The last two years caught many of us off guard—and not just because of the pandemic. They also ushered in the hottest housing market on record, with home prices rising nationally by nearly 19% in 2021, driven primarily by low mortgage rates and a major supply shortage.1

But while some had hoped 2022 would bring a return to normalcy, the U.S. real estate market continues to boom, despite rising interest rates and decreasing affordability.

So what’s driving this persistent demand? And is there an end in sight?

Here are three factors impacting the real estate market right now. Find out how they could affect you if you’re a current homeowner or plan to buy or sell a home this year.

I MORTGAGE RATES ARE RISING FASTER THAN EXPECTED

Over the

The two terms are often confused because they are so similar. But in reality, they are very different.

- Getting prequalified for a mortgage doesn’t entail a credit check or official documentation. This process simply estimates how much you could qualify to borrow.

- Getting preapproved, on the other hand, requires official documentation; verification of your income, assets, and debts; and a credit check. A preapproval concretely specifies how much you have been approved to borrow.

Getting preapproved gives you clarity on how much you can afford, which makes it important to do before you start your home search.
Once you find a home, it also assures the seller that you’re serious and financially able to buy their home.

Contact us if you’d like

It’s the old supply-and-demand predicament: Home sales in the U.S. continue at a torrid pace, but the availability of listings remains limited. Buoyed by historically low mortgage rates, buyers keep shopping for homes, reducing the available inventory and sparking a rise in home prices across the country.

News website The Atlantic summarized the sizzling home market this way:

“Pick a housing statistic at random, and it’s probably setting an all-time record. Home prices: record high. Inventory: record low. Percentage of homes selling above asking price: record high. Average time on market: record low.”¹

Meanwhile, homebuilders are contending with an increase in material costs and a shortage of labor. These issues come amid an ongoing shortage of

If you’re searching for drama, don’t limit yourself to Netflix.

Instead, tune in to the real estate market, where the competition among buyers has never been fiercer. And with homes selling for record highs,1the appraisal process—historically a standard part of a home purchase—is receiving more attention than ever.

That’s because some sellers are finding out the hard way that a strong offer can fizzle quickly when an appraisal comes in below the contract price. Traditionally, the sale of a home is contingent on a satisfactory valuation. But in a rapidly appreciating market, it can be difficult for appraisals to keep pace with rising prices.

Thus, many sellers in today’s market favor buyers who are willing to guarantee their full offer

Video - September 2020 Keller Williams Realty monthly real estate statistics.
This very short video (1:08 seconds) is going to give you the 3 national real estate statistics for this month.
With these 3 numbers, you should be able to "feel" the current market. Just click on the video below.

1. The number of projected homes for sale nationally
2. The national median home price
3. The average 30 year fixed-rate mortgage rate.

The Boca Raton area market is a little different from the national market. To get insider's information from a local real estate specialist, please be sure to reach out and call us today at 561-406-8880 . We'll let you know how these number may affect you and would be happy to talk about your real estate needs.

Video - Looking for ways to take advantage of the lowest mortgage?

Mortgage rates hit an historic low, but the best rates are reserved for prime borrowers. So what steps can you take to secure the lowest possible rate?

#realestatetips #realestategoals #realestatemarket #homesearch #homebuyer #homeowner #mortgage #mortgagerates #mortgagetips #personalfinance #BocaRaton #LuxuryRealtor #JeanLucAndriot #TopRealtor #BocaRatonLuxuryRealtor #BocaRatonPremierProperties #1KW #RealEstate #LuxuryRealEstate

Video - August 2020 Keller Williams Realty monthly real estate statistics.
This very short video (0:55 seconds) is going to give you the 3 national real estate statistics for this month.
With these 3 numbers, you should be able to "feel" the current market. Just click on the video below.

1. The number of projected homes for sale nationally
2. The national median home price
3. The average 30 year fixed-rate mortgage rate.

The Boca Raton area market is a little different from the national market. To get insider's information from a local real estate specialist, please be sure to reach out and call us today at 561-406-8880 . We'll let you know how these number may affect you and would be happy to talk about your real estate needs.

In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history.1

Click here to download the newsletter report.

And while many Americans have rushed to take advantage of this unprecedented opportunity, others question the hype. Are today’s rates truly a bargain?

While average mortgage rates have drifted between 4% and 5% in recent years, they haven’t always been so low. Freddie Mac began tracking 30-year mortgage rates in 1971. At that time, the national average was 7.31%.2 As the rate of inflation started to rise in the mid-1970s, mortgage rates surged. It’s hard to imagine now, but the average U.S. mortgage rate reached a high of 18.63% in 1981.3

Fortunately for home buyers, inflation normalized by October

Video - July 2020 Keller Williams Realty monthly real estate statistics.
This very short video (0:48 seconds) is going to give you the 3 national real estate statistics for this month.
With these 3 numbers, you should be able to "feel" the current market. Just click on the video below.

1. The number of projected homes for sale nationally
2. The national median home price
3. The average 30 year fixed-rate mortgage rate.

The Boca Raton area market is a little different from the national market. To get insider's information from a local real estate specialist, please be sure to reach out and call us today at 561-406-8880 . We'll let you know how these number may affect you and would be happy to talk about your real estate needs.

Video - June 2020 Keller Williams Realty monthly real estate statistics.
This very short video (0:45 seconds) is going to give you the 3 national real estate statistics for this month.
With these 3 numbers, you should be able to "feel" the current market. Just click on the video below.

1. The number of projected homes for sale nationally
2. The national median home price
3. The average 30 year fixed-rate mortgage rate.

The Boca Raton area market is a little different from the national market. To get insider's information from a local real estate specialist, please be sure to reach out and call us today at 561-406-8880 . We'll let you know how these number may affect you and would be happy to talk about your real estate needs.