Should You Rely on Real Estate Predictions to Buy or Sell Real Estate?
MAY
25, 2022
Our current real estate position is still a seller’s market. This is not good news for homebuyers, as homebuyers will still be competing with the current low inventory as, sellers will be able to sell at a higher price due to less competition.
Another question I heard from many of my clients lately,
Will There be a Foreclosure Crisis in 2022 and beyond?
The number of foreclosures hit a record low in 2019. The number of foreclosures in the US dropped by nearly 30% from the year before.
Compounding to this,
The United States government had a moratorium on foreclosures during the crisis of COVID1 19. Now that the moratorium has been lifted the foreclosures market remain low and quiet.
Why?
“Foreclosures are about the value of the properties being less than what is owed to the lender”
With the record equity gains in the last 2 years, there aren’t many homeowners with equities below of what they owe to the bank.
Why foreclose a property when they can easily sell it (immediately) for more what they owe to their lenders?
Maxus Realty Group Agents are local specialists with knowledge to help you buy and sell the right home, at the right price.
We are passionate about you as a client, we will always protect your best interests just because it's the only way we do business day in and day out.
Today, we'll talk about Should You Rely on Real Estate Predictions to Buy or Sell Real Estate?
A conversation with one of my clients made me realize that real estate market predictions are notoriously unreliable. Nobody can predict what is going to happen with 100% accuracy. But we can check out what real estate experts are saying and make some guesses about the future from there.
A housing forecast is a prediction of future housing prices. It is only a rough guide but can be a good starting point for your personal situation and finances.
Know that the local area, business opportunities market growth and local economy have more say about real estate prices in general from a national level.
Some of the most notorious predictions that I’ve personally followed many years ago:
Both Zillow and CoreLogic published economic models predicting that U.S. home prices would fall by spring 2021. That price drop never came. Instead, the housing market went on a historic run that continues to today.
I predict,
Take this prediction with a grain of salt,
That the number of foreclosures will be moderate for the rest of 2022 and about the same (as in a normal housing market) in 2023
Then again,
I’ve been wrong before…
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It's the biggest purchase of your life, and can assure you that even small mistakes can be costly. BEWARE, technology changes almost daily and I can help you pinpoint all the homes for sale near your location points. I have access to over 18 million properties from hundreds of locations, including Government properties, action homes, VA homes, HUD Properties and all available private houses for sale in between.
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Fernando Herboso Broker 301-246-0001
