Derek McGowanLoan Officer / Owner, McGowan Mortgages · Branch Manager & Top-Ranked Mortgage Advisor

And the Housing Market Survey says… #homeloans #homebuyer #fhaloan #interestrates #housingmarket

10 Feb 2023

Watch on YouTube

This is a YouTube video titled "And the Housing Market Survey says… #homeloans #homebuyer #fhaloan #interestrates #housingmarket" containing a single-speaker discussion from February 10, 2023, about recent housing market predictions by economists, focusing on home value increases and mortgage rate trends. The speaker advises potential home buyers on timing their purchases based on current market conditions.

Just released. Zillow had a panel of the top 140 economists from across the country and they quizzed them on all things housing market. Out of all of those surveyed, the average prediction was a 23% increase in home values over just the next five years. And they also asked them about mortgage rates. 85% of them predicted that we've already seen the ceiling of mortgage rates. So for the next two plus years rates won't get as high as they've already reached. Meaning buying frenzies are going to start picking back up the windows starting to close if you're a home buyer because right now you can still kind of buy a home on your terms. You can negotiate seller credits. You don't have to waive appraisal and inspections. But as rates continue to go down, more buyers come in. There's been so many on the sidelines, there's going to be an influx coming back in and every spring that naturally happens. So if you're a buyer, the time is now.