Can You Find Your Home Sweet Home in This Unpredictable Housing Market?


In the fluctuating landscape of the current unpredictable housing market, potential homebuyers are navigating high mortgage rates, volatile economic conditions, housing changes and a tightening inventory.

Home prices have shown a slight decline with the median existing-home sales price dropping 0.9% to $375,700 in March compared to a year ago. It’s the second month in a row of home price declines after a 131-month streak of record increases. Additionally, mortgage rates reached 6.57% at the end of May. At the same time, housing inventory remains low and is not expected to fully recover in 2023. As of 2023, inventory is approximately 46% below the historical average dating back to 1999​​. Economists predict that if the current economic conditions persist, the housing market is likely in for a slow and tenuous recovery.

These challenges have made the path to homeownership somewhat treacherous, but with the right approach and preparation, it can still be traversed successfully. A recent poll by Fannie Mae found that consumers are feeling a lot more optimistic about the future of this unpredictable housing market. The quest for the perfect home may take time and patience, but the reward – a place to call your own – makes it all worthwhile.

Rob Jensen, Broker and Owner of Rob Jensen Company, gives some advice on how to buy a home even in the midst of all this uncertainty.

Rob’s Thoughts:

“To get the best deal when buying a home, start by finding the best representation. Go online and search the best real estate agents, review their sales history, read their reviews, and interview your top picks. That way, you won’t end up with your cousin or that random agent you met at the open house. Then, get your financials ready so you don’t miss out on that great opportunity. Sellers prefer certainty, which is why cash is most desirable. Second would be an underwritten loan pre-approval, and the weakest would be an over-the-phone pre-qualification. Finally, you’ve got to get out and look at homes. Some people need to see five homes, others 25 homes before they find something they like. But, as you get out there and view homes, you’ll refine your search criteria and eventually find that perfect home and be comfortable submitting an offer.”


Follow us on social media for the latest updates in B2B!



IDC Smart Cities Awards: Edge Computing is Helping Virginia Beach Tackle its Flooding Crisis
April 11, 2024

In remote and disaster-prone areas, the rapid deployment of Internet of Things (IoT) technologies coupled with artificial intelligence (AI) has opened new vistas for emergency management and community safety in smart cities. These leading IoT deployments, highlighted at the recent announcement of the IDC Smart Cities Awards winners, solidified the role that edge computing […]

Read More
Next Gen 911 Sara Weston
Next Gen 911 Doesn’t Have a Final Destination, But Lack of Funding is Slowing the Adoption Journey
April 11, 2024

The transformation of emergency response systems through Next Gen 911 represents a critical evolution in public safety technology, enhancing emergency response capabilities with features like GPS tracking, live video, and real-time translation. As we move away from the outdated copper wire systems first implemented in the 1960s, the disparity between our personal devices and […]

Read More
Tax Incentives Are Key for Green Commercial Vehicle Adoption
April 11, 2024

The push toward greener logistics is gaining traction as concerns about environmental sustainability and climate change continue to grow. Traditional diesel-powered vehicles, long the backbone of the freight industry, are increasingly seen as unsustainable. The introduction of zero-emission vehicles like electric and hydrogen trucks is a promising step, but these technologies face significant barriers […]

Read More
Successful Innovation in B2B Takes Bringing the Whole Company to the Table
April 11, 2024

In the realm of business, the term ‘innovation’ is often tossed around like a shiny buzzword, suggesting a world of limitless possibilities and creative experimentation. Especially when tackling innovation in B2B, though, whether in the form of new business models, products, services, or partnerships, true innovation requires far more than mere brainstorming and ideation; […]

Read More