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Fitch Ratings estimates national home prices were 7.8% overvalued for the fourth quarter of 2022 on a population-weighted average basis, and Fitch expects that overvaluation will continue to moderate amid ongoing home price declines. Prices dropped 0.5% in January 2023, marking the seventh consecutive month of declines. Fitch estimates home prices in 88% of the country’s metropolitan statistical areas (MSAs) are overvalued. Approximately 52% of MSAs are over 10% overvalued, down from 62% in 3Q22. Among the top 100 most populated MSAs, Buffalo-Cheektowaga-Niagara Falls, NY is estimated as the most overvalued, followed by Rochester, NY and Birmingham-Hoover, AL. Fitch primarily attributes the rebound in existing home sales in February to two factors. First, the decline in mortgage rates from their November 2022 highs has improved affordability, albeit briefly. Additionally, the recent home price decline makes properties more attractive to buyers who may have previously been priced out of the market. Sales could continue to grow at a slower pace as affordability issues and inventory shortages persist. A strong rebound in sales may be temporary with the mortgage rate expected to remain high for a longer period. See if you're ready to take advantage of the decline in home prices. All the tools necessary to help you decide can be found at www.mikehomesweethomes.com
Brooklyn real estate for fur-parents
Brooklyn Real Estate for Fur-Parents: Buying a Property with your Pet in MindWhen it comes to buying a home, there are a lot of factors to consider, including location, price, and amenities. However, as pet ownership becomes more common, many buyers are also looking for properties that will accommodate their furry friends. In fact, millennials are increasingly buying properties with their pets in mind, which is why Brooklyn real estate is a popular choice for fur-parents.There are many advantages to buying property in Brooklyn, especially if you have a pet. For starters, the borough is home to many pet-friendly neighborhoods and parks. For example, Prospect Park is a favorite among dog owners, offering plenty of space for dogs to run and play. Brooklyn is also home to numerous pet supply stores, groomers, and veterinary clinics, making it easy to care for your pet's needs.In addition to its pet-friendliness, Brooklyn is also known for its lively and diverse neighborhoods. From trendy Williamsburg to family-friendly Park Slope, there is a neighborhood in Brooklyn to suit every lifestyle. Many of these neighborhoods also have excellent public transportation options, making it easy to get around the city with your pet.When it comes to lifestyle, owning a property in Brooklyn can be a great choice for fur-parents. Many properties in Brooklyn offer outdoor space, which is a bonus for pet owners. Whether you have a dog that needs a backyard to run in or a cat that enjoys lounging in the sun, having outdoor space can greatly enhance your pet's quality of life. Additionally, many properties in Brooklyn are located near pet-friendly businesses and amenities, making it easy to incorporate your pet into your daily routine.Overall, buying a property in Brooklyn can be a great choice for fur-parents. With its pet-friendly neighborhoods, diverse communities, and excellent amenities, Brooklyn offers a high quality of life for both pets and their owners. So if you're a pet owner looking to buy a home, consider looking into the Brooklyn real estate market - you won't regret it!
Now is Always the Best Time to Buy
If you're a homebuyer in New York, you may be wondering whether to buy your home now or wait for a better time. While there's no definitive answer, there are several factors to consider before making your decision. Let's start with the reasons to buy now. The current market in New York is experiencing low inventory with prices trending down. With more homes predicted to be coming onto the market, there will be more competition for sellers, which will cause home prices to continue to trend down (an incentive for buyers). Moreover, home values will continue to increase (another incentive for buyers) because inflation is not receding any time soon. On the other hand, if you wait for interest rates to come down you will see an influx of buyers flooding the market which will cause prices to climb back up. Our recipe for capitalizing in the current market is “Marry the home and date the rate”, meaning, take advantage of this one-time occurrence of declining home prices and refinance when mortgage rates decline as predicted. Ultimately, the decision to buy your home now or wait depends on your individual circumstances. It's important to consider factors such as the current market, and your personal finances before deciding. Our team of experienced realtors at www.mikehomesweethomes.com can provide the necessary insight, mortgage and down-payment assistance, and the tools required for you to make a structured and informed choice.
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