Preview Orange County Real Estate Blog - The Aaronson Group

What Past Recessions Tell Us About the Housing Market

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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What Experts Are Saying About the 2023 Housing Market

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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Orange County Housing Report: A 2023 Forecast [INFOGRAPHIC]

For the full report go to ---> https://www.previewochomes.com/oc-housing-report.php

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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What To Expect from the Housing Market in 2023

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 Are Dropping. What Does That Mean for You?

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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2023 Housing Market Forecast [Infographic]

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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Why There Won't Be a Flood of Foreclosures Coming to the Housing Market

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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Reasons to Sell Your House this Season [Infographic]

Connect with The Aaronson Group for expert advice.  Contact 949-388-5194 or email: info@previewochomes.com

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What Every Seller Should Know About Home Prices

If you’re trying to decide whether or not to sell your house, recent headlines about home prices may be top of mind. And if those stories have you wondering what that means for your home’s value, here’s what you need to know.

What’s happening with home prices?

You may have seen news stories mentioning a drop in home values or home price depreciation, but it’s important to remember these headlines are clickbait. But what headlines aren’t always great at is painting the complete picture.

While home prices are down slightly month-over-month in some markets, it’s also true that home values are up nationally on a year-over-year basis. The graph below uses the latest data from S&P Case-Shiller to help tell the story of what’s happening in the…

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Key Advantages of Buying a Home Today

There’s no doubt buying a home today is different than it was over the past couple of years, and the shift in the market has led to advantages for buyers today. Right now, there are specific reasons that make this housing market attractive for those who’ve thought about buying but have sidelined their search due to rising mortgage rates. 

Buying a home in any market is a personal decision, and the best way to make that decision is to educate yourself on the facts, not following sensationalized headlines in the news today.  The reality is, headlines do more to terrify people thinking about buying a home than they do to clarify what’s actually going on with real estate. 

Here are three reasons potential homebuyers should consider…

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