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These Cities Are Expected to See the Biggest Real Estate Growth in 2023
Photo: Maria Dryfhout (Shutterstock) Whether you’re a seasoned real estate pro, or someone who casually scans the listings from time to time, you’ve probably noticed that the 2022 housing market has been a little hard to follow at times. Like 2021, most experts have indicated that this year has largely been a seller’s market, but what’s in store for 2023? The economic research team at Realtor.com has made a few predictions, including what they expect to real estate markets experiencing the most growth in 2023. Here’s what to know. Predictions for the housing markets positioned for the most growth in 2023 With mortgage interest rates skyrocketing over the past few…
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Home sales could plunge in 2023. These cities could see the biggest dips.
Household sellers need to brace on their own for a tricky year forward, with 1 genuine estate team forecasting that home sales could tumble in 2023 as a lot more customers are sidelined by mounting house loan costs and out-of-attain dwelling charges. The quantity of residences sold will possible plunge 14.1% to 4.53 million homes, symbolizing the least expensive quantity of home transactions due to the fact 2012, when the U.S. was even now recovering from the housing crash and Excellent Economic downturn, in accordance to in accordance to Real estate agent.com’s 2023 Housing Forecast. The pandemic induced a huge increase in actual estate gross sales, bolstered by a blend of…
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What the highest mortgage rates in 14 years are doing to Twin Cities real estate
Rising mortgage rates put a lid on home buying and selling last month in the Twin Cities. This week, mortgage rates topped 6% for the first time in 14 years. The 30-year fixed-rate mortgage averaged 6.02 %, according to Freddie Mac. That was up slightly from the previous week and more than double the rate offered a year ago. On Friday, a monthly sales report from the Minneapolis Area Realtors showed the housing market in the Twin Cities inching toward a more balanced market, albeit much more slowly than in some parts of the country. “We’re seeing a less competitive landscape as the market has slowed given current interest rates,”…
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Cities With the Biggest Increase in Home Improvement Loans Since COVID-19
Photo Credit: Jaruwan Jaiyangyuen / Shutterstock As Americans hunkered down in their homes in the early days of the COVID-19 pandemic—with remote work and school continuing into the foreseeable future—many began tackling home improvement projects. Demand for home offices, more living space, and nicer outdoor areas boomed. Interest rates also dropped to record lows, spurring many to take out home improvement loans. According to loan-level mortgage data from the Home Mortgage Disclosure Act (HMDA), there were nearly 480,000 conventional, single-family home improvement loans taken out in 2020 with a total value of $54.5 billion. Investments in home improvements began to fall during the housing crisis—and beginning of the Great Recession—that…
