Affordable Housing Crisis Continues to Widen

Median Family Income & Housing Supply

You know we're facing a housing crisis in this country, but how is that affecting the average family in the US? The median family income in the US is sitting at $75,000. By definition, that means 51% of the family households in the US are making $75,000 or below. Taking into account today's interest rates, a family with the median income can afford to purchase a home priced at $256,000. For the housing market to be balanced and to be affordable, we would need 51% of available housing in the US to be at or below that $256,000 price point. Unfortunately, we're nowhere close to that here in the US.

We're at less than half of that, we're actually sitting at…

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Interest Rates Forecast for 2023-2024

What should you expect with housing interest rates for the rest of 2023 and into 2024? We examine the potential trajectory of interest rates by taking into account the Fed's forecast and the current climate of uncertainty. While the Fed is expected to initiate rate reductions within the next 12 to 24 months, waiting to buy a home in 2024 or 2025 might not be the wisest decision. If you're thinking about buying or selling a home in Huntsville, AL, being mindful of how interest rates impact the housing market can help you make the best decision that suits your needs and circumstances.

Despite a Pause on Rate Hikes, Expect More

Is Jerome Powell fed up yet? After an unprecedented ten consecutive rate…

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Huntsville Housing Market Report | May 2023


Discover the latest housing market trends in Huntsville, AL and the surrounding areas. We’ll explore key factors such as average sales prices, housing inventory, average days on market, affordability, and the percentage of list price received. We’ll give insights into how these elements are shaping the current market conditions and understand the potential implications for both buyers and sellers. Stay informed about the evolving dynamics of the Huntsville housing market and be prepared to make informed decisions regarding your housing and real estate needs.

Huntsville Average Sales Price & Homes Sold

Year over year the average price home in Huntsville has risen $5,000 from $382,000 to $387,000.…

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Average Length of Homeownership



Curious about how long homeowners are staying in their homes? Recent stats shed light on the average length of homeownership and its changing trends. Examining a 20-year period from 1985 to 2005, there was minimal variation in home stay duration. On average, homeowners remained in the same house for five years in 1985, gradually increasing to six years by 2005. However, in a surprising twist, the average length of a homeowners' stay has more than doubled in less than two decades, with homeowners now residing in their homes for over 13 years. Let's take a look at what the future may be for a homeowners' length of stay and discuss the factors driving this trend.

Future of Homeowners Staying in the Same House

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Fed Raises Rates for 10th Straight Time

When are we going to get off of this roller coaster with the Fed? The Fed just announced its 10th straight rate hike, so what does that mean for homebuyers?

In the Fed's speech, they omitted some key language which has a lot of people interpreting this as the Fed saying that this is going to be the last rate hike. The Fed’s post-meeting statement omitted a sentence present in the previous statement saying that “the Committee anticipates that some additional policy firming may be appropriate”. Could the 10th straight rate hike be the last rate hike?  It looks like it may be, at least for the time being.

 

How Does This Affect Homebuyers & Mortgage Rates?

How is that going to affect everybody,…

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New Tax on Good Credit

You're not going to believe this, there's a new federal rule that is penalizing homebuyers with good credit. This new rule is coming at probably the worst time as home affordability is at an all-time low with higher home prices and higher interest rates This new rule is actually creating an additional burden for homebuyers and is going to price some homebuyers out of the marketplace because this rule could actually affect up to two-thirds of the potential market for new homebuyers.

This fee was designed to help people with lower credit scores purchase homes and get into homeownership, which is a great thing. The problem is, this is not the way to do that.  A few ways we can help more people purchase homes is to focus…

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2023 Housing Crisis

How Did We Get Here?

We have a housing crisis in this country and in Huntsville, AL. I know what you're thinking, how did we get here? We’ll look at how the 2008 housing crash actually started us down the path to our current crisis, how the COVID pandemic exacerbated things, and where the housing market stands in 2023.

How Did We Get Here?

Housing Crash in 2008

It all started back in 2008 when we had a housing crash in this country. As a result of this housing crash, we had fewer homes being built. Fewer homes were being built because banks were tightening up their development loans so builders and developers could not get loans to build these new communities. A lot of builders just simply went bankrupt during this…

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House Hacking & Millennial Housing Struggles

Are you a millennial struggling to buy your first home? You're not alone. The latest data shows that millennials are no longer the largest group of homebuyers, with their percentage of homes purchased dropping significantly in 2022. We’ll look at what contributed to this decline, what the possible outcomes are for millennials if this trend continues, and what millennials can do to get into the housing market to start building wealth.

Millennial Housing Struggles

Millennials are having huge problems with housing right now. For the first time in eight years, millennials are not the largest portion of home buyers. They dominated from 2014 to 2021 but in 2022 they took a big downward spiral in…

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Big News from Zillow & Zillow's New 2023 Housing Predictions

Zillow has updated its 2023 Housing Predictions and it’s making waves in the real estate industry. While there is an expected increase in home values, there is also a predicted decrease in the number of homes sold, leaving many wondering what is causing this shift. With a shortage of supply and potential homebuyers sitting on the sidelines due to higher interest rates, the market is experiencing volatility. However, recent bank failures could change the game. We’ll look at the changes in Zillow’s housing forecast as well as how they will affect buying and selling a home in Huntsville, Alabama. Read until the end to find out big, breaking news from Zillow!

Zillow’s New Prediction on…

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Interest Rates Hikes, Bank Failures, & Huntsville Housing Market Report

 

For the February Huntsville Housing Market update, we are going to cover everything from average sales prices and inventory to interest rate hikes, bank failures, and the safest places to put your money. With an insight into how the market is currently operating, we'll also discuss what the Fed is doing and what the future holds. If you are buying or selling a home in Huntsville, Alabama, this information can help you make the best decision when it comes to your financial and real estate goals.

 

Average Sales Price & Homes Sold in Huntsville

Average sales prices have gone up in the Huntsville area by 5% year over year from $356,000 to $374,000 for your average home…

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