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Even with low inventory, expect a strong 2021 housing market

Housing Wire

Total home sales are outpacing new listings by a wide margin every month, and real estate tech company Homesnap foresees the shortage continuing in 2021 unless more sellers enter the market. The divide between supply and demand is striking: compared to last year, total new listings increased.22%,

Inventory 546
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Mortgage rates should drop below 7% as housing demand picks up

Housing Wire

Purchase application data Hello, early Christmas present! I said the 10-year yield would only break below 3.37% if the labor market breaks — this level is the “Gandalf line” I have used all year. One concern with higher mortgage rates was that more sellers — who are traditional buyers — would not list their homes.

Mortgage 542
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Housing inventory growth slows to a halt

Housing Wire

We saw some good growth this week, and hopefully, in 2024, we can close the gap and get back to 2021-2022 data on new listings. That is the critical period for new listing data to grow; remember, most sellers are buyers. However, this has always been about the labor market and jobless claims data.

Inventory 487
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More than half of homes sold above asking price in May

Housing Wire

And 54% of homes sold above their asking price in May — another a record high, up from 26% a year ago, according to a new report from Redfin. The report also shows the housing market also set new records for home-selling speeds and competition, although seasonally adjusted home sales and new listings flattened from April.

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Mortgage rates are close to 7%, and may remain so for several weeks longer

Housing Wire

The uptick in mortgage rates came amid positive inflation news – the consumer price index rate showed cooling prices in June, rising just 3.0% However, it is unlikely to be enough to prevent an additional rate hike at the next Federal Open Markets Committee meeting on July 25-26. And rates could remain above 6.5%

Mortgage 370
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Home pricing rules: don’t go if you don’t know

Housing Wire

Not prequalifying is unprofessional and can waste your time and the sellers. All pricing scripts are best used at the listing table! Don’t lose the listing of a motivated, have-to-sell seller over price. If they have sell, you have to take the listing! Are homes selling on average for 105% of the list price?

Sellers 370
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My Forbes Column: Keeping Housing Market Results From The Public Is Never Justified: An Expansive View

Miller Samuel

Keeping Housing Market Results From The Public Is Never Justified: An Expansive View. When the Covid-19 crisis began halfway through March, the Manhattan housing market was placed on “pause,” as were many housing markets around the country. Days on market during Covid-19. Hiding DOM as a marketing strategy.