Mortgage Rates Surge to 4.42% Elevated inflation and the Federal Reserve’s monetary tightening policy drove the latest leap in mortgage rates this week. Since the beginning of this year, mortgage rates have jumped by 1.2%. The typical home buyer would need to spend $250 more every month to be able to purchase a home, Nadia …
Category: Real Estate Tips
Mar 28
New-Home Sales Softened in February
New-Home Sales Softened in February Material and labor shortages continue to constrain both new-home supply and sales, economists said as February saw another dip in new-home sales. Buyer demand remains high, but builders struggle to add greater inventory. Sales of new single-family homes reached a seasonally adjusted annual rate of 772,000 in February, down 2% from January …
Mar 28
Where Home Improvement Is Increasing
Where Home Improvement Is Increasing Home improvement spending is growing across the country and is expected to accelerate further in many of the nation’s largest cities this year, according to a report from Harvard University’s Joint Center for Housing Studies. Home improvement spending is expected to grow nearly 14% annually across all 48 major metro …
Mar 25
87.5M Buyers Priced Out
In the competitive market, many aspiring home buyers continue to be priced out, according to a new study from the National Association of Home Builders. About 87.5 million households are unable to afford a median-priced new home. If prices rise by just $1,000, an additional 117,932 people would be priced out, according to the NAHB’s …
Mar 25
Why being pre-qualified and pre-approved is the best
Why being pre-qualified and pre-approved is the best place to start when buying a home! Check out the chart below! With the help of myself and Katy Sychterz of RoundPoint Mortgage, (NMLS# 183951 – 484.534.5107) we can explore homebuying options to help you meet your goals. #RealEstate #Realtor #HomePurchase #BuyersMarket
Mar 16
All-Cash Buyers More Likely to Win Bidding Wars
All-Cash Buyers More Likely to Win Bidding Wars Buyers who offered an all-cash transaction were four times more likely to win in a competitive offer situation than those who didn’t in 2021, according to a report from Redfin. All-cash offers were found to be significantly more successful than other strategies, such as waiving the financing …
Mar 15
Russians Unloading Luxury Homes Across US
Russians Unloading Luxury Homes Across US Wealthy Russians across the country are reportedly trying to sell hundreds of millions of dollars worth of U.S. property, the New York Post reports. The sales are being triggered by Russia’s invasion of Ukraine and growing sanctions that could put some oligarch’s fortunes in doubt. The Post documents several …
Mar 15
State-by-State Breakdown of Fourth-Quarter Equity Gains
State-by-State Breakdown of Fourth-Quarter Equity Gains Rising home prices have brought rising equity gains for homeowners. In the fourth quarter, the average homeowner nationwide gained about $55,300 in equity over the past year, according to a new analysis released by CoreLogic, its latest quarterly “Homeowner Equity Insights” report. Western state homeowners are continuing to see …
Mar 15
Mortgage Rates Rise to 3.85%
Mortgage Rates Rise to 3.85% Following two weeks of declines, mortgage rates edged up, and economists say that consumers should expect further increases over the coming weeks. The Federal Reserve will likely raise its short-term interest rates at its meeting next week. While the Fed’s benchmark rates do not have a direct effect on mortgage …
Mar 15
Soaring Housing Costs Contribute to Highest Inflation in 40 Years
Soaring Housing Costs Contribute to Highest Inflation in 40 Years Housing costs are one of the top three categories causing inflation in the U.S. to surge, the U.S. Department of Labor announced Thursday. The largest items in households’ budgets—shelter, gasoline, and food—were the main culprits in February that fueled the highest inflation rates since 1982. …
Mar 14
Pandemic Led Many to New Home Dreams
Pandemic Led Many to New Home Dreams Consumers continue to believe that homeownership is the American dream, and the pandemic may have provided consumers with more time to ponder what that dream would look like for them. Over a quarter of Americans—29%—say they have been more likely to think about pursuing their dreams since the …
Mar 14
Homes Worth $1 Million or More at Record High
Homes Worth $1 Million or More at Record High Higher home prices mean that more are valued above the $1 million mark. The number of homes that are $1 million or more has nearly doubled since before the pandemic began, according to a new study released by Redfin. Nationwide, 8.2% of homes—or 6 million—were valued …
