Real Estate Blog

  Key Insights: Home prices continue to hit record highs, while mortgage rates remain elevated after a brief decline. Experts predict any market correction will be mild, far from the dramatic downturn of the Great Recession. Low housing inventory, strict lending standards, and strong demand are preventing a market crash. Despite rising mortgage rates, the housing market remains resilient. Property values keep climbing, and while some hope for a downturn to make homes more affordable, experts suggest that’s unlikely. Here’s what industry professionals are saying about the possibility of a housing market crash. Home Prices Stay on the Rise In late 2022, the U.S. housing market began to cool, sparking hopes of a price correction. However, instead of declining, home values rebounded and continue to rise. The S&P CoreLogic Case-Shiller Index reported a 4.2% year-over-year increase in August, marking another record high. This price resilience comes despite a drop in home sales and pe...

As 2024 draws to a close, the housing market remains a mix of challenges and opportunities. With historically high home prices, persistently low inventory, and evolving mortgage rates, the dynamics of buying and selling are anything but straightforward. Here’s a closer look at what experts predict for the remainder of the year and what it could mean for you. Key Takeaways Sellers remain in control: Low inventory levels give sellers the upper hand, keeping competition tight. Mortgage rates cooling, but still high: After peaking above 8% in 2023, rates have eased to 6.88% as of October 2024, offering some relief but remaining high by historical standards. Affordability concerns linger: Elevated home prices and borrowing costs continue to deter many would-be buyers. Lower rates could spur activity: Further decreases in mortgage rates could motivate both buyers and sellers, improving inventory and market movement. Market Conditions: What’s Happening Now? The median sale price for an ex...

  Existing home sales hit a 14-year low in September, according to the National Association of Realtors (NAR). Meanwhile, the Federal Reserve’s Beige Book hinted at a potential shift in the housing market, noting an increase in inventory across the country. In Virginia, for instance, agents are seeing a rise in “fixer-uppers and less-than-ideal homes” hitting the market. Take Corita Stull, a single mom in Baltimore. The rental home she shares with her four sons has its quirks—including a toilet that often requires “bucket flushing” to get the job done. Despite the maintenance challenges, Stull hopes to buy the home when it goes up for sale, embracing the “fixer-upper” option as a necessary path to homeownership in today’s market. During the pandemic, buyers sought move-in-ready homes, with immediate gratification being the name of the game. But with fewer turnkey homes available, the spotlight is turning back to properties that need a little TLC. “The fixer-upper market has more su...