What’s Ahead for Mortgage Rates and Home Prices?

Written by Miami Beach Condo Financing Syndicated User on November 10, 2022. Posted in Condo Financing Miami Beach, First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Interest Rates, Miami Beach Condo Financing, Move-Up Buyers, Pricing.

Now that the end of 2022 is within sight, you may be wondering what’s going to happen in the housing market next year and what that may mean if you’re thinking about buying a home. Here’s a look at the latest expert insights on both mortgage rates and home prices so you can make your best move possible. Mortgage Rates Will Continue To Respond to Inflation There’s no doubt mortgage rates have skyrocketed this year as the market responded to high inflation. The increases we’ve seen were fast and dramatic, and the average 30-year fixed mortgage rate even surpassed 7% at the end of last month....

Key Factors Affecting Home Affordability Today

Written by Miami Beach Condo Financing Syndicated User on November 8, 2022. Posted in Condo Financing Miami Beach, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Miami Beach Condo Financing, Move-Up Buyers, Pricing.

Every time there’s a news segment about the housing market, we hear about the affordability challenges buyers are facing today. Those headlines are focused on how much mortgage rates have climbed this year. And while it’s true rates have risen dramatically, it’s important to remember they aren’t the only factor in the affordability equation. Here are three measures used to establish home affordability: home prices, mortgage rates, and wages. Let’s look closely at each one. 1. Mortgage Rates This is the factor most people are focused on when they talk about homebuying conditions today. So far,...

Homeownership Wins Over Time [INFOGRAPHIC]

Written by Miami Beach Condo Financing Syndicated User on November 5, 2022. Posted in Condo Financing Miami Beach, First Time Home Buyers, For Buyers, Housing Market Updates, Infographics, Miami Beach Condo Financing, Move-Up Buyers.

Some Highlights If you’re questioning whether or not to buy a home this year due to today’s cooling market, consider the long-term financial benefits of homeownership. As a homeowner, equity increases your wealth. On average, nationwide, home prices appreciated by 290.2% since 1991. Homeownership wins in the long run. If you’re ready to buy a home, let’s connect today. Content previously posted on Keeping Current Matters

3 Trends That Are Good News for Today’s Homebuyers

Written by Miami Beach Condo Financing Syndicated User on November 2, 2022. Posted in Condo Financing Miami Beach, First Time Home Buyers, For Buyers, Housing Market Updates, Miami Beach Condo Financing, Move-Up Buyers.

While higher mortgage rates are creating affordability challenges for homebuyers this year, there is some good news for those people still looking to buy a home. As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too. Here are just a few trends that may benefit you when you go to buy a home today. 1. More Homes To Choose from During the pandemic, housing supply hit a record low at the same time buyer demand skyrocketed. This combination made it difficult to find a home because there just weren’t enough to meet buyer demand....

Millennials Are Still a Driving Force of Today’s Buyer Demand

Written by Miami Beach Condo Financing Syndicated User on October 28, 2022. Posted in Condo Financing Miami Beach, Demographics, For Sellers, Housing Market Updates, Miami Beach Condo Financing, Millennials.

If you’re thinking about selling your house but wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what they’re looking for. While the millennial generation has been dubbed the renter generation, that namesake may not be appropriate anymore. Millennials, the largest generation, are actually a significant driving force for buyer demand in the housing market today. Here’s why. Millennial Homebuying Power While there’s no denying higher mortgage rates are making it more challenging to afford a home...

What Happens to Housing when There’s a Recession?

Written by Miami Beach Condo Financing Syndicated User on October 26, 2022. Posted in Condo Financing Miami Beach, For Buyers, For Sellers, Housing Market Updates, Interest Rates, Miami Beach Condo Financing.

Since the 2008 housing bubble burst, the word recession strikes a stronger emotional chord than it ever did before. And while there’s some debate around whether we’re officially in a recession right now, the good news is experts say a recession today would likely be mild and the economy would rebound quickly. As the 2022 CEO Outlook from KPMG says: “Global CEOs see a ‘mild and short’ recession, yet optimistic about global economy over 3-year horizon . . . More than 8 out of 10 anticipate a recession over the next 12 months, with more than half expecting it to be mild and short.” To add...

3 Graphs Showing Why Today’s Housing Market Isn’t Like 2008

Written by Miami Beach Condo Financing Syndicated User on October 26, 2022. Posted in Condo Financing Miami Beach, For Buyers, For Sellers, Foreclosures, Housing Market Updates, Miami Beach Condo Financing, Pricing.

With all the headlines and talk in the media about the shift in the housing market, you might be thinking this is a housing bubble. It’s only natural for those thoughts to creep in that make you think it could be a repeat of what took place in 2008. But the good news is, there’s concrete data to show why this is nothing like the last time. There’s Still a Shortage of Homes on the Market Today, Not a Surplus For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to fall dramatically. Supply...

Should You Still Buy a Home with the Latest News About Inflation?

Written by Miami Beach Condo Financing Syndicated User on October 20, 2022. Posted in Condo Financing Miami Beach, First Time Home Buyers, For Buyers, Housing Market Updates, Miami Beach Condo Financing, Move-Up Buyers, Rent vs. Buy.

While the Federal Reserve is working hard to bring down inflation, the latest data shows the inflation rate is still high, remaining around 8%. This news impacted the stock market and added fuel to the fire for conversations about a recession. You’re likely feeling the impact in your day-to-day life as you watch the cost of goods and services climb. The pinch it’s creating on your wallet and the looming economic uncertainty may leave you wondering: “should I still buy a home right now?” If that question is top of mind for you, here’s what you need to know. Homeownership Is Historically a Great...

The Latest on Supply and Demand in Housing

Written by Miami Beach Condo Financing Syndicated User on October 19, 2022. Posted in Condo Financing Miami Beach, First Time Home Buyers, For Buyers, Housing Market Updates, Miami Beach Condo Financing, Move-Up Buyers.

Over the past two years, the substantial imbalance of low housing supply and high buyer demand pushed home sales and buyer competition to new heights. But this year, things are shifting as supply and demand reach an inflection point. The graph below helps tell the story of just how different things are today. This year, buyer demand has eased as higher mortgage rates and mounting economic uncertainty moderated the market. This slowdown in demand is clear when you look at the red bar on the graph. It uses the latest data from ShowingTime to illustrate how showings (an indicator of buyer demand)...

Perspective Matters When Selling Your House Today

Written by Miami Beach Condo Financing Syndicated User on October 14, 2022. Posted in Condo Financing Miami Beach, For Sellers, Housing Market Updates, Miami Beach Condo Financing, Move-Up Buyers, Pricing, Selling Myths.

Does the latest news about the housing market have you questioning your plans to sell your house? If so, perspective is key. Here are some of the ways a trusted real estate professional can explain the shift that’s happening today and why it’s still a sellers’ market even during the cooldown. Fewer Homes for Sale than Pre-Pandemic While the supply of homes available for sale has increased this year compared to last, we’re still nowhere near what’s considered a balanced market. A recent article from Calculated Risk helps put this year’s increased inventory into context (see graph below): It...

Category: Housing Market Updates