Complete Realty Team, based in Marietta, GA, has published a new article that aims to help the community decide whether they should buy a home now or wait for more favorable conditions. The company, which is capable of assisting sellers and buyers alike, has a wealth of experience in the real estate industry, and their insight can prove invaluable to anyone who is looking for the most opportune moment to make their next property investment.
The company’s home price forecast can be found in their new article: ‘Where Are Home Prices Headed? Should You Buy A Home Now Or Wait?’ It states, “Everyone is talking about home prices and the affordable housing crisis. A lot of people are wondering, or even think home prices are going to crash, mostly thanks to reporting from the media. But where are home prices headed for the end of 2023 and beyond? First, let’s look at where home prices are at the moment and how we got here.”
Complete Realty Team points out that the past few years have been incredible for homeowners, given that the rate of increase in home values essentially skyrocketed during this period. While some welcomed this trend as it also meant homeowners saw excellent gains in equity, others observed this phenomenon with some alarm, possibly believing that home prices would eventually hit an unsustainable peak. In the past, such peaks have been followed by periods of sharp decline.
However, the firm’s professional opinion is that there is little cause for concern (though certain factors may warrant quick action). “It’s critical to understand that the housing market isn’t a bubble ready to burst,” the article says, “and that home price increase is being sustained by solid market fundamentals.” It is natural to feel skeptical about this seemingly optimistic perspective, the firm acknowledges, but it is supported by verifiable data, and they are eager to share how they arrived at their conclusions.
The firm attributes much of the market’s activity in recent years, specifically the sharp rise in prices, to the fallout of the pandemic. According to the firm, many took advantage of great lending rates to bid on new houses once they realized that they would be using their home as an office for an extended period.
Many who previously commuted to work everyday now had to contend with adding work responsibilities to what may have already been a limited space (especially with the entire household stuck indoors alongside them), and this drove up demand heavily for houses that offered some improvement. This eventually led to the present dynamic: high home prices and unpalatable mortgage rates.
“If you’re thinking about purchasing a house,” notes Complete Realty Team, “you’re probably paying attention to everything you hear about the housing market. You get your information from a variety of sources, including the news, social media, your real estate agent, talks with friends and family, overhearing someone talking at the grocery store and so on. Most likely, home prices and mortgage rates will rise significantly.”
The firm cites the Home Price Expectation study from Pulsenomics here. It found that a large number of industry experts, including economists, real estate specialists and market strategists, believe that the worst of home price drops are now firmly in the past. In many cities, in fact, prices are beginning to show an upward trend once more.
Overall, Complete Realty Team’s prediction is that a home’s worth will rise in the near future, and homeowners will continue to build equity as time goes on. However, this comes with the caveat that prospective buyers should make their purchases as soon as possible. They will only have steeper prices to contend with if they wait.
Interested parties are encouraged to read the full article (or view Complete Realty Team’s accompanying video) to learn more about the expert’s housing market and mortgage rate predictions. The article lists several important considerations buyers and homeowners alike should keep in mind as they navigate the twists and turns of the market in the coming years.
Conversely, anyone may get in touch with Complete Realty Team for help taking the complexity out of their next purchase or property sale. The firm is always ready to offer their professional assistance. Complete Realty Team can be reached via phone or email.
For more information about Complete Realty Team, contact the company here:
Complete Realty Team
Complete Realty Team
1642 Powers Ferry Rd #150
Marietta, GA 30067