Market Update August 2023

Thank you for joining me today as we delve into the latest housing market update for August 2023 in the United States. Without wasting any time, let's jump right in. Please note that the visuals on my screen might vary, and you might occasionally see me looking away to ensure that I cover our topic accurately.0:58 - Consumer Survey on Home Prices6:40 - Recession and End of Moratorium = Tsunami of Foreclosures10:21 - What Actually Happened with Home Prices in 2022?18:34 - Inventory20:23 - Mortgage Rates<br/>The good news is that the decline in inflation is expected to lead to a drop in 30-year fixed mortgage rates, making homes more affordable for potential buyers. However, there's a slight cause for concern as the demand for homes is increasing while the inventory available falls short. To help you stay prepared for these changes, there are two podcasts available: "Get Me Ready To Sell" and "Get Me Ready To Buy." These podcasts provide valuable guidance for both selling and buying a home.For homeowners who acquired mortgage rates of 3% or lower, it is suggested that they consider selling their homes when rates increase to take advantage of the current market conditions. On the other hand, buyers should be proactive and listen to these podcasts or watch the YouTube videos to ensure they are ready when rates become affordable. Looking ahead to 2024, it is predicted that rates will continue to decline, attracting even more buyers and intensifying competition within the market. Therefore, it is essential to be prepared for selling or buying, regardless of whether it's happening now or in the future.