Mid Year Housing Market Update: 3 Things to Know Today

Dated: 07/27/2019

Views: 86

Mid-Year Housing Market Update: Three Things to Know Today

Mid-Year Housing Market Update: Three Things to Know Today | MyKCM

Shifting trends and industry-leading research are pointing toward some valuable projections about the status of the housing market for the rest of the year.

If you’re thinking of buying or selling, or if you just want to know what experts are saying is on the horizon, here are the top three things to put on your radar as we head into the coming months:

  1. Home prices are appreciating at a more normal rate: Home prices have been appreciating for about ten years now. Experts at the Home Price Expectation Survey, Mortgage Bankers Association, Freddie Mac, and Fannie Mae are forecasting continued growth throughout the next year, although it should be leveling-off to normal appreciation (3.6%), as we move into 2020.
  2. Interest rates are low: Over the past 30 years, the average mortgage rate in the United States has been 8.27%, and rates even peaked as high as 18% in the 1980s. Today, at 3.81%, the rate is considerably lower than the historical 30-year average. Although experts predict it may climb into the low 4% range in the near future, that’s still remarkably lower than our running average, suggesting a great time to get more for your money over the life of your loan.
  3. An impending recession does not mean there will be a housing crash: Although expert research studies such as those found in the Duke Survey of American CFOs and the National Association of Business Economics, are pointing toward a recession beginning within the next 18 months, a potential recession isn’t expected to be driven by the housing industry. That means we likely won’t experience a devastating housing crash like the country felt in 2008. Expert financial analyst Morgan Housel tweeted:

“An interesting thing is the widespread assumption that the next recession will be as bad as 2008. Natural to think that way, but, statistically, highly unlikely. Could be over before you realized it began.”

In fact, during 3 of the 5 last U.S. recessions, housing prices actually appreciated:Mid-Year Housing Market Update: Three Things to Know Today | MyKCM

Bottom Line

With prices appreciating and low interest rates available, it’s a perfect time to buy or sell a home. Let’s get together to discuss how you can take the next step in the exciting journey of homeownership.

Blog author image

Eric S. Stegall

Thank you for visiting my website. I've been helping families find their place at the the lake for almost two decades. I love introducing new customers and clients to this beautiful area, I get to cal....

Latest Blog Posts

The Lake Pro Team - Lake Keowee Market Update - July 2020

The waterfront home market on Lake Keowee is on fire. We currently have 3 months of waterfront home inventory available for sale. That is in comparison to last year when we had 9 months of.

Read More

Why This Is More Like 9-11 Than 2008

The current situation with the coronavirus reminds me of the days after 9/11 more than the housing and mortgage crash of 2008. Just like with the coronavirus, 9/11 was very unexpected and couldn't

Read More

Happy Friday Seneca - March 13, 2020

Calendar of EventsMarch 14th @ 9am: Clemson Marina's 4th Annual Big Splash EventMarch 14th @ 11am: St. Patrick's Day Festival and ParadeMarch  14th @ 2pm: Every 2nd Saturday

Read More

Seneca - Lake Keowee Weekly Update - March 11, 2020

If you're receiving this weekly email you have already registered on my Lake Keowee Real Estate Pro website. If you are asked to register again just use your current email as your password. No need

Read More