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Del Webb Homes | Dr. Jan Duffy REALTOR

55+ Community Specialist Las Vegas

Forecasts

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Why Buying Now Is Worth It

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As a specialist in 55+ communities in Las Vegas, I find this topic particularly relevant to our Las Vegas 55 plus community.

Why Buying Now Is Worth It

Why Buying Now Is Worth It Simplifying The Market

a house with a blue sky and clouds

Some Highlights

  • You may be torn between buying a home now or waiting. But don’t forget to factor in the equity you’ll gain as prices rise.
  • Experts forecast prices will climb over the next 5 years – and based on those forecasts, you could gain about $90k in equity in that time.
  • So, you could wait, but you’ll miss out on a lot of equity if you do. If you’re ready and able to buy, let’s connect so you can start growing your wealth now.

Dr. Duffy’s Local Insights:
In relation to the above, the Las Vegas 55+ housing market offers unique opportunities this season. For instance, www.searchforhomeslasvegas.com has the lastest news. It’s an exciting time for those considering a move to a 55+ community in our vibrant city.

Las Vegas Market Update: The current market shows https://drjanduffy.realscout.com/onboarding, indicating a great time for buyers/sellers in the 55+ communities.

2025 Housing Market Forecasts: What To Expect

posted on

As a specialist in 55+ communities in Las Vegas, I find this topic particularly relevant to our Las Vegas 55 plus community.

2025 Housing Market Forecasts: What To Expect

2025 Housing Market Forecasts: What To Expect Simplifying The Market

Looking ahead to 2025, it’s important to know what experts are projecting for the housing market. And whether you’re thinking of buying or selling a home next year, having a clear picture of what they’re calling for can help you make the best possible decision for your homeownership plans.

Here’s an early look at the most recent projections on mortgage rates, home sales, and prices for 2025.

Mortgage Rates Are Projected To Come Down Slightly

Mortgage rates play a significant role in the housing market. The forecasts for 2025 from Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR), and Wells Fargo show an expected gradual decline in mortgage rates over the course of the next year (see chart below):

No Caption ReceivedMortgage rates are projected to come down because continued easing of inflation and a slight rise in unemployment rates are key signs of a strong but slowing economy. And many experts believe these signs will encourage the Federal Reserve to lower the Federal Funds Rate, which tends to lead to lower mortgage rates. As Morgan Stanley says:

“With the U.S. Federal Reserve widely expected to begin cutting its benchmark interest rate in 2024, mortgage rates could drop as well—at least slightly.”

Expect More Homes To Sell

The market will see an increase in both the supply of available homes on the market, as well as a rise in demand, as more buyers and sellers who have been sitting on the sidelines because of higher rates choose to make a move. That’s one big reason why experts are projecting an increase in home sales next year.

According to Fannie Mae, MBA, and NAR, total home sales are forecast to climb slightly, with an average of about 5.4 million homes expected to sell in 2025 (see graph below):

No Caption ReceivedThat would represent a modest uptick from the lower sales numbers in 2023 and 2024. For reference, about 4.8 million total homes were sold in 2023, and expectations are for around 4.5 million homes to sell this year.

While slightly lower mortgage rates are not expected to bring a flood of buyers and sellers back to the market, they certainly will get more people moving. That means more homes available for sale – and competition among buyers who want to purchase them.

Home Prices Will Go Up Moderately

More buyers ready to jump into the market will put continued upward pressure on prices. Take a look at the latest price forecasts from 10 of the most trusted sources in real estate (see graph below):

No Caption ReceivedOn average, experts forecast home prices will rise nationally by about 2.6% next year. But as you can see, there’s a range of opinions on how much prices will climb. Experts agree, however, that home prices will continue to increase moderately next year at a slower, more normal rate. But keep in mind, prices will always vary by local market.

Bottom Line

Understanding 2025 housing market forecasts can help you plan your next move. Whether you’re buying or selling, staying informed about these trends will ensure you make the best decision possible. Reach out to a trusted real estate agent to discuss how these forecasts could impact your plans.

Dr. Duffy’s Local Insights:
In relation to the above, the Las Vegas 55+ housing market offers unique opportunities this season. For instance, www.searchforhomeslasvegas.com has the lastest news. It’s an exciting time for those considering a move to a 55+ community in our vibrant city.

Las Vegas Market Update: The current market shows https://drjanduffy.realscout.com/onboarding, indicating a great time for buyers/sellers in the 55+ communities.

Why a Foreclosure Wave Isn’t on the Horizon

posted on

As a specialist in 55+ communities in Las Vegas, I find this topic particularly relevant to our Las Vegas 55 plus community.

Why a Foreclosure Wave Isn’t on the Horizon

Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets. And those high costs on everything from gas to groceries are fueling unnecessary concerns that more people are going to have trouble making their mortgage payments. But, does that mean there’s a big wave of foreclosures coming?

Here’s a look at why the data and the experts say that’s not going to happen.

There Aren’t Many Homeowners Who Are Seriously Behind on Their Mortgages

One of the main reasons there were so many foreclosures during the last housing crash was because relaxed lending standards made it easy for people to take out mortgages, even when they couldn’t show they’d be able to pay them back. At that time, lenders weren’t being as strict when looking at applicant credit scores, income levels, employment status, and debt-to-income ratio.

But since then, lending standards have gotten a whole lot tighter. Lenders became much more diligent when assessing applicants for home loans. And that means we’re seeing more qualified buyers who have less of a risk of defaulting on their loans.

