2023 Housing Market vs 2008 Housing Market. Today’s housing market is very different than the past couple of years 2020 to 2022. Whether it’s Memphis TN Homes for Sale or homes across the nation, many people compare or are concerned the current market will become like the 2008 housing crisis. There are a few similarities, but significant differences.
Look at the facts. Today is very different than the housing market of 15 years ago. Look at this chart for comparing 2008 and the present housing market.
2023 Housing Market vs 2008 Housing Market
Rising inventory and less competition from other buyers means opportunity right now. Home prices always go up and recover from recessions(if one occurs, though debatable) and this may be the only buyer’s market you see for some time. Long term, you should view this market as an opportunity and equity builder for the future.
What Sellers Need To Know in Today’s Housing Market
If you’re thinking about selling your house, you may have heard about the housing market slowing down in recent months. While it’s still a sellers’ market, the peak frenzy the market saw over the past two years has cooled some. If you’re asking yourself if you’ve missed your chance to sell your house and make a move, the good news is you haven’t – motivated buyers are still out there. But you do need to price your house right for today’s market. Here’s why.
If you put off your home search at any point over the past two years, you may want to consider picking it back up based on today’s housing market conditions. Recent data shows the supply of homes for sale is increasing, giving buyers like you additional options.
Planning To Retire? Your Equity Can Help You Reach Your Goal.
Whether you’ve just retired or you’re thinking about retirement, you may be considering your options and trying to picture a whole new stage of your life. And you’re not alone. Research from the Retirement Industry Trust Association (RITA) shows 10,000 Baby Boomers reach the typical retirement age (65) every day, and only 47% of the people in that generation have already retired.
Cheese Dip originated in Memphis Tennessee by Andrew Arbogast from a family recipe developed by his father Charley. Arbo’s Cheese Dip began by being shared at parties and picnics. The recipe was perfected over the course of many years until just the right ingredients and balance of flavor was discovered resulting in a masterpiece of truly homegrown cheesy delight. Starting with one type of Arbo’s cheese dip in local Memphis grocery stores, the cheese dip has exploded and has been targeted by stores outside of Memphis and Tennessee. Though his schedule is extremely busy we caught up with Andrew one Saturday morning. Listen to Andrew talk about his journey, starting a business and the now famous Arbo’s Cheese Dip. #CheeseFixMafia Website https://www.arbosdip.com/
MB Realty is a full-service real estate firm focused on residential single-family homes. We serve Memphis Tennessee and surrounding cities and counties. Experienced Luxury Home Sales, First time home buyers, acreage and investment properties.
Memphis Chef Sushi Jimmi is considered the best Sushi chef by his followers. Private chef, caterer and runs a food truck. Hear Jimmy “Sushi Jimmi” Sinh talk about his past and present experiences and his future endeavor in the world of Poké. He uses products sourced from around the world such as Scottish Salmon. As you’ll see his plates are extraordinary. As a very successful small business entrepreneur he has built a very well-known brand with plans to franchise. He’s a proud Memphian and loves his city. And Memphis Chef Sushi Jimmi is a good neighbor to know.
MB Realty is a full-service real estate firm focused on residential single-family homes. We serve Memphis Tennessee and surrounding cities and counties. Experienced Luxury Home Sales, First time home buyers, acreage and investment properties. To be interviewed call 901 799 0299 to reach Melinda or Brian Stitzinger
What’s the impact of the economy on housing? According to a recent survey, more and more Americans are concerned about a possible recession. Those concerns were validated when the Federal Reserve met and confirmed they were strongly committed to bringing down inflation. And, in order to do so, they’d use their tools and influence to slow down the economy. Memphis Tennessee is impacted too! Contact MB Realty today
All of this brings up many fears and questions around how it might affect our lives, our jobs, and business overall. And one concern many Americans have is: how will this affect the housing market? We know how economic slowdowns have impacted home prices in the past, but how could this next slowdown affect real estate and the cost of financing a home?
“Throughout history, during a recessionary period, interest rates go up at the beginning of the recession. But in order to come out of a recession, interest rates are lowered to stimulate the economy moving forward.”
Here’s the data to back that up. If you look back at each recession going all the way to the early 1980s, here’s what happened to mortgage rates during those times (see chart below):
As the chart shows, historically, each time the economy slowed down, mortgage rates decreased. Fortune.com helps explain the trend like this:
“Over the past five recessions, mortgage rates have fallen an average of 1.8 percentage points from the peak seen during the recession to the trough. And in many cases, they continued to fall after the fact as it takes some time to turn things around even when the recession is technically over.”
