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You are here: Home / Blog / Market Trends

Two questions every homebuyer should ask themselves right now

October 6, 2022

Two questions every homebuyer should ask themselves right now

Rising interest rates have begun to slow an overheated housing market as monthly mortgage payments have risen dramatically since the beginning of the year. This is leaving some people who want to purchase a home priced out of the market and others wondering if now is the time to buy one. But this rise in borrowing cost shows no signs of letting up soon.

Economic uncertainty and the volatility of the financial markets are causing mortgage rates to rise. George Ratiu, Senior Economist and Manager of Economic Research at realtor.com, says this:

“While even two months ago rates above 7% may have seemed unthinkable, at the current pace, we can expect rates to surpass that level in the next three months.”

 
So, is now the right time to buy a home? Anyone thinking about buying a home today should ask themselves two questions:

1. Where Do I Think Home Prices Are Heading?

There are two places to turn to answer this question. First is the consensus of what experts are saying. If you look at what experts are projecting for home prices in 2023, they’re forecasting home price appreciation around 2%. While it’s true some are calling for depreciation, most are calling for appreciation in home values over the next year.

The second spot to turn to for information is the Home Price Expectation Survey from Pulsenomics – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists. According to the latest release, the experts surveyed are also calling for home price appreciation for the next several years (see graph below):

Home price performance

2. Where Do I Think Interest Rates Are Heading?

Like mentioned above, Ratiu sees mortgage rates rising over the next several months. Another expert agrees. Mark Fleming, Chief Economist at First American, says:

“While mortgage rates are expected to continue to drift higher over the coming months, much of the rapid increase in rates is likely behind us.” 

 
The instability in the world and higher inflation are driving this volatile market, resulting in higher borrowing rates for those looking to buy homes.

Bottom Line

If you’re thinking about buying a home, asking yourself about home prices and mortgage rates will help you make a powerful and confident decision. Experts see both prices and rates rising in the future. The alternative is to rent, but rents are also increasing. That may mean buying a home makes more sense than renting.

Filed Under: Market Trends Tagged With: Buyer's Guide, Home Prices, Mortgage Interest Rates

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"From start to finish, Russ Fortuno was “a class act.” It started with his online Home Buyer’s Guide which was helpful to me, a first-time, out-of-state buyer. His new listing email notifications were timely and helped me get familiar with the Green Valley properties that fit my budget. Then when I was ready to buy, he represented me as a buyer’s agent. He professionally led me through the entire process with great knowledge of the available properties, as well as the subsequent offer and purchasing process. I found Russ to be very clear and direct. He went above and beyond what I expected. Even after the closing, he arranged the removal of some unwanted furniture and helped me identify cleaning and painting services in the area, something few other agents would do. I would highly recommend his services to anyone without reservation!"
- E.D., Green Valley, AZ
"Russ was very helpful with respect to the hunt and purchase of my home in Green Valley. I valued his input as far recommending homes and all the additional info as far as resources in the area. He had to deal with me being in Pennsylvania and handling most of the work long distance. He reviewed the potential homes based on my wants/needs and continually send me lists and updates. By the time I got to Arizona on vacation we went thru the list, visited sites and made a choice in one day. I would gladly recommend Russ to any possible client in the future. Can’t thank him enough. "
- M.F., Green Valley AZ
"My husband and I are honored to recommend Russ Fortuno as the most efficient and professional real estate professional we have had. We feel very blessed to have found Russ while we were still in North Carolina. We planned to relocate to Green Valley, AZ and were interested in establishing a rapport and receiving listings prior to moving cross-country. By the time we arrived Russ pretty much knew what we were looking for. Even though the inventory was not terribly plentiful at the time we found our home the very first day we went looking!!! In addition to helping us find the perfect home, Russ was wonderful to refer us to local contractors and professionals in our area. He is a wealth of information and took the time to answer any questions we had. We also felt the step-by-step timeline Russ includes in his service was very helpful."
- M.P., Green Valley, AZ
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
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