November Real Estate Market 2022!

Local Market Update Bear County

Can you believe we are coming near the end of 2022? What a year it has been in terms of market shifts and mortgage rates, yet owning a home is still the greatest asset most people will have and a goal most people want to achieve. Hi, I’m Betsy Nava-Flores, Associate Broker of the Harvest Real Estate Group, brokered by eXp,  and I am here to breakdown what’s happening in the real estate market here in Bexar County so that you can make the best decision when it comes to probably one of your largest assets which of course is your home. Let’s take a look at what’s happening in San Antonio, Texas 78253. At the time of this recording, there are 611 active listings, 304 homes pending, and 121 homes that were sold in the month of October 2022. Homes sold for an average of $371,239 and were on the market for an average of 59 days. In Helotes, Texas 78023  94561, we have 82 active homes on the market with 33 pending and 32 homes sold so far in October 2022. The average sale price was $569,931 after spending 50 days on the market. So you can see, with the changing market it is no surprise to us that homes are staying on the market longer. With the constant shifts, you need an experienced agent to help guide you through your next moves in real estate. If you would like to know more specific information about your area, Let me know! Connect with my team today to get more information and we can strategize about what to do with your home. I’m Betsy Nava-Flores, Associate Broker of the Harvest Real Estate Group, brokered by eXp Thanks for watching.

What is the shining star long-term benefit of homeownership?

Have you ever wondered about the long-term benefits of owning a home? As a buyer in today’s market, you may be feeling a little uneasy with the current market, rising mortgage rates, and economic conditions, but it is also important to consider the long-term benefit of homeownership when making your decision to buy. Most likely if you speak to someone who has been in their home for a lengthy period, they do not regret their decision due to the equity they have built over the years. Today, home Equity is the shining star of the housing market. According to the National Association of Realtors, “Home equity gains are built up through price appreciation and by paying off the mortgage through principal payments” and although we are seeing the market shift, homes are continuing to appreciate at moderate levels. Experts are predicting home prices will still continue to appreciate nationally in 2023. And if you are planning to remain in your home for a length of time, you should see growth year after year. This is a long-term investment benefit that will increase your net worth and set you up for long-term financial gains. According to Odeta Kushi, Deputy chief economist for First American, “Homeowners nationally had an average of $320,000 in inflation-adjusted equity in their homes in the second quarter of 2022, an all-time high”. And for some homeowners, home equity is the only source of creating more wealth. So the bottom line is if you are in a position to buy, do not let current conditions sway you from achieving your home ownership dreams. You need to consider the long-term investment for your future. I’m Betsy Nava-Flores, Associate Broker of the Harvest Real Estate Group, brokered by eXp, connect with me so we can help you with any of your real estate needs if you are planning on purchasing or selling a home.

What are the Experts predicting for Home Values in 2023?

As a potential seller thinking about selling in the upcoming year, what are the experts predicting will happen with home prices in 2023? Hi, I’m Betsy Nava-Flores, Associate Broker of the Harvest Real Estate Group, brokered by eXp. As we are coming to a close to 2022, what are the experts forecasting for next year? Will it still be a good time to sell? The answer is YES!! On average, forecasters are predicting home prices to continue to appreciate by 2.5% in 2023. Now that may be lower than the last couple of years when the market was seeing skyrocketing home prices, BUT it is good news to homeowners who have been led to believe their homes will lose substantial value. So why is this? According to the experts two things are causing home prices to continue to tick upward next year: An undersupply of homes on the market (i.e. supply and demand) which still has us in a seller’s market AND millennials are now moving into their home buying peak years. Millennials continue to be one of our largest demographics of homebuyers. Experts are also predicting a stronger Spring Market in 2023 with interest rates coming slightly down and buyers sitting on the sidelines jumping back into the market. Of course, keep in mind these are all predictions and it is best to consult your agent for local market conditions at the time you list. As always, please feel free to reach out to us if you are thinking of selling and we can put together a comprehensive listing marketing plan for you.

Why are mortgage interest rates rising so quickly and will they keep rising?

In today’s real estate market, that is the question that a lot of people are asking. This year alone we have seen the federal reserve raise the 30-year fixed mortgage rate six times. According to Sam Khater, chief economist from Freddie Mac, “The uncertainty and volatility in financial markets, is heavily impacting mortgage rates. The 30-year fixed rate mortgage has more than doubled over the last year.”  As you can see, these are significant increases. So what is driving up the mortgage rates so quickly? The main answer has to do with inflation. The federal reserve is trying to bring soaring inflation down and slow the economy which is having an impact on mortgage rates and the housing market. Until we see inflation come down, we may continue to see mortgage rates continue to rise in the new year. So what does that mean for 2023? According to Mark Fleming, chief economist of First American, “While mortgage rates are expected to continue to drift higher over the coming months, much of the rapid increase in rates is likely behind us.” This means we may not necessarily see the rapid spikes we saw this year in rates and more of a stabilization. In times of uncertainty, it is very important to have a trusted expert on your side that can help educate you in this market and navigate you through it. I am Betsy Nava-Flores, Associate Broker of the Harvest Real Estate Group, brokered by eXp, please feel free to connect with me so I can update you on the latest developments with regard to the housing market and mortgage rates to help you make an informed decision whether buying or selling.