There is joy that comes from owning your own home, but there are responsibilities you must stay on top of. It is important that you avoid putting off key home maintenance items when they come up. Doing a small but necessary job now can help you avoid a big, costly problem later. Attending to these things is not that difficult or expensive—and it will save you money overall. Here is a list of...
buyers
Labor Day normally indicates the end of summer and the beginning of fall. Schools have started and families are back to a more stable routine. Now how does this all effect the housing market? Well, here is what is being said about it nationally: In July, total residential construction spending fell 1.5% below June’s revised estimate, to a $920.4 million annual rate. However, that number is...
Existing Home Sales slipped for the sixth straight month in July. But the good news was, median prices fell 2.4%, inventory continued to rise, and demand was strong, with 82% of homes sold in less than a month. Housing Starts dropped in July. Starts for single-families are down 18.5% yearly, but up 17.4% for buildings with 5 units or more. Building Permits are down 11.7% annually for...
The biggest story of 2022's housing market has been rapidly rising mortgage rates. After all, mortgage rates haven't risen so fast in 40 years. The average rate on 30-year fixed rate mortgages was 2.7% last August, and reached 5.7% in June 2022. Higher rates affect the entire housing market, as higher monthly payments mean depressed buyer demand and homeowners who decide not to sell because they don't...
Realtor.com reports active inventory continues to grow, up 30% from a year ago. This jump in supply gives today’s shoppers an extra home to consider for every three that were on the market this time last year. Freddie Mac tells us: “Declines in purchase demand continue to diminish while supply remains fairly tight….The consequence is that house prices likely will continue to rise, but at a...
This is a GREAT article from The EPOCH TIMES that gives one an understanding of how the Housing Market is looking. From The EPOCH TIMES By Naveen Athrappully Housing sentiment in the United States, as measured by the Fannie Mae Home Purchase Sentiment Index (HPSI), has fallen to its lowest level in more than 10 years. In July, the HPSI declined by two points, to 62.8, the lowest level since 2011...
What’s going on with home prices? The market is changing. Mortgage rates have risen sharply in the last few months, and the inventory or homes for sale is finally increasing in many markets across the country. Two things are apparent. First, home prices are continuing to rise. Second, sellers don’t have as much of an advantage as they’ve recently had and are needing to reduce their asking prices....