It’s economy 101 – when supply is low and demand is high, prices naturally rise. That’s what’s happening in today’s housing market. Home prices are appreciating at near-historic rates, and that’s creating some challenges when it comes to home appraisals. In recent months, it’s become increasingly common for an appraisal to come in below the contract price on … Continued
Skilled residential contractor workforce increased in August The U.S. economy produced just 235,000 new jobs in August, far below economists’ expectations of 725,000 jobs. It was the slowest month of growth since January 2021. Roughly one million jobs were produced in the months of both June and July. “There’s no question that the Delta variant is why today’s job report … Continued
As summer comes to a close, is it time to think about selling your vacation home? Based on recent data and expert opinions, it’s something you may want to consider. According to research from the National Association of Realtors (NAR), vacation home sales are up 57.2% year-over-year for January-April 2021. If you’ve taken your last vacation this summer, here are … Continued
Out-of-country buyers purchased only 107,000 properties in a 12-month span Foreign buyers purchased $54.4 billion worth of U.S. existing homes from April 2020 through March 2021, a 27% decrease from the previous 12-month period, according to a new report from the National Association of Realtors. Though it’s undoubtedly COVID-related, the drop represents the fourth consecutive annual … Continued
Whether or not you’ve been following the real estate industry lately, there’s a good chance you’ve heard we’re in a serious sellers’ market. But what does that really mean? And why are conditions today so good for people who want to list their house? It starts with the number of houses available for sale. The … Continued
The Treasury Department warned grantees that if they are unable or unwilling to effectively allocate funds, the money will be reallocated The Emergency Rental Assistance Program, created to help renters quash their missed payments, is disbursing the $46.5 billion allocated to the program at a snail’s pace. The month of July saw a mere $1.7 … Continued
One of the major questions real estate experts are asking today is whether prospective homebuyers still believe purchasing a home makes sense. Some claim rapidly rising home prices are impacting demand and, by extension, leading to the recent slowdown in sales activity. However, demand isn’t the real issue. Instead, it’s the lack of supply (homes … Continued
Mortgage rates have stayed below 3% for most of 2021, in part because of aggressive monthly asset purchases by the Federal Reserve The average 30-year fixed-rate mortgage held steady at 2.87% for the week ending on August 26, according to mortgage rates data released Thursday by Freddie Mac‘s PMMS. The week prior, mortgage rates declined slightly to 2.86%. … Continued
High home prices are also contributing to drag on new construction Housing starts in the U.S. fell 7.0% in July compared to the prior month, an indication that construction supply lines are still choked and near record-high home, prices are shutting out scores of buyers. The U.S. Commerce Department‘s Census Bureau said housing starts dropped to a seasonally … Continued
In a sellers’ market, some homeowners might be tempted to try to sell their house on their own (known as For Sale By Owner, or FSBO) instead of working with a trusted real estate professional. When the inventory of homes for sale is as low as it is today, buyers are eager to snatch up virtually any house that comes to market. … Continued