How
did 2023 turn out in real estate mortgage and sales? One year ago, we asked a
local loan officer, Josh Booth at Security Federal, what his predictions were
of the 2023 market… Was Josh right???
To
get the full details of his predictions make sure to go back and check out that
video! https://youtu.be/Pohh___3POs?si=XX2xVviY5Amx9nQb
Josh
predicted that the interest rates would continue to rise in 2023 up in the 7’s but
did not want to confirm any exact numbers. Did they? Interest rates did rise
throughout 2023. His first prediction was right…a Happy face!
Josh’s second prediction was he did not expect rates to be
higher for any longer than a year. Interest rates even tip toed into 8 % range
late fall in 2023. Currently at the end of the 2023 for a fixed 30-year
mortgage was 6.61% according to online 2023 Historical Mortgage Rates Chart.
So, Josh what is the current 30 year fixed conventional
mortgage rate? Today rates are about 6.25%
Ironically,
last year the interest rate was 6.51% APR nationally when we did our video. Only
.10% difference that is almost virtually the same as today’s rate. Josh gets another
happy face!
We
asked what type finance was going to be popular and attractive for buyers. Josh
shared with about the idea of 10-year arm being an attractive product for
buyers to get in at below market rate. Josh, would you like to explain what an
ARM is for some of the viewers who may not know that term? An ARM is an Adjustable-Rate
Mortgage.
We
must take you at word for this answer…was it the loan product that buyers used
most last year? If not, what was the hottest loan in 2023?
It
was the 10-year ARM for Josh.
We
asked Josh his prediction for the local market here in the CSRA or new trends
in 2023. He predicted we may see some decline in home prices but still a great
market for home sales.
There
were a lower number of sales down about 17%... BUT HOME prices rose on the
Average 7% based on the stats gathered at the time of this video. Even the
median home prices were up in 2023.
2023
was an exceptional year and it was expected sales volume to be lower. There are
reasons, lower inventory, other parts of country have had a stronger slow down
which affected some buyer’s abilities to buy. In the later part of the year a
rapid rise of interest rates by the feds. So, what are we giving Josh on this
one? Josh got .5 point “straight face” on his predictions.
Josh,
are you willing to do this again? Predictions
for 2024? What does your magic 8 ball tell you? Here is your 2024 opportunity
to predict and get a perfect score.
Will
interest rates continue to increase or decrease for 2024?
Third
quarter/later year rate cuts. Should see something in the 5.5-6.5% range.
What
new financing terms will we see in 2024?
Same loans, local banks coming
up with creative financing.
No
pressure here Josh, this is a tough question…how will 2024 compare to 2023?
It’s an
interesting year with it being an election year, inflation is on its way down.
Blessed to be in Aiken and have a fairly steady market compare to other parts of
the country.
Thank
you, Josh, for being so daring to try this again. Any last words?
Live
your life, don’t be scared about what’s being said out there. If it’s a right
time for you to buy, do it!
Even
though the real estate market is everchanging there is no better time to invest
in yourself and your dreams. If buying or selling real estate is a goal for 2024,
we would love to be your real estate team that helps you meet that goal!
To
stay up to date with what is going on in real estate…Make sure to subscribe to
our YouTube channel, hit the bell for more videos throughout the year and like
our page; this is valuable info.
Brandi
Cook + Vikki Crossland
803.645.3325
| info@aikenhomes.com
Meybohm
Real Estate
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