If you’re thinking of buying a home, chances are you’re paying attention to just about everything you hear about the housing market And you’re getting your information from a variety of channels: the news, social media, your real estate agent, conversations with friends and loved ones, overhearing someone chatting at the local supermarket, the list goes on and on. Most likely, home prices and mortgage rates are coming up a lot.
To help cut through the noise and give you the information you need most, take a look at what the data says Here are the top two questions you need to ask yourself about home prices and mortgage rates as you make your decision:
One reliable place you can turn to for that information is the Home Price Expectation Survey from Pulsenomics – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists.
According to the latest release, the experts surveyed are projecting slight depreciation this year (see the red in the graph below) But here’s the context you need most. The worst home price declines are already behind us, and prices are actually appreciating again in many markets. Not to mention, the small 0 37% depreciation HPES is showing for 2023 is far from the crash some people originally said would happen
Now, let’s look to the future The green in the graph shows prices have turned a corner and are expected to appreciate in 2024 and beyond. After this year, the HPES is forecasting home price appreciation returning to
December to December, as Forecasted in Q2, 2023
So, why does this matter to you? It means your home will likely grow in value and you should gain home equity in the years ahead, but only if you buy now If you wait, based on these forecasts, the home will only cost you more later on
Over the past year, mortgage rates have risen in response to economic uncertainty, inflation, and more We know based on the latest reports that inflation, while still high, has moderated from its peak. This is an encouraging sign for the market and for mortgage rates. Here’s why.
When inflation cools, mortgage rates generally fall in response This may be why some experts are saying mortgage rates will pull back slightly over the next few quarters and settle somewhere around roughly 5 5 and 6% on average
But, not even the experts can say with absolute certainty where mortgage rates will be next year, or even next month. That’s because there are so many factors that can impact what happens. So, to give you a lens into the various possible outcomes, here’s what you should consider:
Ifyoubuynowandmortgageratesdon’tchange:Youmadeagood movesincehomepricesareprojectedtogrowwithtime,soat leastyoubeatrisingprices.
If you buy now and mortgage rates fall (as projected): You probablystillmadeagooddecisionbecauseyougotthehouse before home prices appreciated more And, you can always refinanceyourhomelateronifratesarelower.
Ifyoubuynowandmortgageratesrise:Ifthishappens,youmade agreatdecisionbecauseyouboughtbeforeboththepriceofthe homeandthemortgageratewentup.
While no one can say for certain where home prices and mortgage rates will go, expert projections can give you powerful information to keep you informed
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New research from Realtor.com and Censuswide finds that newlyweds would rather gift givers skip traditional presents, like towel sets and air fryers, in favor of financial gifts toward the purchase of a home.
Among those surveyed who have created a wedding registry in the past 24 months, 85% say they would have preferred to receive money toward a down payment on a home. Given the option to make a registry again, another 80% say they would include an option for people to gift them money toward home buying expenses.
"Over the last few years, home buyers have been facing a number of challenges, most notably around affordability due to high home prices and mortgage rates," says Clare Trapasso, executive news editor at Realtor.com. "Adding a home buying gift option to a wedding registry is a great way for people to crowd source these often hard-to-comeby funds. It allows their loved ones to celebrate one of the biggest moments of their lives while helping them to achieve homeownership."
But despite the desire for financial gifts to be used toward a home purchase, both newlyweds and gift givers are stuck in a traditional gift-giving cycle.
Eighty-two percent of those surveyed say they felt obligated to register for traditional gifts, and 53% say they felt very obligated
This is causing most (88%) of those surveyed to register for gifts they didn't really want. According to the survey ’ s results:
46% registered for gifts they didn't want because they felt obligated to have traditional gifts on their registry
40% registered for gifts they didn't want because their fiance/spouse wanted them 35% registered for gifts they didn't want, but planned to return them for money to use on what they really want
The obligation to traditional gifting goes both ways. Approximately 80% of those who've recently created a wedding registry say they've felt obligated to buy a traditional gift for a wedding they attended and 70% say they would prefer to buy a traditional gift for a wedding they attend.
People are starting to open up to the idea though, with 72% of respondents saying they included options on their registry for givers to contribute financially to a specific large-ticket item, such as a honeymoon. Plus, 22% said they didn't include this option but would have liked to
There's both hope and growth for the future, with 30% of those surveyed now open to giving money toward a home as a gift Sixteen percent would prefer to gift money toward a home down payment and 14% have no preference between a traditional gift and money toward home buying expenses.
You can keep yourself and your house cool this summer and be kind to the environment at the same time. Here’s how.
Close your blinds
Keep your blinds closed, especially on north and westfacing windows, to significantly cool your home. Better yet, invest in some block-out curtains to shield your home from that harsh summer sun.
Block
Stopping heat getting into your house in the first place means spending less on cooling. Shade windows and walls using external coverings, like blinds, awnings or large potted plants. Plant deciduous trees that cast shade over your home in summer, but still let the sun shine through in winter. If you can, invest in window tinting and top up your ceiling insulation – it’ll help keep the warmth in in winter, too
IIf you must use your air-conditioner, set the thermostat to between 75-80, or as high as you feel comfortable with Increasing your thermostat by just 1oC in warm weather can reduce the running cost of your appliance by about 10 per cent
If you ’ re looking to upgrade your air-conditioner, pick one with a high energy-star rating and do your research to ensure you choose the right type of airconditioner for your home
Set your ceiling fans to rotate counter-clockwise in summer to push air straight down helping to create a cooling effect and clockwise in winter to pull cool air up. In warmer weather, set the fan speed high and in cooler weather, it works best on low. Ceiling fans can also be used to complement other cooling types, so checking they rotate in the correct direction can make a world of difference to the temperature of your home
Hang out in the evening
Closing your windows and staying inside may be a greatideaduringtheday,butwhenitgetscoolerin theeveningyoumaywanttoopenyourhouseupto coolyourhomenaturally–justmakesureyoulockup overnight!
Cookingdinnerinthebackyardorattheparkmaybea cooleralternativetobeinginasteamykitchentoo,so makethemostofacoolbreezewhenyoucan.
Sip icy-cold drinks, apply a damp cloth to your neck and other pressure points on your body, or have a cold shower to cool your body without needing to switch the air-conditioner on.
No air-con? No worries! A cleverly-positioned bowl of ice is all you need to turn a fan into a cold mist machine Place a shallow bowl or pan of ice in front of a fan for an icy-cool breeze that won’t break the bank
Cotton fabrics are super breathable and help cool your body Wear light, loose clothing made of breathable fabrics like cotton, and fit your bed with cotton sheets
If you ’ re having trouble cooling your home and can’t work out why, incandescent lightbulbs might be to blame. They produce a lot of heat, so switching to energy-saving bulbs can help cool your home and save heaps on energy costs – that’s a win-win!
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