Mortgage rates > 2X in 2022, going over 7% threshold and hitting a 20-Yr high in late Oct.Yet, mortgage rates ↓ for the 2nd week in a row, with the 30-Yr  fixed-rate mortgage averaging 6.58% in the week ending Nov 2.
So is this enough of a break to bring out more homebuyers?

Will plunging loan rates spark a new homebuying rush?

Will plunging mortgage rates spark a new homebuying rush?

In case of refinancing, contact the current lender to see if they can offer better terms.
One can also get a mortgage through banks, credit unions and many online lenders.
Compare rates with multiple lenders as well as the total cost of the loan, including fees.
Make sure the monthly payments aren’t too high.

How to apply for a 10-year loan

How to Apply for a 10-Year Mortgage

1. Overpricing
It turns off buyers and the home might sit out longer on the market without an offer. 
2. Not addressing repairs
With a little care, one can manage to present their home nicely and land a series of offers. 
2. Not addressing repairs
With a little care, one can manage to present their home nicely and land a series of offers.

4 mistakes to elude while selling your house

4 Mistakes to Avoid While Selling Your Home

Home buyers hoping that 2023 will deliver falling home prices will be out of luck.
The median home price nationwide is expected to tick up 5.4% next year.
Avg mortgage rates are forecast to hover ~7.4%; and the typical monthly mortgage payment will be $2,430, ↑ ~ 28% yearly.
But buyers can expect far less competition for a growing number of homes for sale.

Hunters hoping for steep value cuts next year are out of luck

Hunters Hoping for Steep Price Cuts Next Year Are out of Luck

Largest US  metros saw impressive levels of Real Estate development over the past decade in both residential and commercial sectors.
Texan metros were at the forefront of Real Estate development over the past decade, with Dallas ranking 1st and Houston 2nd.
Top 10 US construction markets:

Dallas
Houston
New York
Phoenix
Atlanta

Most active markets for construction in the past decade

Most active markets for new construction in the past decade

One might consider sticking with a longer-duration mortgage and paying extra each month with 10-yr mortgage.
This is because the monthly payment on a 10-yr mortgage will be significantly higher than others.
One can pay more toward your mortgage principal with every payment.
One can also opt to make bi-weekly mortgage payments.

How to pay off a loan in 10 years

How to Pay Off a Mortgage in 10 Years

The Sunshine State home prices in Oct ↑ 29.4% yearly, from $266K to an avg of $348K.
Hawaii ranked 2nd, with values ↑ an avg of 27.3% yearly from $667K to $846K.
Coming in 3rd place is Montana, with homes value ↑ 26% yearly from $358K to $457K.
Other top housing markets for home value gains:

Arizona
Tennessee
Colorado
South Carolina
Utah
North Carolina
Nevada

Top US housing markets for house value gains in 2022

Top US Housing Markets for Home Value Gains in 2022

Fed officials say they will be using hard economic data to make their next decision.
That means key housing, labor, and inflation reports will likely have outsized effects on the market.
The labor market:  
If job reports show a downward trajectory in employment, that could be enough to placate Fed officials.
Inflation data:
Two major indexes that measure the pace of inflation is ahead of the next Federal Reserve meeting.
1. The Consumer Price Index (CPI), tracks changes in the prices of a fixed set of goods and services.
2. Personal Consumption Expenditures (PCE) which reflects changes in the prices of goods and services.

What data will Fed officials use to make their next decision?

What Data Will Fed Officials Use to Make Their Next Decision?

1. Get your finances in order, since you need:
Steady household income
Solid job security
Good credit score
2. Research about all the costs associated with homeownership such as home insurance, taxes, and maintenance.
3. Work with a knowledgeable Real Estate agent who is familiar with the area.
A knowledgeable Real Estate agent will know about home values and tell you if the list price is accurate.
They will also know if there is a lot of competition for a property or whether the homeowner is in a hurry to sell.

What are some tips for buying a house during a recession?

What Are Some Tips for Buying a Home During a Recession?

The rise in rates has reduced the number of home sales on the market.
Sellers are less motivated to sell in an economy with higher interest rates.
With fewer properties on the market, home prices are pushed higher, even in a slowing market.
Nationwide, home prices are still rising or holding steady.
The strength of the housing market in 2023 will depend on next year’s mortgage rates, according to analysts.
One thing that may not change much in 2023 is rising home prices due to the economy’s limited supply of inventory.

How will rising interest rates impact housing market in 2023?

How Will Rising Interest Rates Impact Housing Market in 2023?

The Federal Reserve could pull back on the pace of its aggressive rate hikes in December.
Fed officials have ramped up their rhetoric to disseminate the message that there’s much more work to do and will forge ahead with rate increases.
Despite that aggressive action, which would normally impact the labor market, the job landscape has so far remained resilient.
After many people were thrown out of work at the start of the pandemic, the economy has since regained all lost jobs, adding hundreds positions each month.
However, the tight labor market puts the Fed in a tricky position, since a shortage of staff means employees can essentially name their price, adding to inflationary pressures.

Smaller rate hikes are likely coming in December

Smaller Rate Hikes Are Likely Coming in December

The typical mortgage payment will be higher, ↑ 28%, pricing many buyers out of the market. 
Mortgage rates will be higher, with early 2023 hikes to 7.4%,  followed by a slight retreat to 7.1% by year-end. 
Home prices will continue to rise, but at a slower rate; ↑ 5.4%.
Inventory will still lag pre-pandemic level, but will be ↑ 22.8% yearly, 
giving buyers more homes to choose from.

Localized Real Estate Videos
to Win Leads using Arkansas real estate Social Media Content

Sign Up to Add Your Branding to Social Media-Ready
Real Estate Videos

Will plunging mortgage rates spark a new homebuying rush?

How to Apply for a 10-Year Mortgage

4 Mistakes to Avoid While Selling Your Home

Hunters Hoping for Steep Price Cuts Next Year Are out of Luck

Most active markets for new construction in the past decade

How to Pay Off a Mortgage in 10 Years

Top US Housing Markets for Home Value Gains in 2022

What Data Will Fed Officials Use to Make Their Next Decision?

What Are Some Tips for Buying a Home During a Recession?

How Will Rising Interest Rates Impact Housing Market in 2023?

Smaller Rate Hikes Are Likely Coming in December

2023 Forecast for Key Housing Indicators

Localized Real Estate Videos to Win Leads using Arkansas real estate Social Media Content

Sign Up to Add Your Branding to Social Media-Ready Real Estate Videos

Will plunging mortgage rates spark a new homebuying rush?

How to Apply for a 10-Year Mortgage

4 Mistakes to Avoid While Selling Your Home

Hunters Hoping for Steep Price Cuts Next Year Are out of Luck

Most active markets for new construction in the past decade

How to Pay Off a Mortgage in 10 Years

Top US Housing Markets for Home Value Gains in 2022

What Data Will Fed Officials Use to Make Their Next Decision?

What Are Some Tips for Buying a Home During a Recession?

How Will Rising Interest Rates Impact Housing Market in 2023?

Smaller Rate Hikes Are Likely Coming in December

2023 Forecast for Key Housing Indicators

Localized Real Estate Videos
to Win Leads using Arkansas real estate Social Media Content

Sign Up to Add Your Branding to Social Media-Ready
Real Estate Videos