Buyers Are Taking Their Time
In today’s real estate market, buyers are deciding to take their time and be more picky in their home purchasing plans. The market still points to being a seller’s market, but the higher interest rate environment is causing homes that would previously be affordable to exit some buyer’s price ranges. This is resulting in fewer home sales across the board. Homes for sale in June of this year received an average of 3.4 offers compared to 4.4 offers last year. The decrease in competition for available homes has allowed buyers to take their time and be patient if they like a home but believe it’s overpriced. Homes in today’s market need to be appropriately priced in order to ensure buyers stay interested even if they’re waiting for a price reduction. With buyers having more time to wait and do their research before putting in offers it’s also important that listing agents make sure to have the home ready to show at all times. The days of putting a listing on the market on Friday and accepting final and best offers by Sunday may be behind us for...YOY Home Price Growth Up 14%
According to the S&P CoreLogic Case Shiller Index, home prices grew 14% year-over-year. Even though the monthly growth rate may be slowing, home price growth is still happening. It is estimated that there is now 10.9 months of inventory based on the last existing home sales report. The National Association of Realtors is reporting that 82% of active listings are still being sold within a month of being listed. This is a much higher percentage than what we saw pre-COVID-19, but homes are lasting longer than the beginning of...New Survey Numbers Show Mortgage Applications Decreasing Again
According to a report from the Mortgage Bankers Association, new mortgage applications dropped once again this week marking the second week in a row. The 1.2% decrease was a 21% drop from last year. Specifically refinances dropped 3% from last week and was 83% lower year-over-year. Refinances made up 31.1% of total applications last week. The FHA share of total application volume increased from 12% to 12.5% this past week. The VA share of total application volume increased from 11.2% to 11.6% this past...Mortgage Applications on the Downturn Once Again
According to data from the Mortgage Bankers Association’s weekly survey, mortgage application volume decreased 2.3% the week ending August 12th. The current rate at which people are applying for mortgages is at the lowest level since 2000. Refinances specifically decreased 5% from the previous week and totaled 82% lower year-over-year. Refinances still made up about 31.2% of total application volume during this last period. The FHA share of mortgage applications decreased from 12.1% to 12% this past week. The VA share of mortgage applications increased from 10.9% to 11.2% this past...Connect With Us
