Patrick Iturra, Asset Manager at Estate Investments Group
Are you frustrated with the current situation of the housing market?
According to the new report, many housing experts expect to bring back the buyer market by 2023. Currently, the mortgage rates are touching 7%, home prices are slowly decreasing, and the inventory is still limited compared to the pandemic times.
Are you frustrated by the housing market? According to a new report, housing experts expect the market to tip back into buyers’ court by 2023. Still, more than 44% of 107 economists participated in a poll held by the real estate company Zillow for its home price expectations. More than 12% of these experts believed that the market would shift sooner in favor of the buyers by 2024.
As per the National Association of Realtors, the median house price was $389,500 in August, declining from $403,800 in the previous month.
Also, in the next year, prices decline in multiple locations such as Boise, Auston, and Raleigh. Most experts are expecting a decline in these cities. You will see a big jump in terms of sales compared to the coronavirus pandemic.
Redfin, a famous real estate brokerage company, has reported that Sun Belt Home Buyers have been canceling their home purchase agreements at the highest rate compared to the nationwide average.
According to Zillow, the market will see home prices decline in the next year in many midwestern cities. Out of all these people, only 36% expected home prices to decrease in the next 12 months.
Many southern markets, such as Atlanta, Nashville, and Charlotte, might witness strong demand, where only 44% of the respondents said that home prices would decline.
The buyers are currently stuck with rent, where the rent can outrun inflation over the next 12 months.
The average mortgage payment for a home has increased from $338 to $2,547 in the past six months. Redfin also reported a jump of 15%. This had also increased by 50% compared to the previous year when the mortgage rates were 3.01%.
The Sun Will Shine Again: Your First Real Estate Investment Awaits!
As explained earlier, 2023 will be a housing buyer’s market. The housing market has seen many ups and downs over the past years.
But, still, real estate has been giving consistent returns for investors in the past. You can now wait and invest your time in research to choose the best real estate that will generate passive income and returns over the long run.
You have to do a lot of work, do market research, identify the trends and invest your money in the right real estate. But how do you find the right real estate?
Well, I am here to help you do that! With my 24+ years of experience, I have seen many ups and downs in real estate. I have seen the 2008 recession and many periods of housing boom!
Therefore, If you want to invest in real estate, I am here to help you with my services. [Check out our Off-Market Real Estate Investment Properties]
For any inquiries, you can contact me here!
“Our investors hire us for one main reason: they want us to prevent the leakage of their significant operating expenses in real estate, contracting, licensing, and facilities management, while they focus on their core business, investing.”
We do not sell houses. We grow your assets. Patrick Iturra, Asset Manager at Estate Investments Group.