Sorry, I don’t have one. That said, I am not sure even the best forecaster knows what next year will bring us in terms of changes in housing prices. I don’t recall ever going into a year where forecasts have been as varied as they are now (see below).
According to CoreLogic, home prices nationwide increased year over year by 18% in September 2021 compared with September 2020. On a month-over-month basis, home prices increased by 1.1% in September 2021 compared with August 2021. In Florida, we saw even more annualized growth, with year over year prices going up by 20%.
While I was happy to see Zillow officially announce that is getting out of the home buying business, it is unfortunate that it will result in a reduction in their employees. The reason I felt good about another iBuyer dropping out of the market is that it should continue to contribute to a rebalancing of supply and demand.
While you are still at a bit of a disadvantage using financing in our area due to the extreme seller’s market, it is slowly looking better for buyers. Accordingly, I thought I would revisit the financing question. You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders.