Welcome to the Monthly Market Report for January 2023. It's a new year! There's new possibilities, new opportunities, and we're going to give you some information on where we sit right right now and what's ahead.
Despite what you might have heard there are opportunities in our market It works in favor of those that understand what's going on. I want to start with something that has been on a lot of people’s minds and that's on mortgage rates
What's Happening with Mortgage Rates-January 2023
The reality of 2022 is the 30-year fixed rate in this country doubled over the last year. We started out at 3.2% back in January a year ago, ended up right at 6.4% as we wrapped up the year. We have never seen a year in the mortgage rate doubling or such a rapid rise in mortgage rates in this country. All of that certainly has impacted the market.
One of the premier thinkers in the mortgage business, Dave Stevens, former Assistant Secretary of Housing, said
"So be advised, this may be the one and only window for the next few years to get into a buyers’ market. And remember, as Federal Reserve data shows, home prices only go up and always recover from recessions no matter how mild or severe. Long-term homeowners should view this market right now as a unique buying opportunity.”
So what about the future of home prices?
One thing that is true right now about forecast for home prices and that is none of the experts agree. According to the forecasts they go anywhere from depreciation of 5% to appreciation of 5%. The important thing to remember right here is that we don't see any of these reputable forecasters calling for a free fall in prices in the housing market.
I get asked all the time…“Have home values hit their bottom?” This is a look right now at Case-Shiller, FHFA, Black Knight, and CoreLogic in their month-over-month home value change. If you isolate the last four months that have been published, what we see in each case, the depreciation peaked in August. I'm not here to say that we're out of the woods, but what I am here to say is home price depreciation is not in a free fall.
Homes sales nationwide and in our area might have slowed down but they are still selling. On average, 8 homes sell every minute. In fact, while you’ve been watching this video 24-32 homes have sold. Shouldn’t yours be one of them. If you’re in the market let the agents at First Coast Realty help you achieve your goals this year.
Whether you are looking to buy or sell, First Coast Realty would welcome the opportunity to earn your business. Feel free to reach out to us on Facebook or Twitter and we would be happy to assist you in getting the ball rolling. Or, to talk to a qualified, experienced agent call/text today 904-494-8408 or email info@firstcoastrealtyinc.com
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