Which housing markets offer the most stability for the rest of the year?
Predicting housing markets can be a challenge, even for experts. A recent report from the National Association of Realtors was developed to offer a prediction for stable housing growth was recently released, and the results were a bit of a surprise.
NAR deputy chief economist Jessica Lautz said, “We’ve been seeing that the South is a really attractive choice for people. I think there are several reasons for that. A strong job market is a factor. The affordability of homes is a big draw as well.”
So, which market is the NAR predicting to have the most stable growth for the rest of 2023? The Columbia, MO area came in at the top spot on the list. The year-over-year predicted value change was 9.70%, but the average of the one-month, three-month, and YoY prediction came in at 4.73%. Just edging out Couer d’Alene, ID and Joplin, MO for the metro area that could have the most stable growth prediction for the rest of the year.
What does the term ‘starter home’ really mean?
The concept of a starter home is actually pretty simple. It’s often a smaller home that a young couple or individual buys to build equity for a few years before moving on to a larger ‘forever home’.
However, it may be a challenge for a first-time homebuyer to find a starter home in their price range given the current market conditions.
U.S. News and World Report detailed some of the challenges that folks looking for starter homes might encounter. They spoke with Kurt Carlton, the co-founder and president of a real estate investment marketplace called New Western.
When asked about the current housing market, Carlton said, “The definition of a starter home hasn’t necessarily changed; it just isn’t available in the traditional sense. With roughly 4 out of 5 homeowners holding onto a mortgage under 5%, no one is moving or putting their home on the market.”
They also asked Carlton about current housing inventory challenges. Carlton stated, “In the U.S. housing market, we are lacking about 320,000 listings valued at the affordable range for middle-income buyers. That means that what we used to call the starter home has become an endangered species.”
However, builders are expected to construct 6% more entry-level homes this year than last according to a recent homebuilder survey from May 2023.
How are Cape Cod real estate agents using AI technology?
Artificial intelligence is slowly working it’s way into most aspects of everyday life. However, it’s found a foothold in the real estate industry. Real estate agents in the Cape Cod area are using AI technology to save time and focus on key tasks.
Local real estate agent, Colleen Riley, uses AI to create copy for listings, to automate tasks in her customer relationship management system, and other repetitive tasks to make her day easier.
The next time you see a listing or get an email from your real estate agent, there’s a non-zero chance that it was done by artificial intelligence.
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