Experts in the real estate industry use a number of terms when they talk about what's happening with home prices. And some of those words sound a bit similar but mean very different things. To help clarify what's happening with home prices and where experts say they're going, here’s a look at a few terms you may hear:
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The current housing market is so hot that it is breaking just about every real estate record that exists: Lowest inventory, highest prices, and shortest time on the market, to name a few.
So what is a buyer to do? Is buying a home in this hot housing market a mistake? Let’s look at some things to help decide whether to buy now or wait until things cool off.
A recession does not equal a housing crisis. That’s the one thing that every homeowner today needs to know. Everywhere you look, experts are warning we could be heading toward a recession, and if true, an economic slowdown doesn’t mean homes will lose value.
The National Bureau of Economic Research (NBER) defines a recession this way:
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Every city has its share of “famous” houses, and St. Louis is no different. Whether it is a location from a movie or TV show either set or filmed in our city or the home of a noteworthy celebrity, we all take some hometown pride in recognizing these places.
Here are some places that every St. Louisan should know and the stories behind them. How many can you find?
Many people are wondering: will home prices fall this year? Whether you’re a potential homebuyer, seller, or both, the answer to this question matters for you. Let’s break down what’s happening with home prices, where experts say they’re headed, and how this impacts your homeownership goals.
Home prices have seen 121 consecutive months of year-over-year increases. CoreLogic says:
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When homebuyers work with a real estate agent, it is helpful to be as clear as possible about what they are looking for in a home. One important factor to consider is the type of community they are seeking. A preference between urban or rural, for example, is fairly straightforward to explain. But other terms, like neighborhood and subdivision, are often used interchangeably— and that can make the home search a bit confusing.
If you’re planning to sell your home this season, rising prices are great news for you. But it’s important to understand why prices are rising to begin with. One major factor is supply and demand.
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