Hello everybody! Welcome back to Suburban Snacks, where we not only inform you of current Real Estate topics but also review a different food item every month! This month’s snack is…! Before we review the snack, we’ll be informing you on whether or not Real Estate is becoming a buyer’s market! Housing experts say they’re expecting the market to tip back into buyers’ court by 2023. Mortgage rates are approaching 7%, but home prices are only slowly coming back down and inventory is still tight compared to pre-pandemic levels. 44% of 107 economists and housing experts polled by Zillow believe the U.S. housing market will shift in favor of home buyers by the end of 2023. And 12% of these experts believed that the shift will happen sooner — that is, this year. And we’ve already seen some signs of price pressures manifesting: The median price of an existing home in the U.S. was $389,500 in August, down from $403,800 the previous month, according to the National Association of Realtors. One thing we’d like to mention is that every individual market may experience its own changes. Southern Arizona has already begun seeing a shift in buyers’ favor. Sellers are starting to become motivated because their house is sitting on the market longer. This then opens up the option for buyers to ask for seller concessions. These concessions or credits can then be used to allow buyers to buy down the interest rates on their loans to make the home purchase more affordable. Some sellers we’ve seen are even promoting their homes for sale with the tagline that they will pay a couple thousand dollars in concessions! So, if you are someone looking to invest in a home in this current market then we at Suburban would love to help! Do you like… Sweetarts Jelly Beans? Let us know in the comments below. That’s going to do it for us here at Suburban Snacks. If you have any questions or would like to get in contact with us feel free to check out our website at suburbanrealestategroup.com. Also, click the link below to follow us on Instagram. Thanks for watching, my name is Cade Olof and we will see you in the next one! https://www.instagram.com/suburbanrea…
Suburban Real Estate Group2023-01-30T08:58:31-07:00October 8, 2022|Suburban Snacks|
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Suburban Real Estate Group
Our team of experienced agents have facilitated the transfer of nearly $80 Million worth of Real Estate and currently manage over $30 Million worth of rental properties. By using the latest technology available in the industry, combined with their family values, buyers, sellers, and property owners can rest assured that their best interest is Suburban’s number one priority.
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