On today's Real Estate Coaching and Training podcast (and Youtube) Tim and Julie Harris will give you the facts about the housing market that the media doesn't seem to want you to know. The facts point to a continued strong housing market for at least the rest of 2022 with increasing opportunity to help others and make money. 

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1 - Home prices are still increasing month over month, even with the rise in interest rates and slower showing activity. According to CoreLogic, nationally, prices are up 20.6% through April 2022. This matters because it keeps serious sellers interested in cashing out, and gives them more money to put towards down payments, rate buydowns, etc. It's also important because it helps continue equity growth which prevents distressed sales.

Tampa increased 34.8%
Phoenix increased 32.4%
Miami increased 32.0%

Even the smallest gaining markets were up an average of 12.5% (Minneapolis, Washington, and Chicago).

According to Lawrence Yun, economist for NAR, by the end of 2022, these increases may slow to 5% growth.

It's also interesting to note that over the past 30 years of tracking home price inflation, the average rate is 3.7%. That takes into account the Great Recession as well as the temporary slowdown in the early days of the Pandemic.

2 - The mortgage interest rate for a 30-year fixed loan actually decreased last week, from 5.25% down to 5.1%. It clearly has immediately affected the market, which is what the Fed's intention was. They may slow future increases. Make sure your serious buyers are locking in their interest rates and that that lock includes a 'float down' feature. That means if it goes DOWN again, they lock in at those lower rates.

3 - Inventory is rising... finally! According to Axios, inventory is up 8% year over year. Homes that used to take 24 hours to sell are now taking up to 30 days. Great news for your buyers who are sick of competing and giving so many concessions to the sellers.

4 - There are zero indicators of a pending housing crash. Homeowners have equity, they've locked in super low rates and can walk away with cash IF they actually decide to sell. Unemployment is low and demand continues to be very high. There is very little subprime, so at-risk homeowners are few and far between. Lenders are more willing to do forbearances or modifications. Stop thinking there's going to be a crash.  

Note: 45% of homeowners are currently 'equity rich. This means they have 50% or more equity in their homes. Even if they were to fall behind in payments, they still walk away with equity. That equity is literally growing as I type this point.

Only 3.2% of mortgages are underwater currently.  

5 - Buyers are gaining some control back. While it's still unquestionably a seller's market, fewer showings mean sellers are more appreciative of the offer or offers they DO get after a couple of weeks on the market. This does NOT mean you should be lowballing, but it does mean you may be able to get inspections and appraisals accepted. Sellers are getting fewer free possession days as well. This all depends on the subject property. Some are hot and some are not.