Home prices fall in 98 major markets
What started as a ripple has turned into a tidal wave of declining home prices across the country. Among the 148 major regional housing markets tracked by John Burns Real Estate Consulting, 98 markets have seen home values fall from their 2022 peaks.
Higher mortgage rates and buyer apathy are the two biggest factors. As we enter the slower part of the year, home prices are likely to continue falling. The real drop might happen as we get into the spring market. By that time mortgage rates should be stabilizing, or even coming down, and motivated sellers will be looking to strike a deal before prices really return to normal.
Fall & Winter Energy Savers
With energy costs trending upward, if you haven’t invested in a programable thermostat yet, now’s the time. It’s one of the most common-sense approaches to lowering your home energy costs.
ENERGY STAR estimates that homeowners properly using programmable thermostats can save about $180 a year. But that’s not the only way to lower your energy costs. There are simple things like opening the curtains when the sun is out to heat your home, lowering your hot water heater to warm, and switching to LED holiday lights, with a timer. Just a few simple adjustments in your energy usage could make a large difference in your heating and electricity costs.
First-time homebuyers guide: part 13
Getting a mortgage loan pre-approved used to take days. Now applying for a mortgage online has streamlined the process because of automated underwriting systems, which analyzes your financial information and credit scores electronically to produce instantaneous results. The benefits of securing loan pre-approval are significant:
- No time is spent looking for homes outside your price range.
- Real estate agents and sellers know you’re a serious buyer.
- Purchase offers are backed by official documentation.
Get your pre-approval fast-tracked with our experts and start down a quicker path to home ownership.
Pre-Approval
in 10 minutes?
in under 10 minutes. Grab a few important documents to get started.
- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- Loan obligation info (student loans,
auto loans and credit cards)
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
John Kistner is Guaranteed Rate’s Market Analyst. Market Updates are designed to provide readers with a high-level yet insightful view of how economic news, events and trends affect mortgage rates and the homebuying process.