The Mortgage Scoop - Real Estate News In Brief
If you fell in love with a new home, buy it now.
Interest rates will forever fluctuate, but that house won't be available for long, especially for its current price.
Spring has not sprung, mainly because new listings have failed to bloom. Existing home sales dropped for the 2nd-straight month, but the speed of sales and the level of competition (multiple offers) keep rising! And that's why home prices are moving higher in most markets. We need more homes for sale!
- A rough week for mortgage rates as the bond market became increasingly worried about the debt ceiling impasse. Average 30-year mortgage rates are back near 6.75%. [Mortgage News Daily]
- Rental rate growth slowed to just 4.3% YoY in March. That's the 11th straight month of slowing growth, but the average cumulative increase in SFH rents since February 2020 is 23%. [CoreLogic]
- Existing home sales in April dropped 3.4% MoM to an annualized pace of 4.28 million. That's the second-straight month of decline. But demand isn't the problem; inventory is. The median days on the market (DOM) for homes sold plunged from 29 in March to 22 in April. 73% of homes sold in April were under contract in less than a month. [NAR]
The Said It
- "Roughly half of the country is experiencing price gains. Even in markets with lower prices, primarily the expensive West region, multiple-offer situations have returned in the spring buying season following the calmer winter market. Distressed and forced property sales are virtually nonexistent. High mortgage rates continue to dictate the housing market. Although many homebuyers have acclimated to rates in the 6% range, and many are finding ways to lower their monthly payments, like using a 2–1 buydown, high rates are handcuffing potential sellers." — Lawrence Yun, NAR Chief Economist.
- "It's hard to imagine a flood of new listings until rates come down at least into the 5s. For those selling now, the silver lining of giving up a low rate is that hardly anyone else is doing the same thing. That means buyers, who are hungry for new listings, will bite — and they don't have much power to negotiate the price down." — Taylor Marr, Redfin Deputy Chief Economist.
If you are on the fence and waiting for rates to go down to buy a new home, don't wait and do it now. Rates will forever fluctuate, but home prices will continue to rise. The new home you fell in love with will sell soon, or the price will increase significantly; you will never get the current situation again. You will also gain tremendous value from selling your existing home in this market. Focus on the cost of homes over interest rates - you can refinance your loan later, but the home price will only keep increasing. Don't miss out on that home: Jump on the new house's current price now, and our preferred lenders will assist you with options for lowering your rate later.
See the complete real estate report here: http://lstrep.co/LUWAWXQCF
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The information "The Mortage Scoop" provides is based on third-party lenders, sources, and market news and does not change the requirements of our contracts for purchasing a home. The information provided by "The Mortage Scoop" is for general informational purposes only and does not in any way affect the provisions of our contracts for purchasing a home with us. Bill Clark Homes strongly advise that all potential homebuyers seek professional advice, conduct their own research, and perform due diligence before making any decisions related to purchasing a home.
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Article by JD Terry, Guaranteed Rate
Report by JD Terry, Guaranteed Rate
Blog remixed and edited by Julia Mallozzi, Bill Clark Homes
Report Graphics by JD Terry, Guaranteed Rate
Blog Graphics by Julia Mallozzi, Bill Clark Homes