Housing Wire

DECEMBER 2, 2021

It’s official – housing inventory in America is at a crisis level. I think more new listings will hit the market in the new year, but there will also be a long line of buyers who are queuing up right now.”. The post Housing inventory has never been lower appeared first on HousingWire.

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Housing Wire

NOVEMBER 7, 2023

It’s a fact: Buyer-side commissions are no longer a guarantee and no longer an entitlement. Though this seems like a whole new stress-inducing worry for many real estate agents , the fact is that commissions have never been a set amount, just an expectation or a tradition in many markets. For Sale By Owners are the same.

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Housing Wire

SEPTEMBER 15, 2023

Buyers facing high mortgage rates are pulling out of their home-purchase agreements at the highest rate in nearly a year. of homes that went under contract that month, according to a new report from Redfin. A lot of sellers are also willing to let buyers slip away because they don’t want to concede to repair requests,” Morre said.

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Housing Wire

MARCH 15, 2024

These housing professionals have been gaming out the potential impact on buyers’ agents – a significant source of referrals. Loan officers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down.

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Housing Wire

APRIL 6, 2022

Additionally, home price appreciation and insufficient for-sale inventory are holding back purchase activity. . The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $647,200) increased to 4.90% from 4.80%. Meanwhile, the seasonally adjusted purchase index decreased 3.4%

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Housing Wire

MAY 4, 2023

A paradoxical picture is emerging as the spring market is underway. On the one hand, elevated mortgage rates continue to erode buyers’ purchasing power, and in some markets, home prices are falling. On the other hand, inventory is still low, and homes are still selling fast, often with multiple offers.

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Housing Wire

APRIL 17, 2023

Local housing markets is a HousingWire magazine feature spotlighting housing trends across the country. Austin, Texas In 2021, Austin had one of the hottest housing markets in the country. It is keeping the pressure on buyers to shop wisely,” Kent Redding, a local Berkshire Hathaway Home Services agent, said.

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Housing Wire

SEPTEMBER 7, 2023

Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 7.12% as of Sept. Rates should continue to come down from their peaks, as the inflation and the jobs market are cooling, said Bright MLS Chief Economist Lisa Sturtevant.

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Housing Wire

FEBRUARY 29, 2024

For comparison, the index is benchmarked at a reading of 100 based on 2001 contract activity. Meanwhile, new home sales , which are also a measure of contract signings, reached a seasonally adjusted annual rate of 661,000 in January, up 1.5% Overall active inventory improved 7.9% from December’s annualized rate.

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Housing Wire

DECEMBER 23, 2022

This article is part of our 2022-23 Housing Market Forecast series. The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. Midwest metros like Minneapolis, St.

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Housing Wire

AUGUST 30, 2023

However, unlike the market for new homes , which has recovered convincingly above last year’s lows (+31.5%), pending home sales continue to lag behind year-ago levels (-14.0%). An index of 100 is equal to the level of contract activity in 2001. “Jobs are being added and, thereby, enlarging the pool of prospective home buyers. .

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Housing Wire

MARCH 27, 2023

Housing markets in tech hubs were in high demand during the pandemic, with potential buyers facing fierce competition on homes in cities like San Jose and Austin. According to Redfin’s analysis, Austin, Texas has experienced the most rapidly cooling housing market in the nation over the last year.

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Housing Wire

MAY 28, 2021

Numerous other sales records were also set, including the median home sale price ($354,250) and number of days on the market (17, down from 36 one year ago). Diving deeper, for the two week period ending May 9, 2021, 57% of homes that went under contract had an accepted offer within the first two weeks on the market.

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Housing Wire

JANUARY 26, 2024

For comparison, the index is benchmarked at a reading of 100 based on 2001 contract activity. The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” NAR chief economist Lawrence Yun said in a statement. “Job NAR’s Pending Home Sales Index (PHSI) increased to 77.3

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Housing Wire

APRIL 22, 2021

Robbin Sutton with DASH Realty Carolina has been a broker for 20 years, and she’s never seen anything like the current housing market in the Raleigh-Durham metro. I’ve had a few couples from New York — Manhattan and Brooklyn — that come down here armed with cash, but inventory is low and there’s nothing for them.

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Housing Wire

SEPTEMBER 28, 2023

An index of 100 is equal to the level of contract activity in 2001. Pending home sales, like new home sales, are based on contract signings. Mortgage rates have been rising above 7% since August, which has diminished the pool of home buyers,” Lawrence Yun, NAR chief economist said.

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Housing Wire

OCTOBER 24, 2022

In May, I wrote about the signs to watch for a real estate market slowdown. It’s now October, we’ve had the biggest spike in mortgage rates we’ve seen in decades, and all the signs of a slowdown are here: Inventory is rising. But it’s clear that the dramatic shift in the market is about more than just seasonal fluctuations.

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Housing Wire

JUNE 29, 2023

An index of 100 is equal to the level of contract activity in 2001. Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing,” Lawrence Yun , the chief economist of NAR, said in a statement. The NAR’s Pending Home Sales Index fell to a reading of 76.5

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Housing Wire

SEPTEMBER 7, 2023

But three multibillion-dollar class action antitrust lawsuits looming over the real estate industry may soon reshape how buyers interact with agents. You’ve got current economic conditions that are not opportunistic for a homebuyer right now, inflation is still out there and it’s all constraining buyers’ ability to spend. “You’ve

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Housing Wire

NOVEMBER 21, 2023

Homes typically go under contract a month or two before the closing, which means the October data largely reflects purchase decisions made in August and September. Multiple offers, however, are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market.”

