Leave a Message

Thank you for your message. We will be in touch with you shortly.

Want To Know The 2 Questions You Should Be Asking Yourself If You're A Buyer In Today's Market?

Home Buying

Want To Know The 2 Questions You Should Be Asking Yourself If You're A Buyer In Today's Market?

It's a fact rising interest rates have begun to slow the overheated housing market as monthly mortgage payments have risen dramatically since the beginning of the year. This is leaving some people who want to purchase a home either priced out of the market or wondering if now is the time to buy one. The truth is, there are no signs of this rise in borrowing cost letting up soon. But it's not all doom and gloom. We have to restrategize. 

Another factor right now is economic uncertainty and the volatility of the financial markets. These are causing mortgage rates to rise. George Ratiu, Senior Economist and Manager of Economic Research at realtor.comsays this:

"While rates above 7% may have seemed unthinkable two months ago, at the current pace, we can expect rates to surpass that level in the next three months."

Is it the right time to buy a home? If you're on the sidelines, you need to ask yourself the following…

Where Do I Think Home Prices Are Heading? There are two places to turn to answer this question. First is the consensus of what experts are saying. Looking at what experts are projecting for home prices in 2023, they forecast an appreciation of around 2%. While it's true some are calling for depreciation, most are calling for appreciation in home values over the next year.

The second place 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 (see graph below): 

  1. Where Do I Think Interest Rates Are Heading?

As mentioned above, Ratiu sees mortgage rates rising over the next several months. Another expert agrees. Mark Fleming, Chief Economist at First Americansays:

"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.

Bottom Line

If you're thinking about buying a home, asking yourself about home prices and mortgage rates will help you make a powerful and confident decision. Experts see both prices and rates rising in the future. The alternative is to rent, but rents are also increasing. That may mean buying a home makes more sense than renting. Most important, don't just listen to the scare tactics of the news media. Instead, turn to EXPERTS for your information. Knowledge is KEY!

 

Recent Blog Posts

Stay up to date on the latest real estate trends.

Home Buying

Year-End Financial Planning Motivates Buyers in the Luxury Market

Melinda Sarkis

How Holiday-Season Financial Strategies Drive Real Estate Decisions in the Luxury Market

Home Buying

Winter Real Estate Trends: Why the Luxury Market Remains Active During the Holidays

Discover why the holiday season offers unique opportunities for luxury property transactions—and how to leverage this time of year to make the most of your investment.

Holidays

Preparing Your Home for the Holidays: Staging Tips for a Luxury Touch

Melinda Sarkis

Create a timeless and inviting holiday ambiance that elevates your luxury home’s elegance and charm.

Seller Tips

Planning to Sell Your Home in Rancho Santa Fe or Boston in 2025? Start Prepping Now

Melinda Sarkis

Maximize your luxury home's value by starting early with strategic improvements and expert guidance.

Seller Tips

Why Now Is Not the Time to Take Your Luxury Home Off the Market

Melinda Sarkis

In a season where others are withdrawing, discover why maintaining your luxury home listing could be the strategic move that pays off.

Seller Tips

Is Your House Priced Too High? 4 Signs You Need to Adjust Your Strategy

Melinda Sarkis

Learn How Proper Pricing Impacts the Success of Your Home Sale in the Competitive Markets of San Diego and Boston.

Mortage Rates

Mortgage Rates Drop to Lowest Level in Over a Year and a Half: What It Means for Buyers

Melinda Sarkis

Historic Drop in Mortgage Rates Opens Doors for Savvy Homebuyers

Home Buying

What Mortgage Rate Should You Wait For?

Melinda Sarkis

Forecasting Mortgage Rate Trends in 2024

home ownership

The Next Financial Wave: How Shifting Wealth Dynamics are Transforming Luxury Real Estate

Melinda Sarkis

A New Chapter in Luxury Real Estate

Work With Melinda