There’s a lot of news surrounding real estate today. With changes in interest rates and prices, things can look a little iffy to would-be home buyers. However, every market presents opportunities when you have the right information. So here are two important questions house hunters should ask now. According to a recent article from Keeping Current Matters, the right answer depends on asking the right person.
Where are Home Prices Going?
Are prices going to rise or fall? The article states, “There are two places to turn to answer this question. First is the consensus of what experts are saying. If you look at what experts are projecting for home prices in 2023, they forecast home price appreciation of around 2%. So while it’s true some are calling for depreciation, most are calling for appreciation in home values over the next year…The second spot to turn to for information is the Home Price Expectation Survey from Pulsenomics – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists. According to the latest release, the experts surveyed are also calling for home price appreciation for the next several years.”
What About Rates?
There is even more interest surrounding rates. The KCM article offers, “Like mentioned above, Ratiu sees mortgage rates rising over the next several months. Another expert agrees. Mark Fleming, Chief Economist at First American, says: “While mortgage rates are expected to continue to drift higher over the coming months, much of the rapid increase in rates is likely behind us.” The instability in the world and higher inflation are driving this volatile market, resulting in higher borrowing rates for those looking to buy homes.”
To Be or Not To Be
Regardless of prices and rates, many homeowners still feel the carpe diem passion raised during the COVID pandemic. As a result, many are taking the plunge on a new home, knowing that rates change, but opportunities to own the home of their dreams can pass forever. The key is finding the right realtor and knowing your valuation of cost versus the happiness the perfect home would bring you and your family.
When it’s time to consider the important questions house hunters should ask now, remember to have the right expert on your side. Viktor Taushanov with Globus Realty is your guide to finding the home you want in any market.
