Market Update August 2023

Thank you for joining me today. In this episode, we will be discussing the latest housing market update for August 2023 in the United States. Without further ado, let's dive right in. As I share my screen today, the visuals may vary, and you might notice me occasionally looking away to ensure that I accurately follow and cover our topic.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/>It is expected that the decline in inflation will lead to a drop in 30-year fixed mortgage rates, which will benefit buyers by making homes more affordable. However, there is a concern that there is not enough inventory to meet the increased demand. To be prepared for these changes, there are podcasts available called "Get Me Ready To Sell" and "Get Me Ready To Buy" that provide guidance for selling or buying a home. It is suggested that homeowners who obtained mortgage rates of 3% or lower should consider selling their homes when rates increase to take advantage of the market. Buyers should also be proactive and listen to the podcasts or watch them on YouTube to be prepared when rates reach an affordable level. In 2024, it is predicted that rates will decline further, bringing more buyers into the market and increasing competition. Therefore, it is important to be ready to sell or buy, regardless of whether it is done now or in the future.