Well, we made it to the end of another year and entering a new year.  What is in store for us in the coming year?  Let's just highlight what is expected.

Where the Housing Market is Headed In 2023

• NAR (National Association of Realtors) predicts 4.78 million existing-home sales in 2023, down 6.8% from 5.13 million in 2022.
• Annual median home prices are expected to increase by just 0.3%, following a 9.6% gain in 2022.

Total existing-home sales dropped 5.9% from September to October, marking th...

Have you ever heard the phrase "real estate cycle"?  Or "housing market cycle? This is what I will be talking about.  May be a little lenghthy but I'm hoping it will help to clear some things up.  One question I am often asked, "Is this a good time to buy?"  Well, let's see.....

Real estate follows a pattern called the real estate cycle that is linked to local and national economic trends. The real estate cycle is divided into four phases: recovery, expansion, hyper supply and recession.

Whethe...

                                 

          I have had many individuals ask me what is the difference between the Sellers Market and the Buyers Market?  So I will share the difference and reference this blog for reminders.  This is the link to the blog I posted one year ago about this same subject

Demand in real estate is commonly judged by months of inventory based on closed sales.

Sellers Market =Less than 3 months of Inventory (Demand exceeds Supply)Buyers Market= 6 or more months of inventor...

   
In any given market, there are always a certain percentage of homes or homeowners who are distressed. 

According to Attom, a curator of land and property data, home foreclosure filings - which include default notices, bank repossessions, and scheduled auctions - are up 153% in the first half of 2022 compared to the same period last year.

In Maryland, foreclosures rose by 155.8%, from 1,147 in the first six months of 2021 to 2,934 in the first half of 2022. The foreclosure rate in the state...

What Would a Recession Mean for the Housing Market? According to a recent survey from the Wall Street Journal, the percentage of economists who believe we’ll see a recession in the next 12 months is growing. When surveyed in July 2021, only 12% of economists consulted thought there’d be a recession by now. But this July, when polled, 49% believe we will see a recession in the coming 12 months. And as more recession talk fills the air, one concern many people have is: should I delay my homeowner...

 

Amid rising mortgage rates and falling home sales, foreclosures are on the upswing. The number of U.S. properties with foreclosure filings in May was 30,881, according to ATTOM Data Solutions. This is up over 185% from a year ago and makes May the 13th consecutive month showing year-over-year U.S. foreclosure activity increases. And with the National Association of Realtors® reporting that the median home price has reached a record $407,600, home ownership is becoming more difficult for both n...

 

What Does an Economic Slowdown Mean for the Housing Market? 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. All of this brings up many fears and questions around how it might affect our lives, our jobs, and business overall....