Monday, January 15, 2024 / by Richard Eimers
In recent years, soaring mortgage rates have chilled the enthusiasm of homebuyers and deterred potential sellers from entering the market due to the prospect of higher loan costs.
This prolonged period of cautious waiting has led to a notable slowdown in the real estate sector. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), estimates a substantial 18% decrease in existing home sales last year, following a 17% decline in 2022.
As financing costs gradually decrease, there's optimism for a resurgence in sales volume. Selma Hepp, Chief Economist at CoreLogic, anticipates a boost in home sales activity in 2024 compared to 2023. The decline in mortgage rates is expected to motivate more sellers to trade their existing homes, alleviating the market's inventory shortage and stimulating increased transactions.
Evidence suggests that homebuyers' patience is waning, even with higher borrowing costs. A recent Bank of America survey indicates a significant drop froms ...
Thursday, November 2, 2023 / by Richard Eimers
By Richard Eimers
Are you one of those cautious buyers sitting on the fence, watching the real estate market and interest rates like a hawk? You're not alone. Many people share the same sentiments, believing that the right moment to jump into the real estate game is yet to come. But guess what? The tide is turning, and it's time to act.
Contrary to what many believe, the real estate market is currently overflowing with opportunities. In fact, we're experiencing an inventory surplus like we haven't seen in years. Let's break it down:
In 2022, there were 1,660 homes available on the market. Fast forward to 2023, and we've got a whopping 2,942 homes up for grabs. That's an 80% increase in available listings.
New listings have surged by 70% too. In 2022, 875 new homes were hitting the market. Now, in 2023, we've got 1,465 new listings. The variety and choices are unprecedented.
And it's not just about more properties; the selling prices are climbing. In 2022, the average selling pri ...
Wednesday, October 4, 2023 / by Richard Eimers
Your buyers likely will see the most housing options, least competition and lowest prices of the year this week, according to new realtor.com® research.
Home buyers may want to be in the market this week: It’s the time of year with the most favorable conditions for purchasing a property, a new study shows.
Historically, the week of Oct. 1–7 brings the strongest balance of market conditions, with greater home listings, less buyer competition and lower prices compared to other times of the year, according to realtor.com®’s “Best Time to Buy Report(link is external).” That’s welcome news for buyers, who have been facing severe inventory and affordability constraints.
However, there remain plenty of market headwinds, such as mortgage rates at a 23-year high. The monthly payment to finance a median-priced home is still more than 20% higher than last year, even with home prices moderating in some markets, says realtor.com® Chief Economist ...