There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize,
Real Estate News
High Rates and High Prices: A Tough Season for US Home Sellers
The US housing market, long hampered by low inventory, is seeing an increase in listings. However, buyer demand is weak due to persistently high mortgage rates, with sellers cutting prices as properties linger on the market, according to Redfin Corp.
With mortgage rates above 7%, potential buyers are hesitant. Optimism for rate cuts by the Federal Reserve has waned, leading to continued high borrowing costs and rising home prices. The median sale price reached a record $390,613 in late May, despite a 4.3% increase from the previous year.
High costs are pushing many out of the market, with sales of both new and existing homes declining. Listings are accumulating without buyers, making the spring selling season disappointing. The impact varies by region, with Sun Belt markets like Florida and Texas cooling, while places like Seattle and San Francisco are beginning to recover after earlier corrections.
Nationwide, pending sales dropped 3.4%, with significant declines in cities like Houston and West Palm Beach, while San Jose saw a surge. In previously hot markets, properties are now stagnating, with sellers reducing prices to attract buyers. For instance, listings in Punta Gorda, Florida have doubled, and median prices have dropped nearly $30,000.
While price growth may slow, high demand from Millennials could sustain the market. The expected rate cuts and increased transaction volumes have not materialized, leaving the market at a low point reached 18 months ago.
Real Estate Blog
If you’re considering buying a home in a community governed by a Homeowners Association (HOA), you’re not alone. HOAs are common, offering a structured community environment with shared amenities and well-maintained surroundings. However, navigating life with an HOA can come with its own set of challenges and benefits. Here’s a handy guide to help you make the most of your HOA experience.
Navigating the world of home financing can be complex, especially when deciding between a mortgage broker and a mortgage banker. Understanding the distinctions between the two can help you make an informed choice that best suits your financial needs and goals.
As the effects of climate change continue to intensify, the repercussions are reverberating throughout various sectors, including the home insurance industry and the broader U.S. housing market. With each passing year, extreme weather events fueled by climate change are leaving an indelible mark on the affordability and availability of home and fire insurance across the nation.
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