Weekly Market Update August 13 – August 19
If you’re in the real estate business, whether that is in building, realtor, investor, we have some exciting data to share!
Rates still aren’t great and are in the 7’s. The underlying theme is that jobs are getting cut and job losses are adding up. Inflation is still a concern and so are rate hikes but we are hoping to bounce back long-term.
What happens when the housing market is at 7%?
Taking a look at our data and appreciation for the past decade, the market has been positive 73 times in the past 81 years. Real estate has a 90% win rate! So if you are still looking to buy, it’s never a bad time. Buy today, refinance tomorrow.
The biggest difference between the last housing cycle and the current are the amount of new homes and the inventory on the market. There are 40% less homes being constructed and 80.7% less homes on the market. There are many people out there willing and able to to buy a home but with supply so low, competition is high.
Housing Market Forecast for 2023
Averaging somewhere in Q4 we are expecting to see an average rate in the low 6’s with home sales around 5 million. When these rates go down, more people will come out to buy which will push home prices up.
Stay tuned for more market updates as we get ready for what comes next week!
Mortgage Mark
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