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!

Image

Latest

Brand experience with APL
Stepping into the Future at Shoptalk 2024: Creating a Flagship Brand Experience with APL
March 28, 2024

The customers of today are no longer satisfied with mere products; they crave brands that provide immersive, distinctive, and tailored brand experiences. Athletic Propulsion Labs (APL) epitomizes this shift, setting a new standard in the luxury performance market with its innovative athletic footwear. APL’s newly opened flagship boutique in Soho, with its artisan plaster walls […]

Read More
Balancing professional growth and personal well-being
Routines, Rituals and a Mission-Driven Approach: MarketScale’s CRO Tim Maitland on Balancing Professional Growth and Personal Well-Being
March 28, 2024

In a world that often demands the relentless pursuit of success, finding the sweet spot between professional growth and personal well-being can seem like an elusive goal. As we navigate the complexities of modern work-life dynamics, the conversation around maintaining this balance has become more pertinent than ever. In this episode of Growthwell, we […]

Read More
marketing careers
The Impact of AI on Marketing Careers
March 28, 2024

In this episode of The Marketing AI SparkCast, host Aby Varma, a B2B Marketing Leader and the Founder of Spark Novus, sits down with Matt Gill, the Founder and Managing Partner of MICA Consulting Group. Spark Novus is a consultancy specializing in strategic AI adoption in marketing. MICA is a leading boutique national marketing […]

Read More
healthcare cybersecurity
Continued Threats Require a Major Shift in Healthcare Cybersecurity Risk Perception
March 28, 2024

Recent cyberattacks on healthcare institutions have thrust cybersecurity from a back-office concern to the forefront of the healthcare industry’s agenda. A significant breach at Change Healthcare disrupted essential services, underlining the vulnerability of healthcare networks to such threats and the dire consequences for patient care. Government and industry responses have stressed the importance of […]

Read More