Thursday, September 21, 2023 / by Richard Eimers
With a nod to the economy having “mixed signals,” Fannie Mae’s 3Q forecast calls for a “modest contraction” and mortgage rates “settling above 7%.”
WASHINGTON – The key question for economists: Is the U.S. headed toward a soft landing or a mild recession?
According to September 2023 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group, it’s a modest contraction.
“Mixed signals from key economic data releases continue to muddle the near-term outlook and the answer to that question, but a modest contraction remains the most likely outcome as consumption continues to outpace incomes and previous monetary policy tightening works its way through the system,” the report says.
The housing market faces renewed headwinds with mortgage rates settling above 7%, according to the ESR Group. Still, the downside risk to total home sales is limited as more sales are being driven by life events rather than d ...
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Tuesday, September 12, 2023 / by Richard Eimers
Not long ago, home sellers were in their heyday, as historically-low mortgage rates triggered a real estate buying frenzy. However, the Federal Reserve shut down the party when it began raising interest rates last year.1
Now, it’s not as simple to sell a home. While pandemic-era homebuyers were racing the clock—trying to lock in a low mortgage rate and gain a foothold in the market—current buyers are more discerning. Higher prices and mortgage rates have pushed their limits of affordability, leading them to prioritize cost, condition, and overall value.2
The reality is, home inventory remains low, so most properties will still sell with some basic prep, the right price, and a good real estate agent. But owners who go the extra mile are more likely to sell faster and for a higher amount.
If you have plans to sell your home and want to net the most money possible, this list is for you. Here are our top seven strategies to attract the best offers and maximize yL ...
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Tuesday, September 12, 2023 / by Richard Eimers
Sellers stopped selling and some buyers stopped buying, but demand still outweighs supply. The result: Declining sales prices may have bottomed out in early summer.
NEW YORK – After falling on a year-over-year basis for five consecutive months, U.S. home prices increased in July. The recovery suggests that the residential real-estate downturn is turning out to be shorter and shallower than many housing economists expected after mortgage rates soared last year.
Analysts note that high interest rates have prompted homeowners to stay put rather than buy new homes and take on more expensive mortgages, resulting in an unusually low inventory of homes for sale.
The current market has a much lower overall volume of transactions, with sales of previously owned homes now down approximately 36% since January 2022 – but prices are generally holding firm outside of a few trouble spots as lower demand continues to outweigh a tighter supply.
The national median existing-home sale ...
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Monday, September 11, 2023 / by Richard Eimers
How to Buy a House While Selling Your Own
Some real estate markets are very competitive. If you’re looking to buy a house while selling your own and need the proceeds from the sale of your existing property to make a down payment, you may be frustrated with the choices you’re faced with.
Sellers in hot markets benefit from multiple offers and low, quick-moving inventory. These hurdles are problematic for buyers, but especially those on a tight timetable before their current home is scheduled to close. If you’re confident your home will sell very quickly, you may prefer to buy your new home before selling the old one. But how will you raise enough cash for the down payment? Although challenging, here are six options for buyers looking to buy a new home before selling the old house.
Buying a new house before selling the old one
Selling before buying is the way most people buy a home as the proceeds from the sale of a current home is usually required tL ...
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Monday, September 11, 2023 / by Richard Eimers
However, the 30-year fixed-rate mortgage remains near the 22-year high it hit three weeks ago. Last week, it was 7.18%.
LOS ANGELES (AP) – The average long-term U.S. mortgage rate fell again this week but remains near the 22-year high it hit three weeks ago, offering little relief for house hunters facing persistently high prices and a near-historic low number of homes for sale.
Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan fell to 7.12% from 7.18% last week. A year ago, the rate averaged 5.89%.
The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, fell to 6.52% from 6.55% last week. A year ago, it averaged 5.16%, Freddie Mac said.
High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already unaffordable to many Americans. They also discourage homeowners who locked in low rates two years a ...
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