In July 2022, rapidly rising interest rates triggered a sudden slowdown in the upward trajectory of home prices and the intense bidding wars that accompanied them. Remarkably, 92% of U.S. markets witnessed monthly home price drops throughout the year. It was a significant shift in the market dynamics.
However, the tide has turned since then. The latest reports indicate that prices are now on the rise in 92% of U.S. markets.* This reversal brings new opportunities and considerations for buyers and sellers alike. (*Source: Black Knight, Inc.)
Moderating interest rates still well below long-term averages
Continuing demand from buyers remains robust
A shortage of homes for sale
A strong labor market
This trend reversal marks a great time to get into the market for both home buyers and sellers.
Before you search for your next home, we would love to help you with a mortgage pre-approval so you can:
Discover a price range that's comfortable for you
Stand out from other buyers
Negotiate your best deal
In order to get you pre-approved we need the documentation below. All of this and more will be needed once your loan is in process so might as well pull it together now.
Pay stubs – last 30 days
W2s – last 2 years
Federal tax returns – last 2 years, all pages and schedules
Bank statements – Last 2 months, all pages
Realtor and attorney contact info
Copy of photo ID – must be legible
We can offer insight on market conditions for selling your current home, too.
Reach out to our experienced team to discuss how the current market conditions may impact your real estate plans. We're here to help you navigate the complexities and seize the opportunities presented by the evolving housing market.
To encourage and educate aspiring home buyers, Emerald Home Loans offers free information and resources. You can visit us online to learn more.
FREE First-Time Home Buyer eBOOK – Includes handy resources & checklists
First-Time Home Buyer Resources – Learn about our First-Time Home Buyer Programs
Home Buying Comparison Chart - Take this chart with you during your home search
Mortgage Calculators – We have an entire library of easy-to-use calculators!
Ready to get started? Apply Now using our online application.