{"id":8041,"date":"2023-05-30T10:30:00","date_gmt":"2023-05-30T10:30:00","guid":{"rendered":"https:\/\/thezakariagroup.com\/todays-real-estate-market-the-unicorns-have-galloped-off\/"},"modified":"2023-05-30T10:30:00","modified_gmt":"2023-05-30T10:30:00","slug":"todays-real-estate-market-the-unicorns-have-galloped-off","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/todays-real-estate-market-the-unicorns-have-galloped-off\/","title":{"rendered":"Today\u2019s Real Estate Market: The \u2018Unicorns\u2019 Have Galloped Off"},"content":{"rendered":"<div><img decoding=\"async\" width=\"358\" src=\"https:\/\/files.keepingcurrentmatters.com\/content\/images\/20230529\/20230530-todays-real-estate-market-the-unicorns-have-galloped-off.jpg\" alt=\"Today\u2019s Real Estate Market: The \u2018Unicorns\u2019 Have Galloped Off Simplifying The Market\" loading=\"lazy\" style=\"display: block; margin-bottom: 5px; clear: both; max-width: 100%;\"><\/p>\n<p>Comparing real estate metrics from one year to another can be challenging in a normal housing market. That\u2019s due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared.\u00a0<\/p>\n<p>Comparing this year\u2019s numbers to the two \u2018unicorn\u2019 years we just experienced is almost worthless. By \u2018unicorn,\u2019 this is the less common <a href=\"https:\/\/www.thefreedictionary.com\/unicorn\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">definition<\/a> of the word:<\/p>\n<blockquote><p><em>\u201cSomething that is greatly desired but difficult or impossible to find.\u201d<\/em>\u00a0<\/p><\/blockquote>\n<p>The pandemic profoundly changed real estate over the last few years. The demand for a home of our own skyrocketed, and people needed a home office and big backyard.\u00a0<\/p>\n<ul>\n<li>Waves of first-time and second-home buyers entered the market.<\/li>\n<li>Already low mortgage rates were driven to historic lows.\u00a0<\/li>\n<li>The forbearance plan all but eliminated foreclosures.<\/li>\n<li>Home values reached appreciation levels never seen before.<\/li>\n<\/ul>\n<p>It was a market that forever had been \u201c<em>greatly desired but difficult or impossible to find.\u201d\u00a0<\/em>A \u2018unicorn\u2019 year.<\/p>\n<p>Now, things are getting back to normal. The \u2018unicorns\u2019 have galloped off.\u00a0<\/p>\n<p>Comparing today\u2019s market to those years makes no sense. Here are three examples:\u00a0<\/p>\n<h4><strong>Buyer Demand\u00a0<\/strong><\/h4>\n<p>If you look at the headlines, you\u2019d think there aren\u2019t any buyers out there. We still sell over 10,000 houses a day in the United States. Of course, buyer demand is down from the two \u2018unicorn\u2019 years. But, according to <a href=\"https:\/\/www.showingtime.com\/showingtime-showing-index\/\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\"><em>ShowingTime<\/em><\/a>, if we compare it to normal years (2017-2019), we can see that buyer activity is still strong (<em>see graph below<\/em>):<\/p>\n<p><a href=\"https:\/\/files.keepingcurrentmatters.com\/content\/images\/20230529\/20230530-showing-traffic-above-pre-unicorn-years.png\" rel=\"noopener noreferrer\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/files.keepingcurrentmatters.com\/content\/images\/20230529\/20230530-showing-traffic-above-pre-unicorn-years.png\"><\/a><\/p>\n<h4><strong>Home Prices<\/strong><\/h4>\n<p>We can\u2019t compare today\u2019s home price increases to the last couple of years. According to <a href=\"https:\/\/www.freddiemac.com\/research\/indices\/house-price-index\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\"><em>Freddie Mac<\/em><\/a>, 2020 and 2021 each had historic appreciation numbers. Here\u2019s a graph also showing the more normal years (2017-2019):<\/p>\n<p><a href=\"https:\/\/files.keepingcurrentmatters.com\/content\/images\/20230529\/20230530-percent-of-annual-home-appreciation-returning-to-more-normal-pre-unicorn-years.png\" rel=\"noopener noreferrer\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/files.keepingcurrentmatters.com\/content\/images\/20230529\/20230530-percent-of-annual-home-appreciation-returning-to-more-normal-pre-unicorn-years.png\"><\/a><\/p>\n<p>We can see that we\u2019re returning to more normal home value increases. There were several months of minimal depreciation in the second half of 2022. However, according to <a href=\"https:\/\/www.fanniemae.com\/research-and-insights\/surveys-indices\/fannie-mae-home-price-index\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\"><em>Fannie Mae<\/em><\/a>, the market has returned to more normal appreciation in the first quarter of this year.<\/p>\n<h4><strong>Foreclosures\u00a0<\/strong><\/h4>\n<p>There have already been some startling headlines about the percentage increases in foreclosure filings. Of course, the percentages will be up. They are increases over historically low foreclosure rates. Here\u2019s a graph with information from <a href=\"https:\/\/www.attomdata.com\/news\/category\/market-trends\/foreclosures\/\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\"><em>ATTOM<\/em><\/a>, a property data provider:<\/p>\n<p><a href=\"https:\/\/files.keepingcurrentmatters.com\/content\/images\/20230529\/20230530-1m-fewer-foreclosures-during-unicorn-years.png\" rel=\"noopener noreferrer\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/files.keepingcurrentmatters.com\/content\/images\/20230529\/20230530-1m-fewer-foreclosures-during-unicorn-years.png\"><\/a><\/p>\n<p>There will be <a href=\"https:\/\/www.simplifyingthemarket.com\/2023\/04\/27\/why-todays-foreclosure-numbers-are-nothing-like-2008\/\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">an increase<\/a> over the numbers of the last three years now that the moratorium on foreclosures has ended. There are homeowners who lose their home to foreclosure every year, and it\u2019s heartbreaking for those families. But, if we put the current numbers into perspective, we\u2019ll realize that we\u2019re actually going back to the normal filings from 2017-2019.<\/p>\n<h3>SBottom Line<\/h3>\n<p>There will be very unsettling headlines around the housing market this year. Most will come from inappropriate comparisons to the \u2018unicorn\u2019 years. A real estate professional is a great resource to help you keep everything in proper perspective.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\" rel=\"noopener\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Comparing real estate metrics from one year to another can be challenging in a normal housing market. That\u2019s due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared.\u00a0 Comparing this year\u2019s numbers to the two \u2018unicorn\u2019 years [&hellip;]<\/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":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[99,100,877,102,108],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Today\u2019s Real Estate Market: The \u2018Unicorns\u2019 Have Galloped Off - 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\/todays-real-estate-market-the-unicorns-have-galloped-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Today\u2019s Real Estate Market: The \u2018Unicorns\u2019 Have Galloped Off - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"Comparing real estate metrics from one year to another can be challenging in a normal housing market. 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