The Average Sale Price was down a dramatic 6% compared to the previous week but still ended up just a hair higher than last year at this time - less than 0.1% Higher than Last Year at this time. Mortgage Rates hit a high for the year.  The most competitive rate I could find is 7% for the 30-Year Fixed.  Most lenders are priced from about 7.5% up to 8%.  Expect some downward pressure on sale prices and buyer demand if rates remain elevated. We continue to see More Homes Hitting the Market than last year at this t ..read more

Are you thinking about buying a home? While today’s mortgage rates might seem a bit intimidating, here are two solid reasons why, if you’re ready and able, it could still be a smart move to get your own place. 1. Home Values Typically Go Up Over Time There’s been some confusion over the past year or so about which way home prices are headed. Make no mistake, nationally, they’re still going up. In fact, over the long-term, home prices almost always go up (see graph below): Using data from the Federal Reserve (the Fed), you can see the overall trend is home prices have climbed steadily for the ..read more

The number of homes for sale is playing a big role in today’s housing market. And, if you’re considering whether or not to list your house, today’s limited supply is one of the biggest advantages you have right now. That’s because your house stands out more when the inventory is low, especially if it’s priced right. But the supply of homes for sale is growing. According to the latest data from Realtor.com, new listings (homeowners who just put their house up for sale) are trending up (see graph below):   This graph shows more homeowners are putting that sale sign up in their yards compar ..read more

  Thinking about selling your house? If you are, you might be weighing factors like today’s mortgage rates and your own changing needs to figure out your next move. Here’s something else to consider. According to the latest Home Purchase Sentiment Index (HPSI) from Fannie Mae, the percent of respondents who say it’s a good time to sell is on the rise (see graph below): Why Are Sellers Feeling so Optimistic? One reason why is because right now is traditionally the best time of year to sell a house. A recent article from Bankrate says: “Late spring and early summer are generally considere ..read more

Ever thought about living in the same house with your grandparents, parents, or other loved ones? You're not alone. A lot of people are choosing to buy multi-generational homes where everyone can live together. Let's check out why they think it’s a good idea to see if it might be a good fit for you, too. Why People Are Choosing Multi-Generational Living According to the National Association of Realtors (NAR), here are just a few key reasons buyers opted for multi-generational homes over the past year (see graph below):   Two of the top reasons were related to aging parents. 27% of buyers ..read more

The Average Sale price rose 1% compared to the previous week and ended up 4.3% Higher than Last Year at this time - for a 2nd week of strong sale prices.  I'm expecting some downward pressure on prices given our current, higher mortgage rates.  The inventory of homes continues to inch up.  Currently buyers have about 40% more homes to look at than last year's pretty modest number. The number of new purchase agreements agreed to by buyers and sellers rallied up about 18% over the previous week.  Mortgage Rates rose a ..read more

If you have been following the news lately, you have probably seen articles claiming that the number of foreclosures in today's housing market is increasing. And that may leave you feeling a bit worried about what’s ahead, especially if you owned a home during the housing crash in 2008. The reality is, while increasing, the data shows a foreclosure crisis is not where the market is headed. Here’s the latest information stacked against historical data to put your mind at ease. The Headlines Make the Increase Sound Dramatic – But It’s Not The increase the media is calling attention to is a litt ..read more

If you’re thinking about buying a home, chances are you’ve got mortgage rates on your mind. You’ve heard about how they impact how much you can afford in your monthly mortgage payment, and you want to make sure you’re factoring that in as you plan your move. The problem is that with all of the recent headlines about interest rates, it can be difficult to sort through. Here’s a quick rundown of what you really need to know:. The Latest on Mortgage Rates Rates have been volatile, – that means they’re bouncing around a bit. And, you may be wondering, why? Because there are so many factors that a ..read more

According to recent data from Fannie Mae, almost 1 in 4 people still think home prices are going to come down. If you’re one of the people worried about that, here’s what you need to know. Much of your fear is most likely caused by what you have read or heard in the media. But here's something to remember. Negative news sells. That means you may not be getting the complete picture. You may only be receiving the clickbait version. As Jay Thompson, a Real Estate Industry Consultant, explains: “Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points or ..read more

Some Highlights When it comes to the current housing market, there are some myths circling around right now. Some of the more common ones are that it’s better to wait for mortgage rates to fall or prices to crash. But there are others about the supply of homes for sale and down payments.  Let’s connect so you have an expert to help separate fact from fiction in today’s housing market ..read more