Home prices today are in a deceleration softening mode which is defined as prices will continue to appreciate but at a more moderate pace. Jan 2022 appreciation was upward 20% and experts forecast home prices will appreciate at a decelerated pace about 10-11% on average. The chart depicts Jan 2022 through June 2022. However listings are sitting on the market longer with some seller's in denial with still, inflated prices and not paying attention to the affordability market. Expect a strong fall 2022 housing market.
While prices are decelerating, some unique and overheated housing markets may see slight declines and nationally some home prices are still forecast to appreciate in some areas. Houston now, has slowly now turned into a buyer's market. It has been reported in Houston Texas in September 2022 a seller gave 10,000 to buyer's closing cost.
As we look at the country as a whole, none of the experts project home prices will net depreciation or fall. They are projecting ongoing appreciation at the decelerated pace. Again bidding war's has nearly come to a halt.
If consumer price inflation continues to rise, then the plan is for mortgage rates to go higher and try to tame inflation. Economist predicts rates will stabilize only when signs of peak inflation appear. In turn, when inflation is contained, mortgage rates may decline somewhat. Click link here to learn more about home appreciation and depreciation /HOME-PRICE-APPRECIATION-AND-DEPRECIATION---32819---32836---Dr-Phillips-6-23079.html
Home builders are seriously competing now due to the shift in the housing market. They are giving huge incentives on design center upgrades and ready move-in homes. Materials prices have beed reduced which help eased the pricing on new construction, even though they are trying to get back on track in the production system when ordering materials. Most builder's partner up with lenders. While using their preferred lender the builder will pay most or all closing cost.
Lender's are being even more creative with lucrative loan programs to conform with the laws and interest rates. Such as lock for almost up to a year, this is why it is vital to maintain excellent credit to be ready when these deals come your way. Excellent credit and cash reserves go a long way and will make it that much smoother to receive you keys to your new and well deserved home. Click link here to learn more about mortgage lenders /MORTGAGE-LENDERS---32819---32836---Orlando-Florida-6-20247.html
To ensure this is a success and as a trusted advisor and professional realtor, stay connected and contact me today at 850 496-6412. Serving Dr Phillips, Disney area and all Central Florida. Click link to learn more about Kevin Strawter /ABOUT-KEVIN-STRAWTER-P-A---MRP--GRI--ABR-6-14330.html