Gathering reliable information about the housing market is essential if you’re looking for a home. With various sources providing insights on home prices and Raleigh mortgage rates, it can be challenging to separate facts from speculation. Let’s analyze the data and address the top two questions you should ask yourself when deciding on home prices and mortgage rates.
Where Do I Think Home Prices Are Heading?
Expert Insights on Home Price Trends
One valuable resource for understanding home price trends is the Home Price Expectation Survey (HPES) conducted by Pulsenomics. The survey gathers opinions from a panel of over one hundred economists, real estate experts, and market strategists. According to the latest release, experts foresee a slight depreciation this year. However, it’s crucial to consider the broader context.
The worst declines in home prices are already in the past, and many markets are experiencing an appreciation in prices. Contrary to earlier predictions of a market crash, the HPES indicates a mere 0.37% depreciation in 2023, which suggests a stable market.
The HPES forecasts a positive trend in home price appreciation, particularly in 2024 and beyond. Buying a home now could lead to future value growth and increased home equity. Waiting may result in higher costs down the line.
Where Do I Think Mortgage Rates Are Heading?
Evaluating Raleigh Mortgage Rate Projections
Over the past year, mortgage rates have risen due to economic uncertainties and inflationary pressures. However, recent reports indicate that inflation has moderated from its peak, which bodes well for the market and mortgage rates.
When inflation cools, Raleigh mortgage rates typically respond by falling. Some experts anticipate a slight pullback in mortgage rates over the next few quarters, potentially settling around an average of 5.5% to 6%.
It’s important to note that predicting mortgage rates with absolute certainty is challenging, as numerous factors can influence their fluctuations. Nevertheless, considering various outcomes can provide valuable insights when making a decision.
Exploring Possible Outcomes
If you buy now and Raleigh mortgage rates remain stable:
Purchasing a home now is prudent since home prices are projected to appreciate over time, enabling you to benefit from rising values.
If you buy now and mortgage rates decrease (as projected):
Buying now is still advantageous as you secure the home before prices increase. If rates drop, you can also consider refinancing for lower mortgage costs.
If you buy now and mortgage rates increase:
In this scenario, buying now becomes an excellent decision as you lock in a lower mortgage rate and avoid potential price increases.
Certified Mortgage Advisor and Raleigh Mortgage Broker Kevin Martini Conclusion
Staying informed about home prices and Raleigh mortgage rates is crucial when contemplating a home purchase. While the future remains uncertain, insights from experts can guide your decision-making process. Contact a mortgage strategist with Martini Mortgage Group because they can provide expert opinions and advice specific to your local real estate and mortgage market.
Regardless of your experience level, the first step to homeownership is the home loan, not the home. By deploying the home loan first strategy, you will not only have price and cost clarity before you fall in love with the perfect home, but you will have the certainty that you can afford it.
About Kevin Martini
Kevin Martini, empowers families to create generational wealth through real estate with the perfect mortgage strategy.
His proprietary system has revolutionized consumer-lender relationships in the mortgage industry, and as a result, he has originated over a billion dollars in home loans since 2006. Kevin’s passion and intentionality lie in constantly pursuing perfect mortgage solutions that align with clients’ fluctuating personal circumstances and market conditions. He is genuinely dedicated to helping clients make intelligent financial decisions to facilitate wealth growth, future planning, and progress toward a debt-free retirement.
Kevin has been recognized as one of the top 50 Mortgage Originators in the country. His contributions to the field have earned him features in esteemed publications such as Forbes. In addition, he frequently shares his knowledge at real estate and mortgage conferences. He also hosts the Martini Mortgage Podcast, which provides up-to-date, factual content on real estate and mortgages. His Instagram and YouTube channels serve as platforms for various content, including breaking news, emerging stories, and innovative strategies curated to provide a comprehensive understanding of the real estate and mortgage arena.
Kevin Martini | NMLS 143962 | Certified Mortgage Advisor | Martini Mortgage Group at Gold Star Mortgage Financial Group, Corporation | NMLS # 3446 | 507 N Blount St, Raleigh, NC 27604 | (919) 238-4934 | www.MartiniMortgageGroup.com | Kevin@MartiniMortgageGroup.com | Equal Housing Lender