The current housing landscape presents greater home values, low interest rates, and high buyer demand. All of these factors point to the strong market forecasted to continue throughout the rest of the year. There is, however, one thing that may cause the industry to tap the brakes: an overall lack of housing inventory. Buyer demand naturally increases during the summer months, but in our local market the current supply is not keeping up.
If you’re thinking of selling, now may be the time. Demand for your house will be strong during a period when there is very little competition, ideally leading to a quick sale and a great return on your investment. If you are considering listing your home for sale please remember that who you work with matters! Our primary goal is to deliver the highest level of service available to each and every one of our clients. We strive to make each of our listings the best they can be. Is now the time for you to make your move? Call Micah Stovall at Stovall Team today at 714.343.9294 to discuss your options.
MID-YEAR HOUSING MARKET UPDATE: THREE THINGS TO KNOW TODAY
As a homeowner, it’s always tempting to dream about the next big project you’re going to tackle. The possibilities are endless. Should I renovate? Should I refinance? Should I stay? Should I move? The list goes on and on. In today’s housing market, it’s actually a great time to shift your thoughts toward selling your house and moving up into the home of your dreams. We have a finger on the pulse of the market and will make your buying or selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear. You deserve open lines of communication. Today’s real estate market is highly competitive. Having a professional who’s been there before to guide you through the process is an important step that will give you a huge advantage! Call us today at 714.343.9294.
Shifting trends and industry-leading research are pointing toward some valuable projections about the status of the housing market for the rest of the year. If you’re thinking of buying or selling, or if you just want to know what experts are saying is on the horizon, here are the top three things to put on your radar as we head into the coming months:
Home prices are appreciating at a more normal rate: Home prices have been appreciating for about ten years now. Experts at the Home Price Expectation Survey, Mortgage Bankers Association, Freddie Mac, and Fannie Mae are forecasting continued growth throughout the next year, although it should be leveling-off to normal appreciation (3.6%), as we move into 2020.
Interest rates are low: Over the past 30 years, the average mortgage rate in the United States has been 8.27%, and rates even peaked as high as 18% in the 1980s. Today, at 3.81%, the rate is considerably lower than the historical 30-year average. Although experts predict it may climb into the low 4% range in the near future, that’s still remarkably lower than our running average, suggesting a great time to get more for your money over the life of your loan.
An impending recession does not mean there will be a housing crash: Although expert research studies such as those found in the Duke Survey of American CFOs and the National Association of Business Economics, are pointing toward a recession beginning within the next 18 months, a potential recession isn’t expected to be driven by the housing industry. That means we likely won’t experience a devastating housing crash like the country felt in 2008. With prices appreciating and low interest rates available, it’s a perfect time to buy or sell a home. Reach out to the Stovall Team today to see how you can take the next step in the exciting journey of homeownership.
Sources: Micah Stovall, Stovall Team; National Association of Realtors