowners stay in their homes during that tough time.
When the moratorium ended, there was an expected rise in foreclosures. But just because they're
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