What the 2022 housing market looks like, New Jersey market update, Fannie Mae Forecast for the rest of the year, and for 2022.

Breaking the process down step by step will keep you organized and ready to work with your agent toward a successful home sale. 

Content credit: https://www.windermere.com/blog/10-steps-to-selling-your-home

In today’s episode I will shed some light on the mortgage rates, the market sentiment, and when will the low inventory and bidding wars end. The net share of Americans who think it’s a good time to buy a home increased to 38% in August, compared to 35% in August 2020. March was the last time that the majority of those surveyed by Fannie Mae thought it was a good time to buy. At that time, 53% of Americans thought it was a good time to buy, and only 40% thought it was a bad time. Curiously, the net share of those who thought it was a good time to sell has increased to 73% in August 2021 compared to 48% in August 2020.

With the housing inventory slightly increasing, mortgage rates increasing slowly, mortgage applications decreasing, days on market are increasing. The question is are we seeing the housing market making a correction? Federal Housing Finance Agency is expecting the prices to decrease by 5% by end of 2022. Personally, as a Realtor, I am seeing increasing in inventory, and the number of offers receiving on my listing has decreased drastically from the first quarter of 2021.

#lowinventory

#realtor

#sellersmarket

#rooparealtor

The reason why the National Association of Home Builders' confidence fell. March 2021 mortgage delinquency compared to a year ago, and finally the increase in the home equity we have ever seen since the great recession.

Mortgage credit availability increased by 1.4% in May, a sign that volume-hungry lenders continued to loosen credit standards in a highly competitive market, according to data from the Mortgage Bankers Association.  The economic toll of the current recession was nowhere near the scope of the Great Recession, and it won’t result in a housing crisis.

Housing inventory is at its all-time low, signs of increasing new inventory hitting the market, and still not satisfying the buyer needs, low-interest rates, inflation worries, new home construction which is at a deficit of 5.5 Million homes since 2007-2020. All these factors are contributing to low inventory.

Nationwide Seller Profit Margins Hit 34% in First Quarter 2021, Up From 31% in Same Period Last Year; Margins Increase Annually in Almost 90% of Markets Around Nation. U.S. Median Home Price is 16% Higher Than Year Ago.

According to the latest CoreLogic Home Price Index report, competition is fierce and home prices are soaring, hitting their highest level of growth in 15 years. In today’s episode, I will take a look at the home prices are at the highest since 2006. Forbearance dropped to the lowest since March 2020. The impact of rising interest rates on the mortgage market.

Home prices have skyrocketed in the past year, and data from Redfin backs up what buyers, sellers, and agents have known for months. According to the latest report from Redfin, The national average of home prices rose 14.4% year-over-year to $336,200 in February, the largest increase since July 2013. Closed home sales were up 5% from a year earlier and pending sales rose 21%.