The Return of Normal Seasonality for Home Price Appreciation

Written by St. Petersburg Mortgage Syndicated User on September 27, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Mortgage St. Petersburg, Move-Up Buyers, Pricing, Selling Myths, St. Petersburg, St. Petersburg Mortgage.

If you’re thinking of making a move, one of the biggest questions you have right now is probably: what’s happening with home prices? Despite what you may be hearing in the news, nationally, home prices aren’t falling. It’s just that price growth is beginning to normalize. Here’s the context you need to really understand that trend.In the housing market, there are predictable ebbs and flows that happen each year. It’s called seasonality. Spring is the peak homebuying season when the market is most active. That activity is typically still strong in the summer but begins to wane as the cooler months...

Home Price Forecasts Revised for 2023 [INFOGRAPHIC]

Written by St. Petersburg Mortgage Syndicated User on September 9, 2023. Posted in Infographics, Mortgage St. Petersburg, Pricing, St. Petersburg, St. Petersburg Mortgage.

Some HighlightsLast year, some housing experts projected a decline in home prices by the end of 2023. But that didn’t happen – inventory was just too low.While it’s normal for experts to re-forecast throughout the year, the good news for 2023 is that prices are no longer projected to decrease.Connect with your trusted real estate agent to find out what’s happening with home values in your local area.Sources https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/mortgage-finance-forecast-dec-2022.pdfhttps://www.mba.org/docs/default-source/research-and-forecasts/forecasts/2023/mortgage-finance-forecast-aug-2023.pdfhttps://www.fanniemae.com/media/45801/displayhttps://www.fanniemae.com/media/48726/displayhttps://twitter.com/NewsLambert/status/1671900591113609216...

Expert Home Price Forecasts Revised Up for 2023

Written by St. Petersburg Mortgage Syndicated User on September 6, 2023. Posted in Housing Market Updates, Mortgage St. Petersburg, Pricing, St. Petersburg, St. Petersburg Mortgage.

Toward the end of last year, there were a number of headlines saying home prices were going to fall substantially in 2023. That led to a lot of fear and questions about whether there was going to be a repeat of the housing crash that happened back in 2008. But the headlines got it wrong.While there was a slight home price correction after the sky-high price appreciation during the ‘unicorn’ years, nationally, home prices didn’t come crashing down. If anything, prices were a lot more resilient than many people expected.Let’s take a look at some of the expert forecasts from late last year...

Why Median Home Sales Price Is Confusing Right Now

Written by St. Petersburg Mortgage Syndicated User on August 22, 2023. Posted in Buying Myths, For Buyers, For Sellers, Housing Market Updates, Mortgage St. Petersburg, Pricing, Selling Myths, St. Petersburg, St. Petersburg Mortgage.

The National Association of Realtors (NAR) is set to release its most recent Existing Home Sales (EHS) report tomorrow. This monthly release provides information on the volume of sales and price trends for homes that have previously been owned. In the upcoming release, it’ll likely say home prices are down. This may seem a bit confusing, especially if you’ve been following along and reading the blogs saying home prices have hit the bottom and have since rebounded.So, why would this say home prices are falling when so many other price reports say they’re going back up? It all depends on the methodology...

People Want Less Expensive Homes – And Builders Are Responding

Written by St. Petersburg Mortgage Syndicated User on August 18, 2023. Posted in For Buyers, Housing Market Updates, Interest Rates, Mortgage St. Petersburg, Pricing, St. Petersburg, St. Petersburg Mortgage.

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. To overcome those challenges, many people are working with their agents to find less expensive homes. And with newly built homes making up a historically large percentage of the total available inventory today, that search often includes brand new homes.People Are Spending Less on Newly Built HomesThe graph below uses the latest information from the Census to show, in June, more of the...

Home Prices Are Back on the Rise [INFOGRAPHIC]

Written by St. Petersburg Mortgage Syndicated User on August 12, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Infographics, Mortgage St. Petersburg, Pricing, St. Petersburg, St. Petersburg Mortgage.

Some HighlightsLooking at monthly home price data from six expert sources shows the worst home price declines are behind us, and they’re rising again nationally.If you’ve put your plans to move on pause because you were worried about home prices crashing, this rebound is good news.Connect with a local real estate agent so you know what’s happening with prices in your area.

Housing Market Forecast for the Rest of 2023 [INFOGRAPHIC]

Written by St. Petersburg Mortgage Syndicated User on August 5, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Infographics, Interest Rates, Mortgage St. Petersburg, Pricing, St. Petersburg, St. Petersburg Mortgage.

Some HighlightsWant to know what experts say will happen in the rest of 2023? Home prices are already appreciating again in many areas. The average of the expert forecasts shows positive price growth.Where mortgage rates go for the rest of the year will depend on inflation. Based on historical trends, rates are likely to ease as inflation continues to cool.Even though low inventory continues to be a challenge, experts project 5 million homes will still sell this year. That pace should pick up if rates come down.

Pricing Your House Right Still Matters Today

Written by St. Petersburg Mortgage Syndicated User on August 1, 2023. Posted in For Sellers, Market Updates, Mortgage St. Petersburg, Pricing, St. Petersburg, St. Petersburg Mortgage.

While this isn’t the frenzied market we saw during the ‘unicorn’ years, homes that are priced right are still selling quickly and seeing multiple offers right now. That’s because the number of homes for sale is still so low. Data from the National Association of Realtors (NAR) shows 76% of homes sold within a month and the average saw 3.5 offers in June.To set yourself up to see advantages like these, you need to rely on an agent. Only an agent has the expertise needed to find the right asking price for your house. Here’s what’s at stake if that price isn’t accurate for today’s market value.The...

Don’t Fall for the Next Shocking Headlines About Home Prices

Written by St. Petersburg Mortgage Syndicated User on July 26, 2023. Posted in Buying Myths, For Buyers, Housing Market Updates, Mortgage St. Petersburg, Pricing, St. Petersburg, St. Petersburg Mortgage.

If you’re thinking of buying or selling a home, one of the biggest questions you have right now is probably: what’s happening with home prices? And it’s no surprise you don’t have the clarity you need on that topic. Part of the issue is how headlines are talking about prices.They’re basing their negative news by comparing current stats to the last few years. But you can’t compare this year to the ‘unicorn’ years (when home prices reached record highs that were unsustainable). And as prices begin to normalize now, they’re talking about it like it’s a bad thing and making people fear what’s next....

Home Prices Are Rebounding

Written by St. Petersburg Mortgage Syndicated User on July 18, 2023. Posted in Buying Myths, For Buyers, For Sellers, Mortgage St. Petersburg, Pricing, Selling Myths, St. Petersburg, St. Petersburg Mortgage.

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. That’s because today’s headlines are painting an unnecessarily negative picture. If we take a year-over-year view, home prices did drop some, but that’s because we’re comparing to a ‘unicorn’ year when prices peaked well beyond the norm.To avoid an unfair comparison to that previous peak, we need to look at monthly data. And that tells a very different and much more positive story. While local home price trends still vary by market, here’s what...

Category: Pricing