The Federal Reserve’s steps last year to keep the financial markets liquid and to ensurestayed low have continued. But the low mortgage rates pale in comparison to soaring housing prices in the past year.
To get some insight into what prospective buyers and sellers can expect as we enter the midpoint of summer, Forbes Advisor spoke to housing experts across the country to get their forecast on home prices, rates and buyer appetite in the coming months.While a full-on celebration might be too soon, prospective homebuyers can breathe a little easier, based on predictions from real estate experts.
“The market in Northern Virginia has slowed significantly during the past month, with fewer offers and longer days on market,” says Ryan McLaughlin, CEO at the Northern Virginia Association of Realtors . “While this would be a normal pattern in a typical year, given the intensity of the spring market, it is surprising. It could well be due to an uptick in travel as pandemic restrictions eased.”
However, for some communities, the pandemic gave them a much-needed boost from the lagging price appreciation still leftover from the last housing crisis. Wisconsin, for instance, was slower to recover from the 2008 crash, when foreclosure filings hit a record high of 21.5%. Even Asken, who’s based in Los Angeles’ notoriously expensive and competitive market, says she is noticing that more buyers are now proceeding with caution.
Advisor My friend who bought her house in early 2008 sold at breakeven in 2019... Oof Same person is breaking down to buy again now.... Just saying
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