On The Market
The Housing Market is Changing (Deals Are Coming in Winter)
Nov 28, 2024
Discounted real estate deals may be on the horizon as the housing market begins to thaw this winter. Home prices remain high despite a significant drop in sales, currently 20% below the average and 50% from recent peaks. Factors like affordability struggles and locked-in homeowners keep the market stagnant, but sellers may be more willing to lower prices soon. Additionally, the potential rise in mortgage rates and shifts in rental trends present intriguing investment opportunities for savvy investors.
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Quick takeaways
- Despite declining home sales, median home prices have reached an all-time high, indicating a complex market influenced by affordability challenges.
- Anticipated reductions in mortgage rates this winter may prompt sellers to adjust their prices, potentially creating opportunities for real estate investors.
Deep dives
Current Housing Prices and Trends
National median home prices have reached an all-time high, currently sitting at $429,000, which marks a 4% increase year-over-year. While this growth may seem modest compared to the double-digit increases seen during the pandemic, it is still considered above the long-term average appreciation. Notably, this increase surpasses the current inflation rate, an aspect that investors typically view positively. However, there is a discernible slowdown in the rate of growth, with many markets seeing only mild corrections, indicating a more normalized state for the housing market.
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