Updated: Oct 20
By Briana Hoffman | REALTOR | Holmes4Sale
This has been a wild year for the real estate market, to say the least. Well, a wild couple years really, but we’ll stick with this year for the sake of this discussion.
Over the next couple of weeks, I’m going to walk you through some data and concepts that will be helpful in guiding your home buying/selling decisions in this market.
First up: check out these graphs and info one of the lenders I work with, Jason Christiansen with Security Home Mortgage, shared with me. (And on that note, if you need a recommendation for a lender, I have a list of several fantastic lenders I recommend. Just let me know!)
From Jason: “So, this is kind of interesting. House prices are definitely coming down. On September 27th Case Shiller and FHFA both showed market deceleration. Up until recently, even with the decline in this year's prices, we had appreciation year over year 2021 to 2022.
We are not yet to the decrease in home prices of 2008, but we're on a similar trajectory. The difference between then and now is still inventory. Average days on the market of a home is just over a month, which feels like a long time compared to what it was recently.
This deceleration in the market has made it a great time to buy a home because of the perceived condition of the market. I'm getting cell concessions on most of the loans I'm working on. So, even with the higher rates I feel that my buyers are getting a great deal and having an easier time finding the home that they want.”
Today I gave you a little information about what the market has done; Next we’ll talk more about various predictions that have been made for what the housing market may do. Then we’ll talk about interest rates, investment properties, and sellers vs. buyer’s markets. Let me know if there are other questions you have!
(Photo credit to Jason Christiansen)