Photo: https://www.bonemade.com.au/projects/concord-californian-bungalow

I've mentioned in the past that I always make it a point to listen to Brian Buffini's 'Bold Predictions' which occur consistently at both mid-year and annually, regarding the future predictions on the real estate market. Having presented data and forecasts for the past 15 years in a row, Brian and his team have had a 95% success rate, so I rely on this information for myself and my clients. The biggest key takeaways from his mid year update are as follows:

👉 A Market Crash is Unlikely
There is $28.7 trillion in home equity in the U.S., which is the highest level on record.
In addition, 39% of homes are owned free and clear, and 29% own 50% or more in equity, thus, the chance of a crash in the real estate market (similar to 2008) due to financials is unlikely.

👉Buyer Demand Remains Strong
3 million households are making over $150,000 per year, and are still renting.
Millennials are the largest wave of home buying demand in U.S. History.

👉Rates Are Anticipated to Drop
year, Historically since 1955, when the Fed raises rates, they always shoot to high. We can anticipate a drop, estimated at 5% or lower by the end of 2023.

👉Buyer's Advised to Not Chase Rates
This is always dependent on your personal circumstances, but if you're waiting for rates to drop before buying, they advise you reconsider. You marry your house, and date the rate, which means that you can refinance once rates drop, but you cannot get a refund on the price you paid for a home. When rates drop, competition will increase, and home prices will reflect that by going up.

Wondering if now is the right time for you to buy or sell? Believe it or not, the answer isn't always yes. Let's connect, and I can share with you the best recommended path forward based on your goals.