When it comes to understanding how today’s real estate market is truly performing, it’s important to have well-researched information from legitimate sources. Here are some facts and expert projections to bear in mind on the “real state” of the current real estate market.
Inventory and Sales are Up in Some Markets
- Home sales are up in many parts of the country.
- Homes are selling at full price or higher, in some areas.
- Active home listings have increased by 67.8% year over year.
Mortgage Rates are Anticipated to Stabilize
- Mortgage rates are higher than they were a year ago but not nearly as high as those seen in the early 2000s.
- Many experts believe current rates will slowly trend down to approximately 5.5% by the end of 2023.
Homeowners Are Flush With Equity
- Overall U.S. home equity is now at its highest level on record – 27.8 trillion.
- Over 68% of Americans have paid off their mortgages or have at least 50% equity in their homes.
- 32% of Americans own their home free and clear.
For more insights on the real estate market, watch the online broadcast:
In this broadcast, Brian Buffini, the founder and chairman of Buffini & Company, offers clear, well-researched insights into the “real state” of the real estate market. Joining Buffini is David Stevens, the former president and CEO of the Mortgage Bankers Association, who currently serves as CEO of Mountain Lake Consulting, Inc.