REAL ESTATE MARKET UPDATE | Stable Prices in 2023
NAR Forecasts 4.78 Million Existing-Home Sales, Stable Prices in 2023
WASHINGTON (December 13, 2022) – Lawrence Yun, NAR chief economist and senior vice president of research, forecasts that 4.78 million existing homes will be sold, prices will remain stable, and Atlanta will be the top real estate market to watch in 2023 and beyond. Yun unveiled the association's forecast today during NAR's fourth annual year-end Real Estate Forecast Summit.
Yun predicts home sales will decline by 6.8% compared to 2022 (5.13 million) and the median home price will reach $385,800 – an increase of just 0.3% from this year ($384,500).
REAL ESTATE Insights
What’s the history of your house? Tracking down details can be rewarding.
When her niece moved to an older home in Cleveland Park, Elizabeth Ratigan gave her an unusual housewarming gift. Instead of a plant, she presented her with the history of her home. “You know it makes your house kind of come alive,” Ratigan said. “It becomes more of a person than just a house.”
Condo, house, townhouse or apartment? How to choose
Finding a new place to plant roots isn’t solely about the price tag. Your real estate search is likely to include a range of options: condo vs. townhouse, condo vs. house, house vs. townhouse and more. As you stack different types of properties against each other, it’s important to think about not only what you can afford, but also your preferences and expectations as a homeowner or renter.
How much do you need to buyer a home?
Find out more here - Register for our online seminar March 8th at 8PM. Special guest, Rodrigo DeOliveira, Ideal Lending Mortgage.
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Equity-rich homeowners are ‘sitting pretty’ amid sky high real estate prices
Equity-rich homeowners are ‘sitting pretty’ amid sky high real estate prices
Equity-rich homeowners are ‘sitting pretty’ amid sky high real estate prices
“As home prices kept rising, so did the equity built up in residential properties, to the point where close to half of all mortgage payers around the country found themselves in equity-rich territory,” said Todd Teta, chief product officer with Attom. Sky high real estate prices have made a growing number of homeowners “equity rich,” according to a report on home equity. That means they have at least 50% equity in their property, or put another way, that the amount they owe on the home is no more than half of the property’s market value.
With home prices surging, here are 6 ways to leverage your home equity
Equity-rich homeowners are ‘sitting pretty’ amid sky high real estate prices
Equity-rich homeowners are ‘sitting pretty’ amid sky high real estate prices
US home prices are as high as they've ever been -- and the market shows no signs of cooling off. According to a report from real estate marketplace Zillow, average home prices in 46 of the nation's 50 largest metro areas grew by more than 10% in May compared to the previous year. And home values have increased by more than 13% on average since last year. In June, the median home price in the US was $385,000, compared to $342,000 in June 2020.
What factors determine whether it's right for you to refinance your home?
Equity-rich homeowners are ‘sitting pretty’ amid sky high real estate prices
Where will US home prices drop in 2023? And where will home prices get even more expensive?
Refinancing a mortgage can be a great way for homeowners to save some money. But beware—make a wrong move when you refinance a loan, and you could easily get in over your head. That's why we highlight here the right (and wrong) ways to refinance your mortgage loan.
Where will US home prices drop in 2023? And where will home prices get even more expensive?
Where will US home prices drop in 2023? And where will home prices get even more expensive?
Where will US home prices drop in 2023? And where will home prices get even more expensive?
Home prices hit all-time highs in 2022, with the median price increasing by 50% from January 2020. High mortgage rates have slowed down the housing market considerably, with Redfin predicting that the median U.S. home price could drop by close to 4% in 2023, posting the first year-over-year decline in a decade. Home sales will also decline, falling to the lowest level since 2011, a drop of 30% from 2021. While many areas are already experiencing a decline in prices, some are expected to be even more expensive this year.
Should You Sell Your Home As Is, or Spring for a Renovation? Here’s How to Decide
Where will US home prices drop in 2023? And where will home prices get even more expensive?
