What can homebuyers expect in the 2nd half of 2023?

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What are experts saying about the housing market in the 2nd half of 2023?

At this point, the calendar is more than halfway to 2024. The housing market has been a challenge for buyers so far, but what are experts saying about the rest of the year? Could we see mortgage rates start to slide back towards 5%? Will housing prices start to come down? Investopedia interviewed multiple mortgage experts in the mortgage industry and they offered their thoughts on where the housing market could go over the next six months.

The three key takeaways that experts left the interviewer with were that they expect mortgage rates to come down to the 6% range by the end of the year, Sun Belt cities will continue to be hot markets, and new construction will start to fill some of the gaps in inventory.

All-in-all, experts expect that the market will soften, and slowly become friendlier towards buyers in the coming months.

Are Airbnb units starting to come back to the housing market?

A viral tweet about the Airbnb market from a market analyst may indicate that Airbnb units could be available for sale. Reventure CEO Nick Gerli wrote, “The Airbnb collapse is real. Revenues are down nearly 50% in cities like Phoenix and Austin. Watch out for a wave of forced selling from Airbnb owners later this year in the areas hit hardest by the revenue collapse.”

While a collapse may sound concerning, the addition of Airbnb units back into the housing market could potentially add thousands of units back onto the market. However, Airbnb was quick to refute the claim. Airbnb spokesman Sam Randall stated, “The data is not consistent with our data. As we said during our first-quarter earnings, more guests are traveling on Airbnb than ever before, with nights and experiences booked growing 19% in the first quarter of 2023 compared to a year ago.”

HECM & Reverse Mortgage Myths debunked*

Have you considered a reverse mortgage or home equity conversion mortgage, but didn’t think they were right for you? The team at Guaranteed Rate has heard a few of the common myths and misconceptions about HECMs and reverse mortgages and debunked all of them.

For example, we heard that some folks believe you don’t own your own home when you get a reverse mortgage. That’s untrue. The title stays in your name, and you are still the owner. It is no different than a traditional mortgage with respect to ownership.  

Check out the rest of the reverse mortgage and HECM myths, and contact our team to learn more.

* This is not a commitment to lend. The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, and hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid. Otherwise, the loan must be repaid when the last borrower passes away or sells the home. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. This material has not been reviewed, approved or issued by HUD, FHA or any government agency. Guaranteed Rate is not affiliated with or acting on behalf of or at the direction of HUD, FHA or any other government agency. To find a Reverse Mortgage counselor near you, search the HECM Counselor Roster at https://entp.hud.gov/idapp/html/hecm_agency_look.cfm or call (800) 569-4287.

Charges such as an origination fee, mortgage insurance premiums, closing costs and/or servicing fees may be assessed and will be added to the loan balance. The loan balance grows over time, and interest is added to that balance. Interest on a reverse mortgage is not deductible from your income tax until you repay all or part of the interest on the loan. Although the loan is non-recourse, at the maturity of the loan, the lender will have a claim against your property and you or your heirs may need to sell the property in order to repay the loan or use other assets to repay the loan in order to retain the property. You should know that a reverse mortgage is a negative amortization loan which means that your mortgage balance will increase while your home equity decreases if you do not make principle and interest payments on your loan. This may make it more difficult to refinance the loan or to obtain cash upon the sale of the home. However, you will never owe more than the home is worth when the loan is repaid.

in 10 minutes?

The pre-approval process is lightning fast, and can be completed
in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. 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.