NAR Chief Economist’s outlook on the U.S. housing market

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NAR Chief Economist’s outlook on
the U.S. housing market

National Association of Realtors (NAR) Dr. Lawrence Yun’s U.S. housing forecast based on interest rate of 7%

Last week, Dr. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) reported his findings and outlook for the nation’s housing market. Despite media inferences to another housing crash, Dr. Yun shared interesting comparisons with the last dip in the real estate market in 2008 to today:

• U.S. housing inventory is about a quarter of what it was in 2008: 1 million homes today vs. 4 million homes in 2008
• Distressed property sales are almost non-existent currently, at just 2%; nowhere near the 30% mark seen during the housing crash in 2008
• Short sales are not happening (yet) because there has been significant price appreciation enjoyed by homeowners over the last few years

Bottom line, there will always be fluctuations in the market in the short term. However, homeowners build equity and wealth over the long term. Timing the market on when to buy or sell is not recommended.

The best time to buy or sell property should be based on YOUR own specific needs and situation. Please reach out if I may help you prepare for success whether its connecting you with lenders or discussing your needs, timing and approach.