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Housing Wire

OCTOBER 1, 2022

The real estate market has shifted, and we are in a new housing paradigm. However, there are a number of attention-grabbing headlines, which unfortunately only compare today’s housing market to the very recent history of the last two years. However, in many areas of the country it does remain a seller’s market. Historically 2.5

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Housing Wire

OCTOBER 28, 2021

An index level of 100 is equal to the level of contract activity in 2001. Contract transactions slowed a bit in September and are showing signs of a calmer home price trend, as the market is running comfortably ahead of pre-pandemic activity,” Lawrence Yun, NAR’s chief economist, said in a statement.

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Housing Wire

MAY 2, 2024

The housing market has been on a topsy-turvy roller-coaster ride in recent years that has been particularly neck wrenching since this past fall, fueled by stubbornly high inflation and a still-strong jobs market. Treasury market — jumping to as high as 121 in mid-April after ending March near 85.

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Housing Wire

DECEMBER 16, 2022

The last year has been a completely split housing market — one that started with the lowest inventory NAR has recorded dating back to 1999 and one with low mortgage rates. The market has now faced a contraction in existing-homes sales for nine consecutive months, while home prices and rates rise.

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Housing Wire

DECEMBER 23, 2022

New home sales data last month was much stronger than had been anticipated; the market had expected a contraction of 4.7% Since July, about 10,000 contracts have been canceled each month, according to data from John Burns Consulting. Census Bureau and the Department of Housing and Urban Development (HUD) on Friday. in November.

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Housing Wire

SEPTEMBER 20, 2023

In the week leading up to the Federal Open Market Committee meeting, mortgage applications finally ticked up. Home prices in many markets have been supported by low inventory and resilient housing demand for available homes,” Kan added. The average contract interest rate for 5/1 ARMs dropped to 6.42% from 6.59% a week prior.

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Housing Wire

SEPTEMBER 14, 2023

Freddie Mac ‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 7.18% as of Sept. What to expect from the Federal Open Market Committee meeting next week ? How are mortgage rates affecting the housing market ?

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Housing Wire

DECEMBER 8, 2023

You know what you do, but how do you explain it in such a way that a buyer understands your value, the required agency forms and everything involved to make it to the closing table? Ultimately, every homebuyer prospect, every contract and every negotiation is different, but your value should be consistent for all situations and clients.

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Housing Wire

JULY 29, 2021

Though the desire for buyers to purchase a new home remains strong, skyrocketing prices are putting the dream out of reach for some buyers, economists in the housing industry said. An index of 100 is equal to the average level of contract activity during 2001, the first year examined. on the index in June, an 8.7% in 2022. .”

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Housing Wire

SEPTEMBER 29, 2021

Homebuyer contract signings in the U.S. Increased inventory of homes for sale, near historic low mortgage rates and favorable demographics means more housing demand, ” Odeta Kushi, the First American deputy chief economist said in a statement. rose 8% month-over-month from July to August, though the figure was still 8.3%

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Housing Wire

MAY 21, 2024

For many, buying a home is a complex process, and navigating the real estate market’s rules and regulations can be tricky, especially in states where property sale prices remain a secret. Without sales figures, it’s difficult to access comparable sales, and home buyers may find it challenging to gauge the fair market value of a property.

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Housing Wire

MARCH 5, 2024

“ Recovery year ” was the theme heading into 2024 as mortgage professionals hoped for some reprieve in a frozen housing market characterized by high interest rates, low inventory levels and sluggish sales. Many of his buyers are still waiting for rates to come down before seeking preapproval for a mortgage. economy remains hot.

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Housing Wire

JULY 14, 2021

. “We continue to see ebbs and flows as housing demand remains strong, but for-sale inventory remains low,” he said. ” The sheer amount of bidding wars decreased from May to June, per a study released this week from Redfin, as more homes for sale have slowly hit the market in the past month. from 61.6%

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Housing Wire

MARCH 26, 2021

Portland, Maine, has emerged as a popular destination for current homeowners and prospective buyers looking to move out of metro areas into more spacious secondary cities. A balanced market, Davin said, requires five to six months. “It’s a full-on frenzy for buyers to secure a home.”

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Housing Wire

FEBRUARY 21, 2023

January sales reflect purchase contracts made in November or December, and there is evidence that in many markets, the housing market has bottomed out and buyers are beginning to return to the market.” Inventory remains low, but buyers are beginning to have better negotiating power,” Yun added.

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Housing Wire

MARCH 24, 2021

Inadequate housing inventory continues to put upward pressure on home prices,” Kan said. The dip in applications is linked to broader trends in the housing market: more than a year of low inventory is forcing interested buyers to snag whatever they can get their hands on, even if it’s overpriced.

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Housing Wire

MAY 10, 2022

This article is part of our housing market economic update series. At the end of this series, you can join us on May 10 for a Housing Market Update webinar. These reports highlight the difference home buyers and potential home buyers have when embarking on the buying process. While the homeownership rate in the U.S.

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