Affordability Conditions May Improve In New Year
Americans Remain Ready To Buy
Rates Now At Lowest Level Since September
What Will The Market Will Look Like In 2023?
Majority Of Homes Still Sell In Under A Month
How Stable Is Today's Housing Market?
Do Snowy States Have Higher Home Values?
12/20/2022 - Posted by: Ali Shemirani
Getting A Mortgage Got Easier In November
12/19/2022 - Posted by: Ali Shemirani
Where Do You Plan To Live In Retirement?
A new survey finds 70 percent of Gen X and Baby Boomer Americans say they plan to stay in the home they currently own after retirement.
You may be someone who envisions moving somewhere beautiful when you retire. After all, spending your retirement soaking up the sun somewhere near the water doesn't sound too bad. But while many of us may fantasize about moving away in retirement, the reality is the majority of us are happy where we are. According to one newly released survey, 70 percent of Gen X and Baby Boomers say they plan to retire in the home they currently own. The reasons are varied, including everything from having a low mortgage payment to having remodeled the house to fit their needs. Whatever their reasons, many Americans don't see themselves selling their homes and moving away. So many Americans, in fact, that it may be affecting the housing market. How so? Well, with more of us planning on staying in our current home during retirement, there are fewer existing homes on the market available to home buyers.
12/13/2022 - Posted by: Ali Shemirani
Americans Are Feeling Better About Buying
A newly released survey found the number of Americans who say now's a good time to buy or sell a house increased in November. What do you think?
The number of Americans who say it's a good time to buy a home increased in November, according to Fannie Mae's Home Purchase Sentiment Index. The index – which is based on a monthly survey that asks Americans for their feelings about the housing market, economy, mortgage rates, home prices, and whether or not it's a good time to buy or sell a home – found a 1 percent increase in the number of respondents who say now's a good time to buy. The improvement came as the overall index saw its first gains in eight months. Doug Duncan, Fannie Mae's senior vice president and chief economist, says housing sentiment is still lower than normal, despite the results. &Ldquo;Following eight months of consecutive declines, the HPSI did tick up slightly in November but is essentially unchanged since hitting its all-time low last month,” Duncan said. &Ldquo;Consumers continue to expect mortgage rates to rise but home prices to decline, a situation that we believe will contribute to a further slowing of homes sales in the coming months ...”
12/13/2022 - Posted by: Ali Shemirani
Number Of Homes For Sale To Increase In 2023
The number of previously owned homes for sale will rise more than 20 percent year-over-year in 2023, according to a newly released economic forecast.
It isn't always easy to find what you're looking for when shopping for a house. That's especially true when there are fewer homes for sale. Low inventory leads to competition, quick sales, bidding wars, and frustration. On the other hand, when there are more options to choose from, there are more opportunities to find a house that checks off the items on your wishlist. Which is why a recent end-of-the-year forecast has encouraging news for prospective home shoppers. The forecast, from the National Association of Realtors' consumer website, says the number of existing homes for sale will rise more than 20 percent year-over-year in 2023. That means more homes for buyers to choose from and more chances to find one that fits their needs. Danielle Hale, the website's chief economist, says market challenges will remain, though, so buyers will have to be prepared. &Ldquo;Americans who are determined to make a move will find staying up-to-date on the market, flexibility, creativity, and a healthy does of patience will go a long way toward success in the year ahead,” Hale said. 12/12/2022 - Posted by: Ali Shemirani
Does Today's Market Favor Buyers Or Sellers?
A new analysis finds the national housing market favors neither buyers or sellers right now. It's the first time the market has been in neutral territory since July 2020.
Sometimes you have no choice but to move. Maybe you need to relocate for a better job or have to get a bigger space to accommodate a growing family. Whatever the circumstances, life may force you to find a new place to live. In those cases, you don't have the luxury to consider market conditions or whether now is the best time financially to make a move. But, if you have a move in mind and you're not on a specific timeline, you may be wondering whether now's the best time and if today's market is better for buyers or sellers. Well, according to one recent analysis, the answer may be neither. The data shows that – according to key housing market metrics like sales, inventory, and time on market – the U.S. Housing market entered neutral territory in October for the first time in two years, with the 100 largest markets split pretty evenly. In fact, 51 markets favored sellers, 39 were neutral, and 10 were buyer's markets. &Nbsp;12/07/2022 - Posted by: Ali Shemirani
Home Price Increases Continue To Slow
New numbers from S&P Case-Shiller show home price gains are slowing, though prices remain 10.6 percent higher than they were last year at the same time.