And while history doesn’t always repeat itself, we can learn from it. While an economic slowdown needs to happen to help taper inflation, it hasn’t always been a bad thing for the housing market. Typically, it has meant that the cost to finance a home has gone down, and that’s a good thing.
Impact of the Economy on Housing Bottom Line
Concerns of a recession are rising. As the economy slows down, history tells us this would likely mean lower mortgage rates for those looking to refinance or buy a home. While no one knows exactly what the future holds, you can make the right decision for yourself by working with MB Realty in Memphis Tennessee to get expert advice on what’s happening in the housing market and what that means for your homeownership goals.
Memphis Happy 4th of July. Consider MB Realty in Memphis Tennessee your one-stop shop for your real estate needs. We offer home buyer and home sellers services at no cost and no obligation. A network of professionals who can assist you in several areas–Home Inspections, Home Mortgages, Title Services including wills and estate assistance is available to you.
Serving the Greater Memphis area including Collierville, Bartlett, Cordova, Eads, Lakeland, from the Downtown and Midtown to out of town. Contact Us Today or call 901-799-0299.
Memphis Tennessee. If you own a home, your net worth likely just got a big boost thanks to rising home equity. Average Homeowner Gained $64K in Equity Last Year, Did you? Check our the map below. All states, including Tennessee are listed. Equity is the current value of your home minus what you owe on the loan. And today, based on recent home price appreciation, you’re building that equity far faster than you may expect – here’s how it works. See our Reviews
The Average Homeowner Gained $64K in Equity over last Year
Because there’s an ongoing imbalance between the number of homes available for sale and the number of buyers looking to make a purchase, home prices are on the rise. That means your home is worth more in today’s market because it’s in high demand. As Patrick Dodd, President and CEO of CoreLogic, explains:
“Price growth is the key ingredient for the creation of home equity wealth. . . . This has led to the largest one-year gain in average home equity wealth for owners. . . .”
Basically, because your home value has likely climbed so much, your equity has increased too. According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner’s equity has grown by $64,000 over the last 12 months.
While that’s the nationwide number, if you want to know what’s happening in your area, look at the map below. It breaks down the average year-over-year equity growth for each state using the data from CoreLogic.
The Opportunity Your Memphis TN Home Equity Provides
In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home. When you sell your current house, the equity you built up comes back to you in the sale. In a market where homeowners are gaining so much equity, it may be just what you need to cover a large portion – if not all – of the down payment on your next home.
So, if you’ve been holding off on selling or you’re worried about being priced out of your next home because of today’s ongoing home price appreciation, rest assured your equity can help fuel your move.
Memphis Tennessee! Average Homeowner Gained $64K in Equity Last Year. Did you? Get home valuation today. Contact us
If you’re planning to make a move, the equity you’ve gained can make a big impact. To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, let’s connect so you can get a professional equity assessment report on your house.
It’s a Good Time To Sell Your House. If you’re a Memphis Tennessee homeowner thinking about selling your house, you’re probably looking for the best time to make your move. You’re likely balancing a number of factors, like your changing needs, where you’ll go when you sell, and today’s mortgage rates in order to time it just right.
According to recent data, that sweet spot could already be here. The latest Home Purchase Sentiment Index (HPSI) by Fannie Mae finds that 76% of consumers believe now is a good time to sell.
It’s a Good Time To Sell Your House
The graph below shows the percentage of survey respondents who say it’s a good time to sell a house. The big dip in March and April of 2020 reflects how consumer sentiment dropped at the beginning of the pandemic as uncertainty about the health crisis grew. Since then, the percentage has grown consistently as more people feel confident it’s a good time to sell. Andthat includes homeowners in Memphis Tennessee.
Survey respondents think it’s an even better time to sell a house today than they did in 2019, which was a strong year for the housing market. The latest survey results indicate one of the strongest peaks in seller sentiment in nearly three years (see graph below):
What Makes Today a Good Time To Sell?
One reason so many people think it’s a good time to sell is because there are still more buyers in today’s market than there are homes for sale. That’s driving home prices up, making it a good time to sell your house.
And if you’re on the fence about whether or not to sell because you don’t know where you’ll go once you do, know that you might have more options today than in previous months. So contact us–MB Realty today. That’s because the number of homes coming onto the market has grown each month since the start of the year. When more homes come onto the market, it gives you more opportunities to find one that meets your changing needs.
While the number of homes available for sale is growing and giving you more options for your move, inventory is still low overall. That could mean it’s a great time for you to sell. If you’re ready to address your changing needs and take advantage of today’s favorable conditions, let’s talk.