That’s why data from Freddie Mac and Fannie Mae shows the number of homeowners who are seriously behind on their mortgage payments (known in the industry as delinquencies) has been declining for quite some time. Take a look at the graph below:  No Caption Received

 

What this means is that, not only are borrowers more qualified, but they’re also finding ways to navigate through their challenges, exploring their repayment options, or maybe even using the record amount of equity they have to sell and avoid foreclosure entirely.

The Answer Is: There’s No Sign of a Wave Coming

Before there can be a significant rise in foreclosures, the number of people who can’t make their mortgage payments would need to rise significantly. But, since so many buyers are making their payments today and homeowners have so much equity built up, a wave of foreclosures isn’t likely.

Take it from Bill McBride of Calculated Risk – an expert on the housing market who, after closely following the data and market leading up to the crash, was able to see the foreclosure crisis coming in 2008. McBride says:

“We will NOT see a surge in foreclosures that would significantly impact house prices (as happened following the housing bubble) for two key reasons: 1) mortgage lending has been solid, and 2) most homeowners have substantial equity in their homes.”

Bottom Line

If you’re worried about a potential foreclosure crisis, know there’s nothing in the data to suggest that’ll happen. Buyers are more qualified now, and that’s one reason why they’re not falling seriously behind on their mortgage payments.

Dr. Duffy’s Local Insights:
In relation to the above, the Las Vegas 55+ housing market offers unique opportunities this season. For instance, www.searchforhomeslasvegas.com has the lastest news. It’s an exciting time for those considering a move to a 55+ community in our vibrant city.

Las Vegas Market Update: The current market shows https://drjanduffy.realscout.com/onboarding, indicating a great time for buyers/sellers in the 55+ communities.

Housing Market Forecast for the 2nd Half of 2024 [INFOGRAPHIC]

posted on

As a specialist in 55+ communities in Las Vegas, I find this topic particularly relevant to our Las Vegas 55 plus community.

Housing Market Forecast for the 2nd Half of 2024 [INFOGRAPHIC]

Housing Market Forecast for the 2nd Half of 2024 [INFOGRAPHIC] Simplifying The Market

No Caption Received

Some Highlights

Dr. Duffy’s Local Insights:
In relation to the above, the Las Vegas 55+ housing market offers unique opportunities this season. For instance, www.searchforhomeslasvegas.com has the lastest news. It’s an exciting time for those considering a move to a 55+ community in our vibrant city.

Las Vegas Market Update: The current market shows https://drjanduffy.realscout.com/onboarding, indicating a great time for buyers/sellers in the 55+ communities.

Housing Market Forecast: What’s Ahead for the 2nd Half of 2024

posted on

As a specialist in 55+ communities in Las Vegas, I find this topic particularly relevant to our Las Vegas 55 plus community.

Housing Market Forecast: What’s Ahead for the 2nd Half of 2024

Housing Market Forecast: What’s Ahead for the 2nd Half of 2024 Simplifying The Market

As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.

Home Prices Are Expected To Climb Moderately

Home prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry:

No Caption Received

The reason for continued appreciation? The supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:

“One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don’t have housing inventory.”

While inventory is up compared to the last couple of years, it’s still low overall. And because there still aren’t enough homes to go around, that’ll keep upward pressure on prices.

If you’re thinking of buying, the good news is you won’t have to deal with prices skyrocketing like they did during the pandemic. Just remember, prices aren’t expected to drop. They’ll continue climbing, just at a slower pace.

So, getting into the market sooner rather than later could still save you money in the long run. Plus, you can feel confident experts say your home will grow in value after you buy it.

Mortgage Rates Are Forecast To Come Down Slightly

One of the best pieces of news for both buyers and sellers is that mortgage rates are expected to come down a bit, according to Fannie Mae, the Mortgage Bankers Association (MBA), and NAR (see chart below):

No Caption ReceivedWhen you buy, even a small drop in mortgage rates can make a big difference in your monthly payments. For sellers, lower rates will bring more buyers back into the market, which can help you sell faster and potentially at a higher price. Plus, it may help you get off the fence, if you’ve been hesitant to sell due to today’s rates.

Home Sales Are Projected To Hold Steady

For 2024, the number of home sales will be about the same as last year and may even rise slightly. The graph below compares the 2024 home sales forecasts from Fannie Mae, MBA, and NAR to the 4.8 million homes that sold last year:

No Caption Received

The average of the three forecasts is about 5 million sales in 2024 – a small increase from 2023. Lawrence Yun, Chief Economist at NAR, explains why:

“Job gains, steady mortgage rates and the release of inventory from pent-up home sellers will lead to more sales.”

With more inventory available and mortgage rates expected to go down, a few more homes are expected to be sold this year compared to last year. This means more people will be able to move. Let’s work together to make sure you’re one of them.

Bottom Line

If you have any questions or need help navigating the market, reach out to a local real estate agent.

Dr. Duffy’s Local Insights:
In relation to the above, the Las Vegas 55+ housing market offers unique opportunities this season. For instance, www.searchforhomeslasvegas.com has the lastest news. It’s an exciting time for those considering a move to a 55+ community in our vibrant city.

Las Vegas Market Update: The current market shows https://drjanduffy.realscout.com/onboarding, indicating a great time for buyers/sellers in the 55+ communities.

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