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The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at <em>First American, </em><a href="https://blog.firstam.com/economics/why-housing-market-potential-increased-for-the-second-straight-month">explains</a> the root causes of today’s low supply:
To sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but <a href="https://www.simplifyingthemarket.com/2023/02/08/number-of-homes-for-sale-up-from-last-year-but-below-pre-pandemic-years/?a=712644-838b6c55a1809c97da6d61c83d33dbdc">inventory</a> is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, <strong>homes that are updated and </strong><a href="https://www.simplifyingthemarket.com/2023/01/23/want-to-sell-your-house-price-it-right/?a=712644-838b6c55a1809c97da6d61c83d33dbdc"><strong>priced</strong></a><strong> at market value are still selling fast</strong>.
The recent changes in home prices are top of mind for many as the <a href="https://www.simplifyingthemarket.com/2023/02/02/experts-forecast-a-turnaround-in-the-housing-market-in-2023/?a=712644-838b6c55a1809c97da6d61c83d33dbdc">housing market</a> begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices.
If you’re thinking about buying a home, you might be focusing on previously owned ones. But with so few houses for sale <a href="https://www.simplifyingthemarket.com/2023/02/09/why-todays-housing-market-isnt-headed-for-a-crash/?a=712644-838b6c55a1809c97da6d61c83d33dbdc">today</a>, it makes sense to consider all your options, and that includes a home that’s newly built.
<p>No matter how the housing market changes, there are some things about <a href="https://www.simplifyingthemarket.com/2023/01/24/the-3-factors-that-affect-home-affordability/" rel="noopener noreferrer" target="_blank?a=712644-838b6c55a1809c97da6d61c83d33dbdc">owning a home</a> that never change—like the personal benefits it can provide. When you own your home, you likely feel a sense of attachment because of the comfort it gives and also because it’s a space that’s truly yours.</p>
<p>No matter how the housing market changes, there are some things about <a href="https://www.simplifyingthemarket.com/2023/01/24/the-3-factors-that-affect-home-affordability/" rel="noopener noreferrer" target="_blank?a=712644-838b6c55a1809c97da6d61c83d33dbdc">owning a home</a> that never change—like the personal benefits it can provide. When you own your home, you likely feel a sense of attachment because of the comfort it gives and also because it’s a space that’s truly yours.</p>
Before you buy a home, it’s important to <a href="https://www.simplifyingthemarket.com/2023/02/10/how-to-win-as-a-buyer-in-todays-housing-market-infographic/?a=712644-838b6c55a1809c97da6d61c83d33dbdc">plan ahead</a>. While most buyers consider how much they need to save for a <a href="https://www.simplifyingthemarket.com/2023/02/03/you-may-not-need-as-much-as-you-think-for-your-down-payment-infographic/?a=712644-838b6c55a1809c97da6d61c83d33dbdc">down payment</a>, many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when it’s time to close on your home, you need to understand <strong>what closing costs are and how much you should budget for</strong>.
<a href="https://www.nerdwallet.com/article/mortgages/2023-home-buyer-report">67%</a> of Americans say a housing market crash is imminent in the next three years. With all the talk in the media lately about shifts in the housing market, it makes sense why so many people feel this way. But there’s good news. Current data shows <a href="https://www.simplifyingthemarket.com/2023/02/02/experts-forecast-a-turnaround-in-the-housing-market-in-2023/?a=712644-838b6c55a1809c97da6d61c83d33dbdc"><strong>today’s market</strong></a><strong> is nothing like it was before the housing crash in 2008</strong>.
In this crazy market, time is money! Don't hesitate to contact Penny, she is ready to go to work for you today!
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