If you’re considering buying or selling a home, you’ll want to know what’s happening in the housing market.
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- If you’re thinking about selling your house, recent headlines about home prices falling month-over-month may have you second guessing your decision—but perspective matters.
- While home prices are down slightly month-over-month in some markets, home values are still up almost 10% nationally on a year-over-year basis. A nearly 10% gain is still dramatic compared to the more normal level of appreciation, which is 3-4%.
Have you been trying to buy a home, but higher mortgage rates and home prices are limiting your options?
We’re still in a sellers’ market.
When deciding between buying a home or renting, think about these three important factors.
An important factor shaping today’s market is the number of homes for sale.
You might remember the housing crash in 2008, even if you didn't own a home at the time.
- Many people believe you need to put down 20% of the purchase price when you buy a home. But recent homebuyers actually put down far less on their purchase.
- And with programs like FHA loans, VA loans, and USDA loans, some qualified buyers are able to put down as little as 0-3.5%.
- Today’s housing market is different than it was in 2008.
- Lending standards have tightened, foreclosures have declined, home inventory is much lower, and homeowners have far more equity.
If you’re in the process of looking for a home today, you know the supply of homes for sale is low because you’re feeling the impact of having a limited pool of options.
In today’s housing market, there are two main affordability challenges impacting buyers: mortgage rates that are higher than they’ve been the past couple of years, and rising home prices caused by low inventory.
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.
- Worried you won’t be able to find your next home after you sell? You should know data from realtor.com shows more listings are coming onto the market each month this year.
- Having additional options can make the search for your next home easier. But inventory is still low overall, which means your house should still stand out when you sell.
You might be worried we’re heading for a housing crash, but there are many reasons why this housing market isn’t like the one we saw in 2008.
If you’re looking to buy a house, you may find today’s limited supply of homes available for sale challenging.