Many borrowers had no equity, used an option ARM, or were not qualified buyers. Another factor was the number of homes sold with questionable loan financing to subprime borrowers. That was a housing bubble defined by rampant speculation, a huge run-up in prices, and too many homes for sale without significant demand. What we see today is different from what we experienced back in 2007–2008. This should be helpful in determining the likely costs of waiting.ĭepending on your city or region, you may begin to see the effects of a cooling market, which are listed below. CoreLogic expects home prices to rise 4.3% from June 2022 to July 2023 on a year-over-year basis. There is a slowing of appreciation as well: homes in areas that appreciated 10% or more may only rise 5% in the year to come, or even 0%. High home prices (driven by COVID, remote work, and a supply/demand imbalance), a doubling in mortgage rates, inflation/recession, and a shaky stock market are contributing to slower sales.
Numerous professionals say the housing market is cooling. You and your spouse can decide the answer to your question, but it is good to be patient (wait) and keep trying. The value of real estate continues to be determined by the age-old maxim: “location, location, location.” Since I have no knowledge of the market that you are in, I will respond with some market insights and a few tips from my own experiences. Exactly if or when to stop renting is not a decision I can make for you, but I can offer some advice. We’ve been outbid numerous times, and our landlord wants to raise our rent. We’re trying to decide if now’s the time to buy a house.
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