We know you're bombarded with real estate market information from all directions—news, social media, friends, and even that chatty person at the PTA meeting. Talk about home prices and mortgage rates seems to be everywhere. But what does this all really mean, and how does it help you decide whether to buy now or wait?
Here are two crucial questions to ask yourself as you consider purchasing a home:
According to over 100 economists, real estate experts, and market strategists surveyed for the Home Price Expectation Survey by Pulsenomics, experts project a slight dip in home prices this year. We've already seen this happen in certain markets.
But here's the context you need: the worst price declines are likely already behind us, and many markets are starting to appreciate again. The once-predicted real estate market crash seems highly unlikely. So if some well-meaning person has advised you to wait for prices to plummet before you buy, you’ll want to think twice.
But looking ahead, the forecast is optimistic!
Prices are expected to appreciate in 2024 and beyond. This matters because if you buy in 2023, your home will likely increase in value, building equity for you. But remember, based on these forecasts, the cost of purchasing a home will only rise if you wait.
Over the past year, mortgage rates rose due to economic uncertainties and inflation. The good news is that inflation has shown signs of moderation. When inflation cools, mortgage rates usually respond by falling. That's why some experts predict a slight decrease in rates over the next few quarters.
Remember, predicting mortgage rates is tricky because there are many factors involved.
- Buy now and mortgage rates remain the same: You made a smart move since home prices are projected to rise. By buying now, you beat rising prices.
- Buy now and mortgage rates later drop (as projected): Still a good decision since you've secured the house before prices appreciate further. Plus, if rates fall, you can always refinance later.
- Buy now and mortgage rates rise: A great decision since you'd purchase before both home prices and mortgage rates increase.
While no one can predict the future with certainty, expert projections provide valuable insights. Of course, relying on a trusted mortgage professional who can offer expertise in your local market is an incredible asset. With the right guidance, you'll be well-equipped to make informed decisions and embark on an exciting homeownership journey.
We've been helping customers afford the home of their dreams for many years and we love what we do.
NMLS# 230218/DRE #01325182
Best Equity Property Services NMLS#1845124/DRE#02087311
795 Alamo Dr Suite 101 Vacaville, CA 95688
Brickhouse Mortgage Inc strives to ensure that its services are accessible to people with disabilities. Brickhouse Mortgage Inc has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Brickhouse Mortgage Inc makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows brickhousemtg.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
Brickhouse Mortgage Inc accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
Brickhouse Mortgage Inc continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on Brickhouse Mortgage Inc website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on Brickhouse Mortgage Inc website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: Brett@Brickhousemtg.com