How Inflation Affects the Housing Market

Written by Pompano Beach Mortgage Syndicated User on September 1, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Pompano Beach Condo Financing, Pompano Beach Mortgage.

Have you ever wondered how inflation impacts the housing market? Believe it or not, they’re connected. Whenever there are changes to one, both are affected. Here’s a high-level overview of the connection between the two.The Relationship Between Housing Inflation and Overall InflationShelter inflation is the measure of price growth specific to housing. It comes from a survey of renters and homeowners that’s done by the Bureau of Labor Statistics (BLS). The survey asks renters how much they’re paying in rent, and homeowners how much they’d rent their homes for, if they weren’t living in them.Much...

Buyer Traffic Is Still Stronger than the Norm

Written by Pompano Beach Mortgage Syndicated User on August 31, 2023. Posted in Demographics, For Sellers, Housing Market Updates, Pompano Beach Condo Financing, Pompano Beach Mortgage, Selling Myths.

Are you putting off selling your house because you’re worried no one’s buying because of where mortgage rates are? If so, know this: the latest data shows plenty of buyers are still out there, and they’re purchasing homes today. Here’s the data to prove it.The ShowingTime Showing Index is a measure of buyers touring homes. The graph below uses the latest numbers available and compares them to the same month in the last normal years to show just how active today’s buyers still are:As you can see, when June 2023 numbers are stacked alongside what’s typical for the housing market at this time of...

Today’s Housing Market Has Only Half the Usual Inventory [INFOGRAPHIC]

Written by Pompano Beach Mortgage Syndicated User on August 26, 2023. Posted in For Sellers, Housing Market Updates, Infographics, Pompano Beach Condo Financing, Pompano Beach Mortgage, Selling Myths.

Some HighlightsThere are only about half the number of homes for sale compared to the last normal years in the market. That means buyers don’t have enough options right now. So, if you work with an agent to list your house, it should be in the spotlight. If you’re thinking of selling, get in touch with a local real estate agent so your house can stand out while there’s such a shortage of supply and buyers are craving more options.

More Jobs and Better Pay Leads to More Buyer Demand

Written by Pompano Beach Mortgage Syndicated User on August 25, 2023. Posted in For Sellers, Housing Market Updates, Pompano Beach Condo Financing, Pompano Beach Mortgage, Selling Myths.

There’s been talk about a recession for quite a while now. But the economy has been remarkably resilient. Why? One reason is employment and wages have stayed strong. Let’s look at the latest information on each one and why both are good news if you’re thinking about selling your house.More Jobs Are Being CreatedInstead of facing the job losses typical of any recession, the economy has been growing and adding jobs. According to the Bureau of Labor Statistics (BLS), 187,000 jobs were created in July, which is up from the 185,000 created in June. That means more people are finding work. In fact,...

Why Median Home Sales Price Is Confusing Right Now

Written by Pompano Beach Mortgage Syndicated User on August 22, 2023. Posted in Buying Myths, For Buyers, For Sellers, Housing Market Updates, Pompano Beach Condo Financing, Pompano Beach Mortgage, Pricing, Selling Myths.

The National Association of Realtors (NAR) is set to release its most recent Existing Home Sales (EHS) report tomorrow. This monthly release provides information on the volume of sales and price trends for homes that have previously been owned. In the upcoming release, it’ll likely say home prices are down. This may seem a bit confusing, especially if you’ve been following along and reading the blogs saying home prices have hit the bottom and have since rebounded.So, why would this say home prices are falling when so many other price reports say they’re going back up? It all depends on the methodology...

People Want Less Expensive Homes – And Builders Are Responding

Written by Pompano Beach Mortgage Syndicated User on August 18, 2023. Posted in For Buyers, Housing Market Updates, Interest Rates, Pompano Beach Condo Financing, Pompano Beach Mortgage, Pricing.

In today’s housing market, there are two main affordability challenges impacting buyers: mortgage rates that are higher than they’ve been the past couple of years, and rising home prices caused by low inventory. To overcome those challenges, many people are working with their agents to find less expensive homes. And with newly built homes making up a historically large percentage of the total available inventory today, that search often includes brand new homes.People Are Spending Less on Newly Built HomesThe graph below uses the latest information from the Census to show, in June, more of the...

Don’t Expect a Flood of Foreclosures

Written by Pompano Beach Mortgage Syndicated User on August 17, 2023. Posted in Buying Myths, For Buyers, For Sellers, Foreclosures, Housing Market Updates, Pompano Beach Condo Financing, Pompano Beach Mortgage, Selling Myths.

The rising cost of just about everything from groceries to gas right now is leading to speculation that more people won’t be able to afford their mortgage payments. And that’s creating concern that a lot of foreclosures are on the horizon. While it’s true that foreclosure filings have gone up a bit compared to last year, experts say a flood of foreclosures isn’t coming.Take it from Bill McBride of Calculated Risk. McBride is an expert on the housing market, and after closely following the data and market environment leading up to the crash, he was able to see the foreclosures coming in 2008....

Equity Is a Game Changer for Homeowners Looking To Sell

Written by Pompano Beach Mortgage Syndicated User on August 16, 2023. Posted in For Sellers, Housing Market Updates, Move-Up Buyers, Pompano Beach Condo Financing, Pompano Beach Mortgage, Selling Myths.

If you’re a homeowner, you might be torn on whether or not to sell your house right now. Maybe that’s because you don’t want to take on a higher mortgage rate on your next home. If that’s your biggest hurdle, understanding your equity may be exactly what you need to help you feel more comfortable making your move.What Equity Is and How It WorksEquity is the current value of your home minus what you owe on the loan. And recently, that equity has been growing far faster than you may expect.Over the last few years, home prices rose dramatically, and that gave your equity a big boost very quickly....

Home Prices Are Back on the Rise [INFOGRAPHIC]

Written by Pompano Beach Mortgage Syndicated User on August 12, 2023. Posted in For Buyers, For Sellers, Housing Market Updates, Infographics, Pompano Beach Condo Financing, Pompano Beach Mortgage, Pricing.

Some HighlightsLooking at monthly home price data from six expert sources shows the worst home price declines are behind us, and they’re rising again nationally.If you’ve put your plans to move on pause because you were worried about home prices crashing, this rebound is good news.Connect with a local real estate agent so you know what’s happening with prices in your area.

About 11,000 Houses Will Sell Today

Written by Pompano Beach Mortgage Syndicated User on August 11, 2023. Posted in For Sellers, Housing Market Updates, Pompano Beach Condo Financing, Pompano Beach Mortgage, Selling Myths.

Some homeowners have been waiting for months to put their house on the market because they don’t think people are buying homes right now. If that’s you, know that even though the housing market has slowed compared to the frenzy of a couple of years ago, it isn’t at a standstill. Contrary to what you may believe, buyers are still active and plenty of homes are selling right now.According to the National Association of Realtors (NAR), based on the pace of sales right now, just over 4 million homes will sell this year. With some simple math, let’s break down what that really means for you:4.16...

Category: Housing Market Updates