{"id":7804,"date":"2022-07-12T10:00:15","date_gmt":"2022-07-12T10:00:15","guid":{"rendered":"https:\/\/thezakariagroup.com\/expert-housing-market-forecasts-for-the-second-half-of-the-year\/"},"modified":"2022-07-12T10:00:15","modified_gmt":"2022-07-12T10:00:15","slug":"expert-housing-market-forecasts-for-the-second-half-of-the-year","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/expert-housing-market-forecasts-for-the-second-half-of-the-year\/","title":{"rendered":"Expert Housing Market Forecasts for the Second Half of the Year"},"content":{"rendered":"
\n

\"Expert<\/p>\n

The housing market<\/a> is at a turning point, and if you\u2019re thinking of buying or selling a home, that may leave you wondering: is it still a good time to buy a home? Should I make a move this year?<\/em> To help answer those questions, let\u2019s turn to the experts for projections on what the second half of the year holds for residential real estate.<\/span><\/p>\n

Where Mortgage Rates Will Go Depends on Inflation<\/strong><\/h4>\n

While one of the big questions on all buyers\u2019 minds is where will mortgage rates go in the months ahead, no one has a crystal ball to know exactly what\u2019ll happen in the future. What housing market<\/a> experts know for sure is that the record-low mortgage rates during the pandemic were an outlier, not the norm.<\/p>\n

This year, rates have climbed over 2%<\/a> due to the Federal Reserve\u2019s response to rising inflation<\/a>. If inflation continues to rise, it\u2019s likely that mortgage rates will respond. Greg McBride, Chief Financial Analyst at Bankrate<\/em>, explains<\/a> it well:<\/p>\n

\n

\u201cUntil inflation peaks, mortgage rates won\u2019t either. <\/em><\/strong>Without improvement on the inflation front, we don\u2019t know where the interest rate ceiling will be.\u201d <\/em><\/p>\n<\/blockquote>\n

Whether you\u2019re buying your first home<\/a> or selling your current house to make a move<\/a>, today\u2019s mortgage rate is an important factor to consider. When rates rise, they impact affordability and your purchasing power.\u00a0That\u2019s why it\u2019s crucial to work with a team of professionals, so you have expert advice to help you make an informed decision about your best move.<\/p>\n

The Supply of Homes for Sale Projected To Continue Increasing<\/strong><\/h4>\n

This year, particularly this spring, the number of homes for sale<\/a> has grown. That\u2019s partly due to more homeowners listing their houses, but also because higher mortgage rates have helped ease the intensity of buyer demand. Moderating buyer demand slows down the pace of home sales, which in turn helps inventory rise<\/a>.<\/p>\n

Experts say that growth will continue. Recently, realtor.com<\/em> updated their 2022 inventory forecast<\/a>. In the latest release, they increased their projections for inventory gains dramatically, going from a 0.3% increase at the beginning of the year to a 15.0% jump by the end of 2022 (see graph below<\/em>):<\/p>\n

\"Expert<\/a><\/p>\n

More homes to choose from is great news if you\u2019re craving more options for your home search \u2013 just know that there isn\u2019t a sudden surplus of inventory on the horizon. Housing supply is still low, so you\u2019ll need to partner with an agent to stay on top of what\u2019s available in your market and move fast when you find the one.\u00a0It\u2019s not going to be easy to find a home, but it certainly won\u2019t be as difficult as it has been over the past two years.<\/p>\n

Home Price Forecasts Call for Ongoing Appreciation<\/strong><\/h4>\n

Due to the imbalance between the number of homes for sale and the number of buyers looking to make a purchase, the pandemic led to record-breaking increases in home prices. According to CoreLogic<\/em><\/a>, homes appreciated by 15% in 2021, and they\u2019ve continued to rise this year.<\/p>\n

Even though housing supply is increasing today, there are still more buyers than there are homes for sale, and that\u2019s maintaining the upward pressure on home prices<\/a>. That\u2019s why experts are not calling for prices to decline, rather they\u2019re forecasting they\u2019ll continue to climb, just at a more moderate pace this year. On average, homes are projected to appreciate by about 8.5% in 2022 (see graph below<\/em>):<\/p>\n

\"Expert<\/a><\/p>\n

Selma Hepp, Deputy Chief Economist at CoreLogic, <\/em>explains<\/a> why the housing market will see deceleration, but not depreciation, in prices:<\/p>\n

\n

\u201cThe current home price growth rate is unsustainable, and higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices<\/strong>.<\/em>\u201d<\/p>\n<\/blockquote>\n

For current homeowners looking to sell, know your home\u2019s value isn\u2019t projected to fall, but waiting to make your purchase does mean your next home could cost more as home prices continue to appreciate. That\u2019s why, if you\u2019re thinking about buying your first home or you\u2019re ready to make a move, it may make sense to do so now before prices climb higher. But rest assured, once you buy a home, that price appreciation will help grow the value of your investment<\/a>.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Whether you\u2019re a homebuyer or seller, you need to know what\u2019s happening in the housing market, so you can make the most informed decision possible. Let\u2019s connect to discuss your goals and what lies ahead, so you can determine the best plan for your move.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

The housing market is at a turning point, and if you\u2019re thinking of buying or selling a home, that may leave you wondering: is it still a good time to buy a home? Should I make a move this year? To help answer those questions, let\u2019s turn to the experts for projections on what the […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[99,100,102,104,108],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nExpert Housing Market Forecasts for the Second Half of the Year - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/expert-housing-market-forecasts-for-the-second-half-of-the-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Expert Housing Market Forecasts for the Second Half of the Year - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"The housing market is at a turning point, and if you\u2019re thinking of buying or selling a home, that may leave you wondering: is it still a good time to buy a home? 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