Is My Home Value About to Drop.?
Watch the original video: Is My Home Value About to Drop.?
Monthly Mortgage Market Update for August 2021. In this month’s mortgage market update video, I answer important questions on home values, house appreciation and interest rates. Watch the video above to learn more.
🏡 Are Home Values Going to Drop?
Over the last two years Shasta County home values have increased by almost 20% each year. This is a trend we saw nationwide. Combined with the great COVID migration, where we saw a huge surge of people moving away from larger cities into more rural communities like ours. We do not think appreciation is likely to go down. Experts are predicting that appreciation will start to slow down, and trend more to a buyers market.
In the past year, it has been a strong sellers market, where they have called the shots. Now we are seeing buyers get the home they love, and even have sellers pay for some of their closing cost. However, there are still challenges with COVID and other issues that could increase house prices. Overall, we think this is just your typical late-summer cool off, but we are not expecting a crash.
📈 Interest Rates
Mortgage rates are still really good right now. The Federal Reserve is not likely to make drastic changes in 2021. Keep in mind that the market is still volatile, and we could still see anything happen. We are not out of this housing crisis yet. We are still dealing with low inventory in the market for purchasing and renting. Until this is resolved we will still see housing prices continue to rise. However, appreciation will likely slow down.
I’m always available for anyone who has questions involving housing or mortgage. Feel free to reach out. Call, text or email me anytime.