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The defining characteristic of the 2023 housing market has been dramatically fewer home sellers than any recent year. In this week’s Altos Research video, I look at how home sellers and sales are up, but that doesn’t mean prices will climb in 2024. Housing inventory climbed late in the year as mortgage rates rose.
Price reductions ticked up this week for the first time since November in the face of rising mortgage rates. We can see the impact of higher mortgage rates slowing homebuyer demand. Now, mortgage rates are 100 basis points higher. We still see more sellers than last year. The pace of sales inched down, too.
There are still notably not a lot of sellers. But home sellers are gradually easing back into this housing market. Sellers are coming back to this housing market. In 2021 there were actually more total sellers, but at the peak of the frenzy, so many of those were immediate sales that they never get counted as active inventory.
Check out these nine downloadable real estate prospecting letter templates to help you make an impression in your neighborhood or zip code. We negotiated to get the sellers the highest price possible. Even if you’re months or even years away from moving, a seller’s prep session is one of the services I offer homeowners.
This is an excerpt of a HousingWire Research report titled: What Everyone Needs to Know about Mortgage Rate Lock-in, by Altos President Mike Simonsen. housing market saw dramatic changes in affordability as mortgage rates skyrocketed 500 basis points. That’s a swing of 17% fewer sellers in just a matter of days.
Mortgage rates are back over 7%. Even as money is more expensive and there are more sellers than a year ago, we can also see slight home sales growth over 2023. The economy has continued to be strong, so mortgage rates have defied expectations and remained very high. And as demand slows, inventory grows.
Building on existing relationships is the quickest and easiest way to keep your pipeline filled with active buyers and sellers, so you dont have to worry about dry spells. Your newsletter content should be a mix market updates, buyer and seller advice, community news and events, and storytelling.
Mortgage rates are back up over 7% this morning on the back of strong economic growth data. The 10-year bond yield jumped back over 4% and that pushes mortgage rates higher too. Mortgage rates are 40 basis points higher than a month ago, and 100 basis points higher than a year ago. There are more buyers than sellers.
Predictive analytics in real estate combines the use of historical data and algorithms to anticipate future market trends and identify potential sellers sometimes even buyers, too. Real estate agents can use this data to identify motivated sellers and people who are likely to buy a home. What does this mean for you?
At HousingWire , we have a debate about whether home sellers will freeze up again this year as mortgage rates stay stubbornly high. We’ve had seller growth for 18 weeks in a row. More sellers means more sales. Will sellers retreat entirely, like they did last year? But will rates deter sellers also?
Last fall when people were still expecting mortgage rates to be falling this year, it was common to assume rates would be in the low 6s or 5s this year and people asked me if lower rates would bring a flood of inventory. The only way inventory would grow in 2024 is if mortgage rates climbed. But the evidence is the opposite.
In times as tough as these, mortgage lenders must be proactive in borrower outreach and find consumers’ home finance needs if they’re going to close a deal, a new report by mortgage relationship data company Sales Boomerang concludes. Download this white paper for a roadmap to deploying new technologies.
After nearly two years of trudging through a frozen housing market , the consensus among mortgage professionals is that the worst of it is over. The spread between the 30-year fixed-rate mortgage and the 10-year Treasury yield has narrowed after sitting at over 300 basis points, compared to the historic norm of 150 bps.
2023 started with recovery, but slowed down in Q3 as mortgage rates hit 8%. Sellers are coming back There are 499,000 single-family homes unsold on the market now. There are slightly more sellers each week. Last year, was marked by how few sellers there were. We can expect to have more sellers all year.
Home sellers are starting to ease back into the market, new listings are finally exceeding the levels of a year ago. The longer we stay with mortgage rates higher, the more inventory will build closer to where it used to be. Mortgage rates are higher than they were a year ago. Higher mortgage rates means more inventory.
This implies that there are more than enough buyers at these prices and these mortgage rates to keep activity happening in housing. Maybe we get cheaper mortgage rates and that will help payment affordability, but remember that cheaper rates means more buyer competition. The defining characteristic of 2023 was how few sellers we had.
Last year at this time, sellers and homebuyers hit the brakes hard. Watch the weekly housing market recap video above to get the latest housing market data download from Altos Research. As long as mortgage rates don’t spike again, 2024 is set up for slight home-sales gains over 2023.
New listings and home sales remain low this week while available inventory of unsold homes is finally falling across the country after rising with mortgage rates late into November. More sellers equals more home sales in 2024. Download the free Altos eBook: “How to Use Market Data to Build Your Real Estate Business”
The second takeaway is the lesson I’ve been sharing lately: Consumers are more sensitive to changes in mortgage rates than to the absolute levels of rates. Last year mortgage interest rates rose by 450 basis points from 3% to 7.5%. It’s a reflection of very high mortgage rates and how quickly rates rose in September and October.
They obviously picked up in December when mortgage rates did a recent dip. However, December’s momentum slowed very quickly in January as mortgage rates jumped back up and as a deep freeze gripped the country. If mortgage rates are in the 7s this year, this growth will not hold. Assuming mortgage rates stay in the 6s.
It will help you identify sellers very early, giving you access to them before they’re talking to other agents. After you choose your neighborhood or zip code, Offrs activates your area, enabling you to get contact info for leads, sorted by category (FSBO, predictive sellers, expired listings, and exclusive leads).
Over the following weeks, Todd Duncan, sales entrepreneur and New York Times best-selling author, will showcase principles for mortgage and real estate professionals to embrace for success. What most consumers don’t realize is the lowest rate with the wrong mortgage strategy could cost more than a slightly higher rate with the right strategy.
