Today’s Real Estate Market: The ‘Unicorns’ Have Galloped Off Comparing real estate metrics from one year to another can be challenging in a normal housing market. That’s due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared. Comparing this year’s numbers to the two ‘unicorn’ years we just experienced is almost worthless. By ‘unicorn,’ this is the less common definition of the word: “Something that is greatly desired but difficult or impossible to find.” The pandemic profoundly changed real estate over the last few years. The demand for a home of our own skyrocketed, and people needed a home office and big backyard. >>Waves of first-time and second-home buyers entered the market. >>Already low mortgage rates were driven to historic lows. >>The forbearance plan all but eliminated foreclosures. >>Home values reached appreciation levels never seen before. It was a market that forever had been “greatly desired but difficult or impossible to find.” A ‘unicorn’ year. Now, things are getting back to normal. The ‘unicorns’ have galloped off. Comparing today’s market to those years makes no sense. Here are three examples: >>Buyer Demand Buyer demand is down from the two ‘unicorn’ years. But, according to ShowingTime, if we compare it to normal years (2017-2019), buyer activity is still strong. >>Home Prices 2020 and 2021 each had historic appreciation numbers. Now, we’re returning to more normal home value increases. >>Foreclosures Today’s foreclosures are increases over historically low foreclosure rates. DM me so you have an expert on your side to help you keep everything in proper perspective. #realestate #homeownership #homebuying www.DanFreshley.com

Today’s Real Estate Market: The ‘Unicorns’ Have Galloped Off Comparing real estate metrics from one year to another can be challenging in a normal housing market. That’s due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared. Comparing this year’s numbers to the two ‘unicorn’ years we just experienced is almost worthless. By ‘unicorn,’ this is the less common definition of the word: “Something that is greatly desired but difficult or impossible to find.” The pandemic profoundly changed real estate over the last few years. The demand for a home of our own skyrocketed, and people needed a home office and big backyard. >>Waves of first-time and second-home buyers entered the market. >>Already low mortgage rates were driven to historic lows. >>The forbearance plan all but eliminated foreclosures. >>Home values reached appreciation levels never seen before. It was a market that forever had been “greatly desired but difficult or impossible to find.” A ‘unicorn’ year. Now, things are getting back to normal. The ‘unicorns’ have galloped off. Comparing today’s market to those years makes no sense. Here are three examples: >>Buyer Demand Buyer demand is down from the two ‘unicorn’ years. But, according to ShowingTime, if we compare it to normal years (2017-2019), buyer activity is still strong. >>Home Prices 2020 and 2021 each had historic appreciation numbers. Now, we’re returning to more normal home value increases. >>Foreclosures Today’s foreclosures are increases over historically low foreclosure rates. DM me so you have an expert on your side to help you keep everything in proper perspective. #realestate #homeownership #homebuying www.DanFreshley.com
http://dlvr.it/SpsMjT

Comments

Popular posts from this blog

Builders Respond to the Need for Less Expensive Homes Builders are responding to the need for less expensive homes. Let’s connect to go over the process of buying a newly built home and find the right one for you. #affordablehomes #homebuilders www.DanFreshley.com

#ForBuyers #ForSellers #HousingMarketUpdates #BuyingMyths Experts Project Home Prices Will Rise over the Next 5 Years: Even with so much data showing home prices are actually rising in most of the country, there are still a lot of people who worry there will be another price crash in the immediate future. http://dlvr.it/SzgmjG

How Buying a Multi-Generational Home Helps with Affordability Today In today's world of rising housing costs, many buyers are looking for ways to still be able to buy a home. Some of them have found a solution in multi-generational living. Multi-generational living is when two or more adult generations live together under one roof. This includes siblings, parents, or even grandparents. Reasons To Buy a Multi-Generational Home According to a recent study by the National Association of Realtors (NAR), the top two reasons people are opting for multi-generational homes today have to do with affordability. Cost Savings: About 28% of first-time buyers and 11% of repeat buyers are deciding on a multi-generational home to save on costs. By pooling their resources, households can share the financial responsibilities to make homeownership more affordable. More Space: Another 28% of first-time buyers and 18% of repeat buyers are doing it because they want a larger home they couldn’t afford on their own. With everyone chipping in and combining their incomes, suddenly, that big dream home with more space is within reach. Lean on an Expert If you’re interested in this too, partner with a local real estate agent. Finding the perfect multi-generational home isn't as simple as shopping for a regular house. That’s because there are more people with even more opinions and needs that should be considered. Buying a multi-generational home can be a smart way to tackle some of today’s affordability challenges. When you team up to share expenses, you can make your dream of homeownership more attainable. If this sounds like an option for you and your loved ones, DM me to help you find a home that’s the perfect fit. #expertanswers #stayinformed www.DanFreshley.com