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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.
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.
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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.
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.
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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.
In the last few weeks, the average 30-year fixed mortgage rate from Freddie Mac inched up to 5%. While that news may have you questioning the timing of your home search, the truth is, timing has never been more important. Even though you may be tempted to put your plans on hold in hopes that rates will fall, waiting will only cost you more. Mortgage rates are forecast to continue rising in the year ahead.
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