What’s Actually Happening with Home Prices Today?
One of the biggest questions people are asking right now is: what’s happening with home prices? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture.Part of the challenge is that it can be hard to understand what experts are saying when the words they use sound similar. Let’s break down the differences among those terms to help clarify what’s actually happening today.Appreciation is when home prices increase.Depreciation is when home prices decrease.Deceleration is when home prices continue to appreciate, but at a slower or more moderate pace.Experts agree that, nationally, what we’re seeing today is deceleration. That means home prices are appreciating, just not at the record-breaking pace they have over the past year. In 2021, data from CoreLogic tells us home prices appreciated by an average of 15% nationwide. And earlier this year, that appreciation was upward of 20%. This year, experts forecast home prices will appreciate at a decelerated pace of around 10 to 11%, on average.The graph below uses the latest data from CoreLogic to help tell the story of how home prices are decelerating, but not depreciating so far this year.As the green bars show, home prices appreciated between 19-20% year-over-year from January to March. But over the last few months, the pace of that appreciation has decelerated to 18%. This means price growth is still climbing compared to last year but at a slower rate.As the Monthly Mortgage Monitor from Black Knight explains:“Annual home price growth dropped by nearly two percentage points . . . – the greatest single-month slowdown on record since at least the early 1970s. . . While June’s slowdown was record-breaking, home price growth would need to decelerate at this pace for six more months to drive annual appreciation back to 5%, a rate more in line with long-run averages.”Basically, this means, while moderating, home prices are still far above the norm, and we’d have to see a lot more deceleration to even fall in line with more typical rates of home price growth. That’s still not home price depreciation.The big takeaway is home prices haven’t fallen or depreciated nationwide, they’re just decelerating or moderating. While some unique and overheated markets may see declines, nationally, home prices are forecast to appreciate. And when we look at the country as a whole, none of the experts project home prices will net depreciate or fall. They’re all projecting ongoing appreciation.Bottom LineIf you have questions about what’s happening with home prices in our local area, let’s connect.
A Trusted Real Estate Advisor Provides Expert Advice
If you’re a homeowner or are planning to become one soon, you’re probably looking for clear information about today’s housing market. And if you’ve turned to the news or even just read headlines recently, you might feel like you’re left with more questions than answers. The best way to make sure you get what you need is to work with an expert.Why You Want To Lean on a Trusted ProfessionalWith any big milestone in life, it’s wise to seek advice from people who are experts in their field. While you likely want that advice to be perfect, perfect simply isn’t possible. But professionals have the knowledge and experience to be able to provide you with the best advice for your situation.For example, let’s say you need an attorney, so you seek out an expert in the type of law required for your case. They won’t immediately tell you how the case is going to end or how the judge or jury will rule. But what a good attorney can do is discuss the most effective strategies based on their experience and help you put a plan together. They’ll even use their knowledge to work with you to adjust as new information becomes available.Similarly, the job of a trusted real estate professional is to give you the best advice they can. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. That’s because it’s impossible to know exactly what’s going to happen throughout your transaction. But an expert real estate advisor knows market trends and the ins and outs of the homebuying and selling processes.They’ll use that knowledge to explain both the national headlines and what’s happening in your local area. That way, you have the best of both worlds and can feel confident in your decision to buy or sell. Freddie Mac explains why having an expert on your side is so essential:“The success of your homebuying journey largely depends on the company you keep. . . . Be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”With their expertise, a real estate advisor can anticipate what could happen next and work with you to put together a solid plan. Then, they’ll guide you through the process, helping you make decisions along the way. That’s the very definition of getting the best – not perfect – advice. And that’s the power of working with a real estate advisor.Bottom LineTo get expert advice when you buy or sell a home this year, let’s connect today.
5 Home Maintenance Tasks for Summer
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One of the easiest ways to do this is to follow a seasonal schedule, which allows you to spread your maintenance tasks across the year. Plus, you can prepare your home for the weather and hazards that the coming months may bring. Are you ready to do some maintenance for summer? Here’s what to put on your list: Change your air filters. You should be changing your filters every few months anyway, but it’s particularly important in pollen- and allergen-heavy seasons like spring and summer. Reverse your ceiling fan. Did you have your ceiling fans circulating warm air during the colder months? For summer, make them spin counterclockwise to push air downward and create a cooling effect. You can likely change it using a switch on the fan. Check your windows. Make sure there are no leaks or gaps around your windows. Check weather stripping around doors, too. If air can get in around these areas, it can make your home harder to cool once the temperatures rise. Clean your vents. If you have a fan in the bathroom or HVAC intake vents that are accessible, dust them off and use a slightly damp cloth to wipe them clean. This helps air circulate better and keeps dust from traveling through your home. Test your smoke and carbon monoxide detectors. Test both units to ensure they’re working properly, and replace the batteries if it's been a while. Reach out if you have any questions about homebuying and homeownership. Refer a Friend Search Now! Request Report First-time Homebuyers Low- and No-Down Payment Mortgage Loans You don't need huge savings to buy a home. In fact, some mortgage loans require zero down payment. Are you trying to buy a house on a budget? One of these loan options could help. READ MORE Home Repairs: DIY or Call a Pro? Saving money is nice, but sometimes doing a home project yourself isn't the best option (and could cost you more in the end). Here's how to tell when you should call in a professional. READ MORE Investment Properties Current Deal Breakers for Homebuyers Some chipped paint or a dent in the floor probably won't send a tenant or buyer running, but some issues are non-negotiable. Learn what recent buyers cited as their deal breakers. READ MORE How to Keep Properties in the Family If you're hoping to keep your investment properties in the family for the long haul, then consider setting up a partnership or LLC. Here's what you need to know about this strategy. READ MORE Luxury Market The Design Impact of Dome Houses Dome houses are influencing today's architecture, but where did this style emerge? And should you incorporate it into your new home or renovation? This primer could help you decide. READ MORE 10 Online Art Stores Designers Love On the hunt for new artwork and don't have time to stop by a gallery? These 10 online stores are popular with interior designers for photography, custom artwork and more — find out why. READ MORE Vacation Homes Beach House Makeovers to Inspire You Need some inspiration for your beach house's interior design? These five real-life coastal retreats have it in spades. From color palettes to furnishings, you'll find it all right here. READ MORE The Costs of Owning a Vacation Rental Short-term rentals can be great sources of passive income — but they could drain you dry if you don't do it right. Watch out for these expenses to make sure your property works for you. READ MORE Thank you for reading my newsletter. Please let me know if you have any questions, I am here to help! - Mike Fielder Mike Fielder mike@mykeyhometeam.com312 Wyndhurst Ave.Baltimore , MD 21210Phone: (410) 905-6678 I’d love to know what you think of my emails. Do you find them relevant?
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