“We had been among the more bullish outlooks for this year for home prices, and we've taken our home price growth forecast and revised it so we expect home prices to slip for the year, but less than 1%,” Danielle Hale, Realtor.com’s chief economist, told Yahoo Finance Live.

“We'll start to see home prices rebound more convincingly in 2024,” she added.

Still, the pace of growth will be nothing like sellers or buyers have seen in a while. A normal pace, that is.

For instance, 117 economists and housing experts polled by Zillow expect home prices to increase at an annual rate of 3.5% until 2027 after bottoming out this year. That would be a more stabilized trend last seen in the 1990s before the housing boom and bust of the 2000s and follows the rapid run-up in housing values during the pandemic.

“A return to more normal growth would be welcome after the rollercoaster ride that home prices have been on lately,” Jeff Tucker, Zillow’s senior economist, said in the survey release.

Sun City Mesquite Sales Summary

2381 Net Sales – Project inception to 3/12/2023
2285 Closings – Project inception to 3/12/2023
96 Homes in Backlog (sold homes under construction)

Sun City Mesquites Newest Villages Coming in 2023, Dusty Rose & Roaring Creek. Click the blue link below for a video tour.
https://www.dropbox.com/s/acd72tyyjz6e9al/Dusty%20Rose%20-%20Roaring%20Creek.mp4?dl=0

The blue link below here will direct you to the current homes that the builder (Pulte Sun City) has offered for sale. These homes are in various stages of construction. Remember to contact Goody before you call the Sales Center so you can have proper representation.

/my_files/temporary_files/Sun%20City%20Move%20In%20Ready%20Homes%202-1-23.pdf

The Fed announced that the target range for the Federal Funds Rate is rising by 0.25%.

• In an effort to limit inflation, the Fed has been raising rates.
• Even though a higher rate can make borrowing money more costly, it can also increase returns on certificates of deposit and savings accounts, and drive a stronger U.S. dollar.

• Taking advantage of our rate buydown programs in order to buy a new home:
  • Temporary buydowns lower the interest rate for a set time period at no cost to the buyer
  • 3-2-1, 2-1, and 1-0 programs are available
  • Sellers and third parties, such as real estate agents, can fund the buydown cost
  • Available for: Conforming, High Balance, HomeReady, and Home Possible. Also available for FHA, USDA, & VA – including high balance (2-1 and 1-0 only)
• Consolidating debt*
  • Since credit card interest rates are also increasing, this could be a good time to consolidate your debt into one affordable payment, thus skirting the more than 20% interest you may be paying with your credit card.
• Funding major expenses (like college tuition or home renovations)
• Refinancing to eliminate mortgage insurance

• Setting home financing goals
• Assisting with Pre-Approvals and TRU Offer underwriting approvals
• Selecting the right program for a home buyer or home owner's needs
• Reviewing how different mortgage programs can impact a budget

SUPER DEAL ALERT. Just in time for Black Friday. Thius is my favorite model. Sun City Management is looking for a quick year end sale and has given permission to sell this $626,983 brand new home for $486,923 with a possible forward commitment of 4.99% interest rate. It’s such an awesome investment. Please contact me for more info or to purchase this home. I will represent you in the purchase. This is in your best interest. Their sales team represents the seller, not you. Call me to discuss. 801.915.2398

Click the blue link below for a video tour.

http://www.youtube.com/watch?v=RQET0Fztwr4
 

How does a Fed rate increase impact the economy?

• The Fed has been raising rates in an effort to limit inflation.
• Though a higher rate can make borrowing money more costly, it can increase returns on certificates of deposit and savings accounts, and drive a stronger U.S. dollar. What does this increase mean for homeowners and buyers?

• Financing home renovations
• Buying a new home and taking advantage of rising home inventories*
  • The tides started to turn in 2022... home buyer demand lessened, opening a window of opportunity for buyers. This led to some much-needed inventory gains, with for-sale housing rising annually for three straight months, according to Realtor.com.*
• Consolidating debt**
  • Since credit card interest rates are also increasing, this could be a good time to consolidate your debt into one affordable payment, thus skirting the more than 20% interest you may be paying with your credit card.
• Funding major expenses (like college tuition)
• Refinancing to eliminate mortgage insurance

• Assisting with Pre-Approvals and TRU Offer underwriting approvals
• Reviewing how different mortgage programs can impact a budget
• Setting home financing goals
• Selecting the right program for a home buyer or home owner's needs

I am here to answer your questions about rates or home financing options - reach out today!

Chase Hansen Loan Officer NMLS #1321014

chansen@ccmclending.com https://www.cherrycreekmortgage.com/profile/chase-hansen 340 Falcon Ridge Pkwy Ste 100 Mesquite, NV 89027 Direct: (702) 345-2820 Leave a Review Start/Continue an Application

 

• A quarter of U.S. homebuyers to looking for homes in a different metro, according to an analysis by the real estate company Redfin.

• The top destinations are relatively affordable and sunny.

The analysis is based on nearly 2 million Redfin.com users who viewed for-sale homes online across more than 100 metro areas in the third quarter of 2022.

Las Vegas, San Diego and Tampa, Fla., closed out the top five places where Redfin users are looking to move, according to the analysis. Keep in mind that Mesquite mirrors the Las Vegas Vegas pretty much. So I think Mesquite will stay strong despite other areas seeing a decline in Home Buyers.

Over two years in, this decade has already brought a global pandemic, record-setting inflation, rising interest rates and a country more divided than ever before.

So why not a housing crash too?

Americans who lived through the 2008 crisis may be watching the red-hot market starting to cool and getting flashbacks. And for prospective homeowners, it might be appealing to put your plans on pause until the market bottoms out so you can snag a house at a great price.

But experts say there are good reasons to believe that however this shakes out, it won’t be a return to 2008 — which will no doubt be a relief to anyone whose apple bottom jeans and boots with the fur have been long put away in storage.