For this edition of the Storyy Trend Report, before we talk about the Home Prices Fall, we’ve got to talk about Taylor’s New Album! Taylor Swift won the Video of the Year award at the 2022 MTV Video Music Awards last night for her 10-minute “All Too Well: The Short Film.” After accepting the award, Swift revealed that her new album ‘Midnights’ will come out October 21. Swifties rejoice!
For the past two-plus years, home prices were unstoppable. Buyers watched in horror as they swiftly ratcheted ever higher from one month to the next—and bidding wars drove these price tags up even further.
But higher mortgage interest rates have since poured cold water on the red-hot housing market, forcing it into a correction as buyers reached their financial limits.
As it turns out, what goes up may have to come down—even if by just a little.
“House prices are rolling over,” says Mark Zandi, chief economist at Moody’s Analytics. “They’re going from straight north to going sideways and, I expect, would be going south in the not too distant future, certainly by this time next year.”
Just take a look at what’s happened this summer: Sale prices of existing homes fell by $10,000, to a median of $413,800 in July, compared with a month earlier, according to the National Association of Realtors®. (Existing homes do not include new construction.) However, prices were still up 10.8% year over year in July.
“We are going to see prices drop as we do seasonally,” says Realtor.com® Chief Economist Danielle Hale. (Home prices typically peak in June and then begin to dip.) “We tend to see smaller homes and sellers who are more willing to make a deal [in July]. In general, there are fewer buyers because they’re on vacation, getting ready for back to school, they’ve already found a home or decided to extend their rental.”
But, Hale adds, “I don’t think it’s likely for home prices to fall significantly. Prices are still growing [annually] by double digits. We have a long way to go before we see prices decline.”
Mortgage rates are projected to decline next year — but that doesn’t mean prospective homebuyers should necessarily delay a purchase for the prospect of lower financing costs.
The rate on a 30-year fixed mortgage will fall to an average 4.5% in 2023, according to a recent housing forecast published by Fannie Mae, a government-sponsored lender.
That dynamic would offer relief to would-be homebuyers who’ve seen mortgage rates balloon this year.
The Federal Reserve started increasing its benchmark interest rate in March to tame stubbornly high inflation, which has resulted in higher borrowing costs for consumers — who may feel a sense of whiplash from 2020, when rates bottomed out near historically low levels.
Snapchat is adding a new feature to its main camera, allowing users to capture photo and video using the front- and back-facing cameras on their phones at the same time.
The dual camera feature was initially announced back in April as part of Snapchat’s to-be-released director mode, which will give users access to a wider range of creative tools. The dual camera feature is coming directly to Snapchat just as BeReal — the nostalgia-tinged photo sharing app using both cameras — is breaking into the mainstream.
It is also rumored that Instagram is piloting a Candid feature that will mimic BeReal’s #1 appeal, its realness. [Check out our blog on: Why you should be using Instagram Reels]
Corn Kid or Corn Child refers to a viral video of a young boy who expounds upon his deep love for the vegetable corn. Many online found the video adorable and wholesome, particularly phrases the child uses such as “corntastic day” and “I can’t imagine a more beautiful thing,” when it was uploaded in early August 2022.
In the following weeks, musicians and YouTubers Schmoyoho remixed the video’s audio into a song, which itself went viral on TikTok shortly after.
People are using this tiktok sound to showcase things they think are great. You can use the meme by using the sound to highlight the services your business offers.
“Billie Eilish” by Armani White is a rap song by Philadelphia rapper Armani White released in May 2022. The song was teased on TikTok numerous times by White starting in February 2022, where it gained viral spread on the platform, inspiring a trend where users somersault and transition their outfits from a baggy shirt to another article of clothing.
The sound and trend has evolved from a fashion transition to a transition of any kind. Get creative with this trend!
A perfect new love song, Golden Hour by JVKE is a VIBE. Think of adding it to your next video about romance and love to make everyone swoon.
Make it a habit to record video content for your social media. Below is a list of 4 ways to help you stay on top of it! Make it obvious, easy, attractive, and satisfying, and you’ll start recording more often.