Should You Sell Your Home As Is, or Spring for a Renovation? Here’s How to Decide
CBRE is maintaining a positive outlook for the economy and commercial real estate in 2022, despite uncertainty over potential impacts of the COVID omicron variant and other risks. While the new variant will impact the timing of a large-scale return to the office, fiscal and monetary policy remains highly supportive of economic growth. There may be other bumps along the way, notably from the ripple effects of an economic slowdown in China and rising oil prices, but the factors that held back growth in 2021—labor shortages, supply disruptions, inflation and other COVID variants—will ease.
Should You Sell Your Home As Is, or Spring for a Renovation? Here’s How to Decide
Where will US home prices drop in 2023? And where will home prices get even more expensive?
Should You Sell Your Home As Is, or Spring for a Renovation? Here’s How to Decide
When you decide to sell a house that desperately needs updating, you basically have two choices: Sell it as is—in its current condition without improvements—or make upgrades in the hope of reaping bigger bucks down the line.
While renovating your property will inevitably sell your home faster and for more money, listing your property as is has its perks, too—including not having to fork over lots of cash for major improvements you won’t get to enjoy, and not dealing with the headaches of those improvements.
Buying a home for the first time is overwhelming even for a calm and collected veteran.
Buying a home for the first time is overwhelming even for a calm and collected veteran.
Buying a home for the first time is overwhelming even for a calm and collected veteran.
Buying a home is easily one of the top five most adultish things you can do. As such, it can seem incredibly intimidating, but don't let your insecurities and a lack of information derail your dreams of owning a house! We asked Kelly White, VP of strategic growth at Sente Mortgage, for advice on taking the fear out of first-time purchasing, so keep scrolling for the best tips to add to your house-buying checklist.
What’s Up With the Crazy Housing Market?
Buying a home for the first time is overwhelming even for a calm and collected veteran.
Buying a home for the first time is overwhelming even for a calm and collected veteran.
Rising mortgage rates. Faltering home sales. Skyrocketing rents. Here’s how to make sense of a baffling real estate market.
After a two-year boom, the United States housing market finds itself at a pivotal moment — but pivoting to what, exactly?
This spring should have been a busy time for home sellers. Instead, the season was a dud, stalled by a dramatic spike in mortgage rates that stunned even industry experts with its chilling effect on the market.
This is meant to provide for a robust affordable housing program in Boston.
Buying a home for the first time is overwhelming even for a calm and collected veteran.
This is meant to provide for a robust affordable housing program in Boston.
In his annual State of the City address earlier this year, Boston Mayor Marty Walsh announced a new, big-ticket housing agenda to thundering applause. Walsh has pledged to spend $500 million over the next five years on a raft of housing programs aimed at creating and preserving affordable housing, including housing for seniors, low-income and middle-income Bostonians.
50 Essential real estate terms simplified
Mortgage rates madness: They're UP, They're DOWN, where will they land?
This is meant to provide for a robust affordable housing program in Boston.
If you're new to real estate, some of the industry lingo can seem to be a foreign language or quite overwhelming. But wouldn’t it be great if explaining real estate terms were a little easier, and you had a concise guide that explained some of the most important real estate terms in simple terms? If so, good news! Here is a list of some of the most common and important real estate terms you would need to know.
Is real estate going down during COVID-19 crisis? NO!
Mortgage rates madness: They're UP, They're DOWN, where will they land?
Mortgage rates madness: They're UP, They're DOWN, where will they land?
Real estate will boom once coronavirus threat is gone -- Go ahead, put your house on the market. There is no need to fear putting your home on the market
Mortgage rates madness: They're UP, They're DOWN, where will they land?
Mortgage rates madness: They're UP, They're DOWN, where will they land?
Mortgage rates madness: They're UP, They're DOWN, where will they land?
Both homeowners seeking refinances and home buyers will likely be disappointed by rates that have fluctuated wildly in recent days—by the hour in some instances. That kind of volatility is unprecedented, and makes it more difficult for borrowers to lock in a low rate, say experts. And mortgage rates have surged upward despite the Federal Reserve slashing short-term interest rates.
