Blog


Have Home Prices Reached Rock Bottom?

Jun 8
4:24
AM
Category | General

 

What does home price growth mean for you?

In July 2022, rapidly rising interest rates triggered a sudden slowdown in the upward trajectory of home prices and the intense bidding wars that accompanied them. Remarkably, 92% of U.S. markets witnessed monthly home price drops throughout the year. It was a significant shift in the market dynamics.

However, the tide has turned since then. The latest reports indicate that prices are now on the rise in 92% of U.S. markets.* This reversal brings new opportunities and considerations for buyers and sellers alike. (*Source: Black Knight, Inc.)

What Contributed To This Change?

  1. Moderating interest rates still well below long-term averages

  2. Continuing demand from buyers remains robust

  3. A shortage of homes for sale

  4. A strong labor market 

This trend reversal marks a great time to get into the market for both home buyers and sellers.

The First Step: Getting Pre-Approved

Before you search for your next home, we would love to help you with a mortgage pre-approval so you can:

  1. Discover a price range that's comfortable for you

  2. Stand out from other buyers

  3. Negotiate your best deal

What Do You Need For A Pre-Approval? 

In order to get you pre-approved we need the documentation below. All of this and more will be needed once your loan is in process so might as well pull it together now.

  1. Pay stubs – last 30 days

  2. W2s – last 2 years

  3. Federal tax returns – last 2 years, all pages and schedules

  4. Bank statements – Last 2 months, all pages

  5. Realtor and attorney contact info

  6. Copy of photo ID – must be legible

Thinking About Selling Your Home?

We can offer insight on market conditions for selling your current home, too.

Bottom Line:

Reach out to our experienced team to discuss how the current market conditions may impact your real estate plans. We're here to help you navigate the complexities and seize the opportunities presented by the evolving housing market.

 

 

Home Buyer Resources

To encourage and educate aspiring home buyers, Greenway offers free information and resources. You can visit us online to learn more.

« Back to Blog