The challenges faced in 2023, such as higher mortgage rates and a shortage of available homes, made it a complex landscape for both buyers and sellers. However, positive shifts are on the horizon.

Encouragingly, many experts believe that we have entered a positive phase. Mortgage rates, which recently showed a decline, offer hope for buyers dealing with affordability issues…

When it comes to the current state of the housing market, there is considerable confusion. Conversations with friends, news reports, and social media posts often present conflicting information. If you're contemplating a move, this can leave you with numerous lingering questions, and that's where a reliable local real estate agent becomes invaluable.

Here, we address the top three questions people have about today's housing market, providing data to offer informed answers.

If concerns about an imminent recession have been on your mind, you're not alone. There has been widespread discussion about the possibility of a recession in the past couple of years, with many expressing worries that it could lead to a significant increase in the unemployment rate, potentially causing a surge in foreclosures reminiscent of events 15 years ago.However, the most recent Economic Forecasting Survey by the Wall Street Journal (WSJ) brings a shift in perspective. For the first time in over a year, fewer than half (48%) of economists anticipate a recession within the next year

If you’ve ever dreamed of buying your own place, or selling your current house to upgrade, you’re no stranger to the rollercoaster of emotions changing home prices can stir up. It’s a tale of financial goals, doubts, and a dash of anxiety that many have been through.

But if you put off moving because you’re worried home prices might drop, make no mistake, they’re not going down. In fact, it’s just the opposite.

If you’ve been following the news recently, you might have seen articles about an increase in foreclosures and bankruptcies. That could be making you feel uneasy, especially if you’re thinking about buying or selling a house. But the truth is, even though the numbers are going up, the data shows the housing market isn’t headed for a crisis.

If you’re thinking of making a move, one of the biggest questions you have right now is probably: what’s happening with home prices? Despite what you may be hearing in the news, nationally, home prices aren’t falling. It’s just that price growth is beginning to normalize. Here’s the context you need to really understand that trend.

You might remember the housing crash in 2008, even if you didn’t own a home at the time. If you’re worried there’s going to be a repeat of what happened back then, there’s good news – the housing market now is different from 2008.

If you’re hoping to buy a home this year, you’re probably paying close attention to mortgage rates. Since mortgage rates impact what you can afford when you take out a home loan – and affordability is a challenge today – it’s a good time to look at the big picture of where mortgage rates have been historically compared to where they are now. Beyond that, it’s important to understand their relationship with inflation for insights into where mortgage rates might go in the near future.