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Friday, January 13, 2023   /   by Laura Larson

Expert Opinions on the 2023 Housing Market

You likely want to know what to expect from the housing market this year if you're planning to buy or sell a property this year. Economic ambiguity and higher mortgage rates in 2022 reduced buyer demand, slowed the pace of home sales, and tempered home values, causing a significant shift in the market. What about 2023?
An article from HousingWire explains the realities of this changing market: “The red-hot housing market of the past 2 ½ years was characterized by mortgage rates under 3 percent, fast-paced bidding wars, and record-low inventory. But more recently, market conditions have done an about-face... now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.”
If inflation continues to decline and mortgage rates remain stable this year, analysts concur that the housing market may revert to being more stable and predictable. What they have to say is as follows.
The National Association o ...

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Friday, January 13, 2023   /   by Laura Larson

The Truth About Negative Home Equity

Recent real estate news has featured articles on home equity. If you've been keeping up with what the media is saying, you may also be aware of reports about the increasing number of homeowners who have negative equity. But don't be alarmed by those headlines.
 
In actuality, the headlines don’t provide you with all the information you truly need to grasp what’s happening and at what scale. Let’s break down one of the big equity stories you may be reading in the news, and what’s truly happening. We want to provide the background information required to understand the big picture.
 
Headlines Focus on Short-Term Equity and Fail To Convey the Long-Term View
One journalistic article that's been going around recently discusses the proportion of 2022 home purchases that are presently underwater. Underwater refers to a situation in which the mortgage balance is higher than the value of the home. When the housing market crashed in 2008, this was a ma ...

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Friday, January 13, 2023   /   by Laura Larson

The Housing Market Is Not What It Was 15 Years Ago

Without a question, the real estate market today is significantly different from the high-paced market of the previous several years. Real estate saw a significant change in the second half of 2022, which led many observers to draw parallels with the 2008 housing crisis. While there may be some similarities, there are noticeable differences when comparing important factors between the current housing cycle and the previous one.
 
There’s Opportunity in Real Estate Today
In today’s market, with inventory rising and less competition from other buyers, there’s an opportunity right now. According to David Stevens, former Assistant Secretary of Housing: “So be advised…this may be the one and only window for the next few years to get into a buyer’s market. And remember… as the Federal Reserve data shows… home prices only go up and always recover from recessions no matter how mild or severe. Long-term homeowners should view this m ...

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Friday, January 13, 2023   /   by Laura Larson

Is It Time To Sell Your Second Home?

Due to the increased freedom of teleworking during the epidemic, second residences gained popularity. Those homeowners could spend more time in their preferred locations or enjoy other home amenities, which was made possible by buying a second house, especially in the luxury market.
 
A recent report from the Institute for Luxury Home Marketing (ILHM) explains just how much remote work impacted the demand for second and luxury homes: “The unprecedented ten-fold increase towards remote work since the pandemic is a historic development that will continue to fuel second home demand for many years to come.”
 
If you own a property that is regarded as a luxury home, buyer demand can be high. The Institute for Luxury Home Marketing states in a report: “... the last few years have left their legacy for the luxury market. While it might only represent a small percentage of the overall real estate market, luxury homeownership’s influence is growing. Not ...

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Friday, January 13, 2023   /   by Laura Larson

How to Prevent a Delayed Closing

When your offer is approved, the anticipation builds as the closing date approaches. But before you can obtain your keys, you'll want to be watchful of any barriers or setbacks that could cause delayed closing and postpone your move-in date. You might reconsider getting that gorgeous new couch and postpone your plans for the backyard expansions until the title has been resolved. There are many things that might go wrong before you eventually close on your house, from problems with the appraisal to obstacles with the home inspection. How therefore may a delayed closing be avoided? Be mindful of these frequent problems to avoid pushing back your closing date.
 
What is a delayed closing
Throughout the home-buying process, unforeseen events might happen, and depending on how long it takes to fix the problem(s), it could prevent your property from closing on time. For instance, a termite inspection may reveal damage that needs costly repairs or reveals that the home's appraised ...

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