We’re covering three of the most commonly asked questions today.
Are you feeling overwhelmed by the constant barrage of headlines about the housing market? You’re not alone. Many people have reached out to me, seeking clarity on the current situation. Fortunately, I have some insights to share.
1. What’s happening with mortgage rates? The truth is, no one can predict with absolute certainty. Currently, rates are high, affecting affordability. However, experts believe they will trend downward over the next year. Encouragingly, in the past two weeks alone, rates have already dropped by almost a point, bringing a sense of relief to prospective homebuyers.
2. Where are home prices headed? Concerns about home prices are prevalent. Contrary to fears, prices are not plummeting; rather, they are climbing at a pace typical for this time of year. This upward trajectory is expected to continue, according to experts. This holds true for areas like Louisville and southern Indiana, at least for the time being.
3. Is a recession looming? Amidst discussions of a potential recession, it’s crucial to note that the odds are actually decreasing. The low unemployment rate and the absence of a foreclosure surge contribute to this positive outlook. This means good news for the overall economic landscape.
If you’re craving more information or have burning questions of your own, I’m here to help. Feel free to reach out to me anytime, whether by phone at (502) 376-5483 or via email at Bob@WeSellLouisville.com. Additionally, you can tune in to our radio show every Sunday morning from 8:30 to 9 a.m. on 840 WHAS, either on AM radio or online. Let’s navigate the housing market together and keep the conversation going.