Homebuying 101: Trends You Should Know This Summer
August 31, 2023
Homebuying Guide From Our Expert Movers
When you’re in the market to buy a house, sell your place, or even move into a rental home, it’s important to keep up with the trends in the market. From tracking interest rates to determining if it’s a buyer or a seller’s market, you could likely benefit from doing a little homework to see what’s happening in your region of the country.
The real estate website Zillow.com has recently revised its expectations for typical U.S. home values upward again recently. This is due in part to a continued lag in inventory that’s driving up prices and appreciation.
In its June forecast, Zillow predicts that the national Zillow Home Value Index will end this year approximately 5 percent higher than where it began the year. Worth noting, this is also an upward revision from last month’s forecast, which called for 3.9% growth in 2023. (For reference, typical home values are predicted to rise 5.8% from May 2023 through May 2024.)
This is probably good news for anyone looking to sell their home or take out a home equity loan— but it’s more of a cautionary tale for those looking to buy or negotiate a new rental lease, since home prices continue to be on the rise. The net result has created affordability challenges for many first-time homebuyers.
What’s been the main factor driving up prices? Tight inventory, as listings in May were the lowest in Zillow’s history, dating as far back as 2018. As a result, the shortage of available homes for sale, plus a “persistent trickle of new listings” helped to create the fastest month-over-month home value appreciation in nearly a year.
If you’re continuing in a holding pattern of a sellers’ market, what does it take to help make your offer stand out? In a previous post, we identified several key insights to help separate your offer from the pack.
At Beltmann, we’d love to help you prepare for any upcoming moving and storage needs, especially if you’re in a super competitive housing market. Contact us at your convenience for a free contactless quote, and we’d be happy to help walk you through the process.
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