Mortgage Rates & Home Price Forecasts, Foreclosures & Inventory
Mortgage Rates & Home Price Forecasts, Foreclosures & Inventory; going up like the # of ski resorts opening for the season or going down like the cooler temps in the weeks ahead?
Kelie Gray and Brandy Morgan tuned into a webinar to learn what the experts were predicting. Here are some things we learned:
- Housing experts and economists project mortgage rates will continue to rise - until inflation shows signs of easing.
- Currently inflation is at a 40 year high!
- Freddie Mac says that in the past 50 years, this year we have seen the biggest increase in rates.
- Home price forecasts for next year (2023) are relatively neautral. Some markets with slight appreciation and some with slight depreciation.
- There is not a pent up wave of foreclosures coming to the market, that would make home prices crash.
- Actually, there's fewer and fewer foreclosures every year.
- Homeownership wins over time!
- Rents have skyrocketed, so build your own equity.
We love learning, especially about what is important to our clients. Please let us know if you still have questions or if there is something we could help clarify for you. We aspire to be your local experts here in Summit County and in Real Estate.
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