Goldman Sachs gets bold in its latest housing market prediction
According to financial analysts at Goldman Sachs, the housing market might be at its bottom. Just a few weeks after downgrading its outlook on the US housing market, the investment firm reversed course on its initial analysis.
Instead of their initial prediction of a 6.1% dip in housing prices in the US, analysts at Goldman Sachs now expect national home prices to drop only 2.3% in 2023.
The reason for the recent change was new data that showed an increase in homebuyer demand.
Is the housing market starting to thaw in the late winter?
The Wall Street Journal recently discussed almost every aspect of the current housing market with multiple industry experts. From mortgage lenders to home buyers, they spoke with just about every role involved in the housing industry, and the overwhelming consensus is that the housing market appears to be ready to move in a positive direction again.
Mortgage applications are up by about 25% since August 2022, and the number of folks contacting real estate agents has rebounded from a November low.
When asked about how homebuyers are adjusting to mortgage rates in the 6.0% range, real estate agent Steven Centrella stated, “They are less focused on the specific rate than they are on identifying a window of where they are comfortable with their monthly spend.”
If you’re ready to jump back into the market, you can lock in your mortgage rate and shop with confidence. Learn more about locking in your rate, and apply today!
How is 2023 shaping up for house flippers?
A recent article from Forbes made three predictions on how the rest of 2023 is going to play out for house flippers.
They claimed that an increase in foreclosure activity could be on the horizon, and sited a 64% increase in foreclosure filings since 2022. They also stated that data shows that residential rental rates may continue to go up in certain areas. Their final prediction was that we’ll see a transition to a buyer’s market by the end of the year.
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