Navigating Tomorrow’s Real Estate: Mortgage Rates, Prices, and Market Predictions

Today, I’ll address three commonly asked questions about these topics: mortgage rates, housing prices, and the possibility of a recession.

Firstly, regarding mortgage rates, recent news suggests no expected increases this year, with a slight decrease in interest rates recently. This trend indicates positive news for borrowers.

As for housing prices, they’re influenced by supply and demand dynamics. Predictions indicate a gradual increase, approximately 2% to 3% nationwide this year. Meanwhile, the possibility of a recession has decreased, as indicated by comparative outlooks from last year to this year.

However, any potential recession wouldn’t likely affect the real estate market negatively. Active listings of homes for sale have decreased compared to the previous year, despite the country creating half a million new households annually. This shortage in available homes may further drive prices upward, especially if interest rates decline, encouraging more market participation.

This year is poised to be interesting as we observe how these factors interact in the real estate market. The scenario could shift if more people decide to sell their homes, though this isn’t anticipated presently. If you have any questions about the market or need help with your real estate goals, call or email me. I’m always happy to help.