Students chose the school for its offering of live instruction classes for salespersons, brokers, appraisers, mortgage, and home inspection courses at various locations and convenient times, including weekend classes. After the class, you will receive the certificate for each state to renew both states’ licenses. out of 5 stars Rating: 4.5
Mortgage rates have been declining since spring, and in August dropped to the lowest level in over a year. Michael Cendejas , a Redfin Premier real estate agent in Sacramento, CA , said some potential homebuyers also just haven’t realized mortgage rates are dropping. ppts Average 30-year fixed mortgage rate 6.50% -0.35
Here’s how it works: local mortgage brokers pay Curb Hero to display their name and contact information on your sign-in sheets as a “paired lender.” Unlike competing apps that charge $20+ per month, Curb Hero offers agents touchless QR code sign-in, customizable questions, marketing tools, lead verification, and more for free.
There are many factors to consider when selling a home, and you may be wondering what happens to your mortgage when you move. After all, the 2018 American Community Survey found that the median length of time homeowners stayed in their homes was 13 years, a shorter length of time than most mortgage terms.
Mortgage Lending Terminology . If you plan to buy a home or refinance an existing mortgage, you’ll likely encounter mortgage loan terms and definitions that may be unfamiliar — especially if you’re buying a house for the first time. Adjustable-Rate Mortgage (ARM). Amortization. Annual Percentage Rate (APR).
We’ll dive into the impact of rising mortgage rates, discuss how first-time homebuyers are navigating the market, and explore what Gen Z’s entrance means for the future of home buying. For more updates follow Movoto on Instagram @movotorealestate or download the Movoto app. link] Full Transcript: 0:12 Sophie: All right.
You’ll get 20+ “how to” videos to help you understand the fundamentals of the job, buyer and seller checklists, action plans and other helpful resources. Course Options See Details – Use promo code HW30 to save 30% Pricing Courses Only Standard Package Value Package Premium Package $629 $725 $789 $995 Coursework Only.
Download the infographic here. It’s an ideal time for sellers to take advantage. Sellers who may have been reluctant to list in the past few years are now considering it. Increasing prices also indicate increasing home values, allowing a seller to tap into thousands of dollars in equity gains. Reading Time: 3 minutes.
How to Get a Mortgage Loan. If you’re going to finance your home purchase, one of the first things to do is figure out how to get a mortgage. You might have heard that getting a mortgage is a long and complicated process, with plenty of twists and turns along the way. 10 Steps to Get a Mortgage Loan.
You may already be aware of iBuyers and what they have to offer prospective home buyers and sellers. But for those who want to understand what all the hoopla is about and what it entails for buyers, sellers and agents alike, here’s what you should know. Offerpad will even pay for professional movers when sellers relocate locally.
During home shopping, most homebuyers want to know whether the current housing market is a seller’s market or a buyer’s market, along with how to get a good deal in a seller’s market. Buyer’s vs. Seller’s Market. Seller’s Market. What Is a Seller’s Market?
Unparalleled 3-Mansion Compound on Miamis Exclusive Palm Island Splashes Onto the Market for $150 Million DEI and Appraisers Fannie and Freddie Forecasts Fannie, Freddie: New Market Analysis Requirements February 4th Mortgage applications decreased 2.0 We now project the 30-year mortgage rate to end 2025 and 2026 near 6.5 Asian 1.8%
Download the infographic here. Sellers who list may find a golden opportunity: Right now, you’re likely to sell your house quicker and at a better price. Sellers who list may find a golden opportunity: Right now, you’re likely to sell your house quicker and at a better price. Reading Time: 3 minutes.
Mortgage Loan for You. When shopping for a home, it’s just as important to make a list of things you’d like from your mortgage — including the length of the loan, the interest rate and the repayment terms. You have lots of options when choosing a mortgage. What Is a Mortgage? What Mortgage Do I Need?
The home itself of course is the biggest and, fortunately, mortgage lenders can help you with financing options. Services can be charged by a range of experts – mortgage lender, home inspector, pest consultant, mold inspector, appraiser, real estate attorney and others. Here is a more complete list (downloadable PDF).
Dale Schaechterle, the founding partner and CEO at Realty Executives Integrity , shares with Forbes that the services of a good real estate agent are essential for a first-time home buyer given the complicated network of mortgage rates and tax laws that they will have to navigate. Download for free here. Answer Questions.
Reading Time: 2 minutes Download the infographic here. Because of the competitive market conditions mentioned above, homebuyers have to do whatever they can to stand out — including getting prequalified for a mortgage before they start shopping. Many sellers are seeing homes “fly off the shelves.”
Homebuying demand begins to ease up a bit, with 5% of home sellers dropping their price in recent weeks. 5% of home sellers dropped their price in recent weeks. 5% of home sellers dropped their price in recent weeks. Download this free ebook to learn the ins and outs of green home appraising.
Download the infographic here. Our free LoanFly app lets you search houses, connect with a local loan officer, prequalify for a mortgage, and manage your loan docs, all in one place. What else to know: Mortgage rates are still low — but rising. We estimate the 30-year fixed mortgage rate will average 3.4
For example, GSEs will not purchase or securitize a mortgage on a mobile home manufactured before June 15, 1976. Likewise, HUD will not issue FHA mortgage insurance on a pre-1976 mobile home. They also conducted an experimental survey asking homeowners to consider competing offers from all-cash and mortgage buyers.
When you’re shopping for a home, you want to do as much as possible to show sellers you’re serious and make yourself stand out in a crowded field. That’s particularly true when you’re looking to buy in a seller’s market. A mortgage pre-approval is essentially a stamp of approval from a lender.
If you’re considering buying a home and don’t think you’ll qualify for a conventional mortgage, a Federal Housing Administration (FHA) loan or a United States Department of Agriculture (USDA) loan might be right for you. Like conventional mortgages, FHA loans are available with a 15- or 30-year term.
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