If you’re following the news nationally and locally in Memphis, all of the headlines about conditions in the current housing market may leave you with more questions than answers. Is the boom over? Is the market crashing or correcting? Is the Housing Market Correcting in Memphis? Here’s what you need to know.
The housing market is moderating compared to the last two years, but what everyone needs to remember is that the past two years were record-breaking in nearly every way. Record-low mortgage rates and millennials reaching peak homebuying years led to an influx of buyer demand. At the same time, there weren’t enough homes available to purchase thanks to many years of underbuilding and sellers who held off on listing their homes due to the health crisis. Here’s our Reviews
This combination led to record-high demand and record-low supply nationwide and in the Memphis Tennessee area. And, that wasn’t going to be sustainable for the long term. The latest data shows early signs of a shift back to a market seen in the years leading up to the pandemic – not a crash nor a correction. As realtor.comsays:
“The housing market is at a turning point. . . . We’re starting to see signs of a new direction, . . .”
Home Showings Then and Now
The ShowingTime Showing Index tracks the traffic of home showings according to agents and brokers. It’s a good indication of buyer demand. Here’s a look at that data going back to 2019 (see graph below):
The 2019 numbers give a good baseline of pre-pandemic demand (shown in gray). As the graph indicates, home showings skyrocketed during the pandemic (shown in blue). And while current buyer demand moderated slightly based on the latest data (shown in green), showings are still above 2019 levels.
And since 2019 was such a strong year for the housing market, this helps show that the marketisn’t crashing – it’s just at a point that’s moving back toward more pre-pandemic levels.
Housing Market Correcting in Memphis? Existing Home Sales Then and Now
Headlines are also talking about how existing home sales are declining, but perspective matters. Here’s a look at existing home sales going all the way back to 2019 using data from the National Association of Realtors (NAR) (see graph below):
Again, a similar story emerges. The pandemic numbers (shown in blue) beat the more typical year of 2019 home sales (shown in gray). And according to the latest projections for 2022 (shown in green), the 2022 market is on pace to close more home sales than 2019 as well.
It’s important to compare today not to the abnormal pandemic years, but to the most recent normal year to show the current housing market is still strong. First Americansums it up like this:
“. . . today’s housing market looks a lot like the 2019 housing market, which was the strongest housing market in a decade at the time.”
Memphis housing market is headed back to normal. If recent headlines are concerning, look at a more typical year for perspective. The current market is not a crash or correction. It’s just at more typical, pre-pandemic levels. Let’s Talk! if you have any questions about our local market and what it means for you when you buy or sell this year.
Are you thinking about selling your current home? If so, the biggest question on your mind may be: if I sell now, where will I go? If this resonates with you, there’s something you should know. The number of homes coming onto the market is increasing and that could make it easier for you to move up this summer. Increase in Homes for Sale Is Good for Your Move. Check our Google and Zillow Reviews Here, Let’s Talk
According to the latest data from realtor.com, the number of homes being listed for sale, known as new listings, has increased consistently this year (see graph below):
While this news has benefits for buyers who want more options for their home search, what does that mean for homeowners like you? It gives you two distinct opportunities in today’s housing market.
Opportunity #1: Take Advantage of More Options for Your Move Up
If your current house no longer meets your needs or lacks the space and features you want, this gives you even more opportunity to sell and move up into the home of your dreams. As more options come to market, you’ll have more to choose from when you search for your next home.
Partnering with a local real estate professional can help make sure you see these listings as soon as they come onto the market. And when you do find the one, that professional can advise you on how to write a winning offer to seal the deal.
Opportunity #2: Sell Before You Have More Competition
Just know that, in order to make sure your house shines above the rest, it may make sense to put your home up for sale before your neighbors do the same, creating more competition in your area. The increase in the number of homes being listed for sale is expected to continue, and a recent study from realtor.com says two-thirds of homeowners looking to sell say they’ll do so by August.
A real estate professional can advise you on what you need to tackle to get your house ready to list so they can put that for sale sign up in your yard sooner rather than later. That’s because the process of getting a home ready to sell isn’t taking as long as you may think. As a result, you can capitalize on today’s sellers’ market and get ahead of the competition.
Increase in Homes for Sale Is Good for Your Move Why?
If you’re a current homeowner looking to sell, let’s connect to begin the process. Sell before you have more competition. Take advantage of more homes listed and a greater number to choose from. Check our Google and Zillow Reviews Here, Let’s Talk