The S&P Case-Shiller Home Price Indices have been tracking home price data for nearly 30 years and are considered among the leading measures of U.S. Home values. The closely watched gauge looks at the top metropolitan areas in the country and compares today's prices to where they were last year at the same time, as well as where they were last month. According to the most recent release, home prices are still significantly higher than they were last year at this time, with the national index showing a 10.6 percent year-over-year gain. However, that's down from the 12.9 percent gain in last month's report. Additionally, month-over-month numbers show home prices down slightly. Craig J. Lazzara, managing director at S&P, says prices continue to slow. &Ldquo;Prices declined in every city in September, with a median change of 1.2 percent,” Lazzara said. &Ldquo;Year-over-year price gains in all 20 cities were lower in September than they had been in August.’ 12/05/2022 - Posted by: Ali Shemirani
Is It Better To Be Pre-Approved or Pre-Qualified?
86 percent of recently surveyed home sellers said they prefer a buyer who's been pro-approved over one who's been pre-qualified.
Anew survey of home sellers found 86 percent of them preferred a buyer who's been pre-approved for a mortgage over one who's pre-qualified. That's the overwhelming majority and a clear indication that home shoppers should first get pre-approved for a loan before proceeding on their house hunt. But what's the difference anyway? Well, pre-approval requires a more thorough check of your finances than pre-qualification does. That means, you'll be asked to provide some documentation confirming your income, assets, debts, etc. It also includes a credit check. In other words, it's a more detailed look at your financial situation and gives home sellers confidence that you'll be able to close on time and without issue. That's why the overwhelming majority of those surveyed chose a pre-approved buyer over a pre-qualified one. The benefit for buyers is pro-approval gives them the ability to put in a firmer, faster offer when they find a home that fits their needs and lifestyle. &Nbsp;12/01/2022 - Posted by: Ali Shemirani
New Home Buyers Bounce Back In October
New home sales improved unexpectedly in October, rising 7.5 percent higher than the month before.
Mortgage rates were at their recent peak in October. But despite elevated rates, new home buyers were active, pushing sales of newly built single-family homes higher than the month before. In fact, according to recently released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, new home sales rose 7.5 percent above September's rate and were down just 5.8 percent from last year at the same time. The improvement beat expectations, as economists polled by Reuters predicted a month-over-month decline in October. Regionally, sales spiked in the Northeast and South, were flat in the West, and saw their only decrease in the Midwest, where they fell 34 percent. The surprising gains are encouraging, especially at a time of year when home buyers are typically less active. Also in the report, the median sales price of new houses sold in October was $493,000. The average sales price was $544,000. 11/29/2022 - Posted by: Ali Shemirani
Mortgage Rates Fall For 2nd Straight Week
Average mortgage rates fell again last week, according to the Mortgage Bankers Association. It was the second straight week-over-week decline.
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell again last week. Rates for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans all declined. It was the second straight week mortgage rates fell. They are now down 50 basis points from last month's peak. Joel Kan, MBA's vice president and deputy chief economist, said the news was good for home buyers. &Ldquo;The decrease in mortgage rates should improve the purchasing power of prospective home buyers, who have been largely sidelined as mortgage rates have more than doubled in the past year,” Kan said. &Ldquo;As a result of the drop in mortgage rates, both purchase and refinance applications picked up slightly last week.” Overall demand for mortgage applications was up 2.2 percent from the week before. The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.
11/24/2022 - Posted by: Ali Shemirani
Do Grocery Stores Affect Home Values?
Nearby grocery stores may affect home values, according to a recent analysis. The data showed homes near Trader Joe's had the highest values, followed by Whole Foods and Aldi.
It's nice to have a grocery store in the area. After all, you're going to need groceries. So having a store nearby that you can quickly run to when you run out of something is a coveted convenience. But it may be more than just convenient, according to a new analysis from ATTOM Data Solutions. Their recently released 2022 Grocery Store Wars looked at home values near three popular grocery store chains to determine where values were the highest. What they found was average home values were highest in neighborhoods near Trader Joe's. In fact, homes near Trader Joe's had an average value of $987,923 – compared to $891,416 near Whole Foods and $321,116 near Aldi. Living near an Aldi, though, was best for home appreciation and home seller return-on-investment. Rick Sharga, ATTOM's executive vice president of market intelligence, says it's something for home buyers to consider. &Ldquo;Smart home buyers might want to consider where they'll do their grocery shopping when they're shopping for a new home,” Sharga said. &Ldquo;It turns out that being located near grocery stores isn't only a matter of convenience for homeowners but can have a significant impact on equity and home values as well.” 11/24/2022 - Posted by: Ali Shemirani
The supply of homes for sale has increased this year compared to last, but supply is still far below more normal years like 2019. One reason is because of decades of underbuilding. That means your house should still be in demand if you work with an agent to price it right. If you’re ready to sell, DM me to get started.11/22/2022 - Posted by: Ali Shemirani
Is A Buyers' Market Just Around The Corner
According to one recent analysis, the number of sellers' markets has been falling and, by next September, the housing market may favor home buyers for the first time in years.
