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Most "experts" predict the number of sales (transactions to be down by approximately 30%). The prices are predicted to be down 8-10% from the height in May of 2022. Much of the price decline has happened in the last half of 2022. The increased mortgage rates have caused fewer buyers to purchase because the monthly payment has increased by as much as 50% from early last year. For example, a payment of $3000 @ 3% in 2022 is now $4500 at 6.5% in 2023. Ouch!
What's your home worth?
There have been a couple of new developments, and more options are available to the buyer. You can get a mortgage today in the 5% range and adjustable and buy downs to a 4% mortgage rate. That brings the payment more affordable. Also, most mortgage experts predict long-term rates in the high 4% to low 5%.
If you are thinking of selling and think you will be patient for the market to come back to May of 2022 prices, you may have to wait years, not months.
Much of the price decline already happened from September - December of 2022. So, for many sellers, it may make sense to sell now and cash out while we are close to all-time highs and not many homes are on the market.
To get a complete report with all the graphs, stats, etc., click here or you can call me and talk about your situation and what you want to accomplish.
Regards,
George Lorimer
619-846-1244