The National Association of Realtor Real Estate Forecast
You may not know, but the housing industry was in a recession from 1st quarter of 2021 until the 1st quarter of 2023. The number of home sales went down a good bit (due to home inventory shortages and then later due to a Fall interest rate spike). That recession is now over and getting better in 2023. Wages and rents are moderating leading to lower inflation rates. A big part of our inflation was the COVID supply shortage and logistic issues that drove prices up. Home sales will/are bottoming out this year and will increase next year. 30 year mortgage rates are predicted to be down to 6% by the end of the year. Wholesale mortgage purchasers predict that we have pend up demand that will be unleashed when rates get down to 5.5% (possibly next year). Home purchases will once again be very competitive when that pent up demand is released and home prices will increase more quickly during that time.
It used to be that home buyers moved an average of 15 miles from their current home. Now that number has increased to 50 miles most likely due to a larger number of mobile workers. 1/4 of all people moving on the past year were 900 mile moves. In Chattanooga, we are still seeing folks desiring to move from across the country and who are waiting on the right home to come on the market. Most of those out of town buyers are finding their Realtor online, so Walldorf Homes continues to invest heavily in website placement to capture that buyer traffic for our home sellers.
The buyer tenure in a home has also grown. People used to stay in their homes for 5 years, but they are now averaging 7+ years in a home.
Call the Walldorfs to buy or sell your home. We will work tirelessly to find what you are looking for in a home and to get your home sold. Call Nathan Walldorf at 423-544-7700.