The past few years have favored home sellers. Fewer homes available for sale pushed competition between buyers and drove home prices higher. It was clearly a sellers' market. It still is. In fact, according to one recent analysis, the majority of markets continue to favor sellers, with 51 of the country's largest 100 housing markets remaining sellers' markets. Among them, smaller metros were more likely to favor sellers than areas with populations more than 1 million people. But with affordability conditions in flux and buyer demand slowing nationwide, is a change on the way? Possibly. In just the past few months, the number of sellers' markets has fallen from 83 in August to 51 today. It's expected to fall further in 2023. By next September, of the same 100 markets, 27 are expected to favor buyers, 30 will be neutral, and 43 will be sellers' markets. In other words, home buyers may soon find themselves in better position than they've been in years. 11/02/2022 - Posted by: Ali Shemirani
The housing market is undergoing a shift as higher mortgage rates moderate buyer demand and as inventory grows. As that happens, pricing your house right can help you attract more buyers, which could help your house sell quickly. If you’re ready to sell, DM me so you have an expert on your side who knows how to find the right price today. 11/01/2022 - Posted by: Ali Shemirani
Applying for a Mortgage Doesn’t Have To Be Scary
- Even with higher mortgage rates, the mortgage process doesn’t need to be something you fear. Here are some steps to help as you set out to buy a home.
- Know your credit score and work to build strong credit. When you’re ready, lean on the pros and connect with a lender so you can get pre-approved and begin your home search.
- Any major life change can be scary, and buying a home is no different. Let’s connect so you have an advisor by your side to take fear out of the equation. 10/28/2022 - Posted by: Ali Shemirani
Flood Risk A Consideration For More Buyer
When deciding on a house to buy, flood risk is a bigger factor for buyers than other events like fire, heat, drought, and storms
You want to feel safe at home. Which is why it's important to do some risk assessment when shopping for a house to buy. After all, thinking through some potential worst-case scenarios may help inform your decision-making process and avoid heartache down the road. Fortunately, today's buyers have access to more information than ever before. And, according to one new analysis, it's making them particularly aware of one specific risk more than the rest. In fact, the analysis found buyer behavior hasn't been impacted that much from risks like fire, drought, extreme heat, and storms, but it has been affected by flooding. The data shows the rate of both mortgage denials and buyer withdrawals in areas with a high-flood risk have risen over the past five years. Down payments also tend to be smaller in these areas. But while flood risk may have buyers feeling more cautious, it hasn't lessened their interest, as homes in areas with flood risk continue to appreciate faster than in other area. 10/09/2022 - Posted by: Ali Shemirani
Housing Slowdown To Continue Due To Fed Policy
Fannie Mae expects the housing market to remain slow, as the Federal Reserve continues to fight inflation with higher interest rates
Fanne Mae's Economic and Strategic Research Group releases a forecast each month detailing the group's view of where the housing market and broader economy are headed. In September, the group's outlook sees economic growth resuming in the second half of the year, but calls for the housing market's slowdown to continue as the Fed fights inflation with higher interest rates. Doug Duncan, Fannie Mae's senior vice president and chief economist, says that fight will likely continue into 2023. &Amp;Ldquo;In our view, the recent interest rate surge is due to the market's recognition of two critical factors: that inflation is indeed not transitory, and that, to tame it, the Federal Reserve will need to be resolute, even at the risk of possible recession,” Duncan said. &Amp;Ldquo;That said, the rise in rates is having the Fed's desired effect on housing, as house price growth began to slow in June. We expect the slowdown in housing to contine through 2023.” 09/30/2022 - Posted by: Ali Shemirani
Home Price Index Finds Increases Decelerating
Home prices continue to increase, but the size of the increases have gotten smaller, according to new numbers from the S&P Case-Shiller Home Price Indices.
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