Premier Associates Realty

03/15/2023

What’s up with Real Estate?
National news and local views for the week ending Friday, March 10, 2023 Chip Rowand

This space allows you to include your own personalized introduction. We recommend a friendly greeting to your readers and a brief reference to this week’s feature articles!
National Real Estate News
Prices up in 2023?
With so much talk about a housing 'crash', you'd expect to see big price declines, right? Yet CoreLogic's national Home Price Index for January 2023 was still up 5.5% YoY, and the data provider expects an additional 3.1% price appreciation over the course of 2023. A lack of homes for sale is buttressing home prices.

Prices up in 2023?
Hire expectations
On the surface, the jobs data (ADP payrolls, JOLTS) continues to surprise. [Look a bit deeper, however, and statistical adjustments cloud the picture.] The jobs data, together with oddly hawkish commentary from Fed Chairman Powell, sent average 30-yr mortgage rates back above 7%. The next Fed meeting (and rate decision) is set for March 15-16.

Hire expectations
The notorious RVB
Who wins: Rent vs. Buy? If you're ready to be a homeowner, can afford the down payment and ongoing maintenance costs, and will stay in the home for 5 or more years, the answer is almost always BUY. Owning a home generates significant wealth over the long-term AND fixes your monthly housing costs (unlike renting). Plus - it's YOUR home

Chip Rowand
Premier Associates Realty LLC
License #3318925

Questions about these articles or the state of your local market? Get in touch!
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Equal Housing Opportunity

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