For example, contracts to buy existing homes (i.e. pending home sales) in December increased for the 1st time in 7 months as mortgage rates decreased from the highs seen in late October.
Additionally, there was a recent rise in the number of mortgage purchase applications reported by the MBA. Also, new home sales have increased for 3 consecutive months (based on contracts signed between buyers and homebuilders from Oct to Dec 2022).
However, rates have more recently surged to a 3 month high (6.75% for average 30yr FRM per the Mortgage News Daily as of 2/15/23). This may decrease home buyer demand once again. For example, for a homebuyer looking to purchase a $450,000 home with 5% down payment, it would cost them approximately $700 more per month today at 6.75% versus one year ago when 30yr rates were averaging 4.12% (based on principal and interest payments).
In today’s video, I take a deep dive into leading indicators of homebuying demand which could give us some indication of where our housing market is headed. Enjoy! Like and subscribe!
➜➜➜ Get Connected To a GREAT Real Estate Agent in Your Area
Compilation of Housing Market Forecast videos:
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.75% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
———————————————————————————-
Products I use and like: ad
My Gear I Use for YouTube: www.amazon.com/shop/jasonwalter
Tubebuddy https://www.tubebuddy.com/jason808
Virtual Assistants (video editing) https://bit.ly/3lYRujQ
***
Jason Walter, CPA (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
[email protected]
➜➜➜ SUBSCRIBE FOR MORE VIDEOS ➜➜➜
To never miss a video about personal finance & real estate related topics, please subscribe & then hit the bell notification here ➜ https://bit.ly/31kAR73
➜ PLAYLIST: Videos about Living in Sacramento
https://bit.ly/2TkXZSh
Moving to Sacramento? Top 10 Reasons to Move Here:
5 Pros & Cons of Living in Sacramento:
Royalty Free Music from Bensound
Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent with Realty One Group in California under DRE 01923240.
#realestate #Realtor #housingmarket