Whether you're already a homeowner or looking to become one, the recent headlines about home prices may leave you with more questions than answers.

First, news stories are talking about home prices falling, raising concerns about a repeat of what happened to prices in the crash in 2008.
Based on those headlines, one of the questions on many minds is: how much will home prices decline? But you may need to realize that expert forecasters aren't calling for a free price fall. If you look at the latest data, it's possible that the most significant portion of month-over-month price depreciation nationally may already be behind us – and even those numbers weren't substantial declines on the national level. So instead of how far will they drop, the…

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Last year, the Federal Reserve took action to try to bring down inflation. Unfortunately, in response to those efforts, mortgage rates jumped rapidly from the record lows we saw in 2021, peaking at just over 7% last October. Hopeful buyers experienced a hit to their purchasing power as a result, and some decided to press pause on their plans.

Today, the rate of inflation is starting to drop. And as a result, mortgage rates have dipped below last year’s peak. Sam Khater, Chief Economist at Freddie Mac, shares: 

“While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.”
That’s potentially great news if you’re a buyer aiming to jump back into…

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It doesn’t matter if you’re someone who closely follows the economy or not; chances are you’ve heard whispers of an upcoming recession. A broad range of factors determines economic conditions, so rather than explaining them each in-depth, let’s lean on the experts and what history tells us to see what could lie ahead. As Greg McBride, Chief Financial Analyst at Bankrate, says:  

“Two-in-three economists are forecasting a recession in 2023 . . .”  

As talk about a potential recession grows, you may wonder what a recession could mean for the housing market. Here’s a look at the historical data to show what happened in real estate during previous recessions to help prove why you shouldn’t be afraid of what a recession could mean…

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If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market this year. In 2022, the market underwent a significant shift as economic uncertainty, and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about 2023?

An article from Housing Wire offers this perspective:
Sub-three percent mortgage rates, fast-paced bidding wars, and record-low inventory characterized the red-hot housing market of the past 2 ½ years. But more recently, market conditions have done an about-face. So now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market resembles.

This year, experts agree we may see the…

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The 2022 housing market has had two key things: inflation and rapidly rising mortgage rates. And in many ways, it’s put the market into a reset position.

As the federal reserve (the fed) made moves this year to try to lower inflation, mortgage rates more than doubled – something that’s never happened before in a calendar year. This increase in mortgage rates impacts buyer activity, the balance between supply and demand, and home prices. And as all those things changed, some buyers and sellers put their plans on hold and decided to wait until the market felt more predictable.

But what does that mean for next year? What everyone wants is more stability in the market in 2023. For that to happen, we’ll need to see the fed bring inflation down…

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Mortgage rates have been a hot topic in the housing market over the past 12 months. Compared to the beginning of 2022, rates have risen dramatically. Now they’re dropping, and that has to do with everything happening in the economy. 

Nadia Evangelou, senior economist and director of forecasting at the national association of realtors (NAR), explains it well by saying: 

“Mortgage rates dropped even further this week as two main factors affecting today’s mortgage market became more favorable. Inflation continued to ease while the federal reserve switched to a smaller interest rate hike. As a result, according to freddie mac, the 30-year fixed mortgage rate fell to 6.31% from 6.33% the previous week.” 

So, what does that…

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Some Highlights

  • From home sales to prices, the 2023 housing market will be defined by mortgage rates. And where rates go depends on what happens with inflation.
  • If you’re thinking of buying or selling a home this year, connect with The Aaronson Group to help you understand where the housing market is headed in 2023.    Contact 949-388-5194 or email: info@previewochomes.com

 

 

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With the rapid shift in the housing market this year, some people are raising concerns that were destined for a repeat of the crash we saw in 2008. But in truth, there are many critical differences between what’s happening today and the bubble in the early 2000s.

One of the reasons this isn’t like the last time is the number of foreclosures in the market is much lower now. Here’s why there won’t be a wave of foreclosures flooding the market.

Not as many homeowners are in trouble this time

After the last housing crash, over nine million households lost their homes due to a foreclosure, short sale, or because they gave it back to the bank. This housing crash was largely because of more relaxed lending standards where people could take out…

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