Simply Homes, Inc.’s Post

The housing market will begin a gradual return to a “more normal balance” in 2024, and mortgage rates are expected to end the year below 6%, Fannie Mae analysts said.⁠ ⁠ “We expect mortgage rates to dip below 6% by year-end 2024 and for homebuilders to continue to add new supply, both of which should aid affordability. ⁠ ⁠ Additionally, the decline in mortgage rates is likely to push refinancing volumes upward, along with some pickup in purchase financing. However, even at less than 6 percent, we think rates will still have a significant way to go in order to meaningfully reduce the ‘lock-in effect’ experienced by homeowners who refinanced or bought during the pandemic. ⁠ ⁠ Overall, we expect 2024 to be a better year than 2023 for homebuyer affordability and the mortgage industry.” © 2024 Florida Realtors®⁠ ⁠ #realestateagentsouthflorida #realestatenews #realestate #housingmarket2024

✨$3T in lost Home Value Recaptured U.S. home values surged, recapturing the $2.9 Trillion decline caused by rising mortgage rates between June 2022 and February 2023. Despite sluggish demand, home values remain historically high due to limited supply as few sellers are putting homes on market. Fixed-rate mortgages contribute to this stability by dissuading homeowners with low pandemic rates from selling, while fierce competition among buyers for the limited housing inventory further sustains values. With over 90% of homeowners enjoying mortgage rates below 6%, only 1% of home transfers occurred in a decade. The U.S. housing market divides into winners—current owners benefiting from growing equity—and losers—first-time buyers grappling with steep costs and minimal options in the market. #USHousingMarket #HomeValueSurge #housingshortage #siliconvalleyrealestate #siliconvalleyrealtor  

When interest rates are high, your ability to afford homes is reduced. Conversely, during times of low rates, you can consider properties in a higher price range. In the 1970s, mortgage rates increased from 7% to over 10%. This pattern continued into the 1980s, with rates rising even further, surpassing 18%. While rates are presently elevated, the housing supply remains limited. The importance of those who refinanced their homes at rates under 3% during COVID should not be underestimated. Substantial incentives are needed to encourage them to sell, leading to even fewer homes on the market. If rates decrease while the housing supply remains scarce, housing prices may soar to high levels, making it harder for many to become homeowners. It's not necessarily prudent to wait for interest rates to drop, as home prices could go up in the meantime. While refinancing a high mortgage rate is an option, the opportunity to purchase your desired home at its current price might not be attainable again. #marketanalysis #marketupdate #firsttimehomebuyer #realestateagent #realestatecommunity #realestatebroker #homebuyingtips #homebuyers

DID YOU KNOW? Despite 2023’s dramatic rise in mortgage rates, home prices continued to rise! What caused this? It’s simply supply versus demand. In most areas of the country (such as the NY Metro Area), there is little inventory of homes coming to market. Potential sellers are choosing not to sell, and there is virtually no new home construction. Yet, there is still a vast number of buyers fighting over those few houses coming to market! Will the market correct? 2024 promises we will see mortgage rates dropping once again. This should encourage more existing homeowners to sell their homes with the intention of trading up or down. However, these sellers will simply add to the existing pool of buyers looking for a new home! Thus, it is unlikely we will see supply and demand equalize, nor will home prices drop any time soon. If you’re contemplating a home purchase, don’t wait for prices to drop! Contact me for a free consultation to discuss the best strategies to make homeownership possible!

With mortgage rates and home prices historically high and inventory very tight, many prospective sellers and hopeful buyers feel nervous about the 2024 housing market. According to Redfin, the median sale price for a home in Massachusetts was $863,600 in November 2023, a 6.2% year-over-year increase. And as of early November, the average mortgage rate was 7.69 percent — thankfully no longer above 8 percent, but still hovering around 20-year highs. Home prices, mortgage rates, and inventory levels are all factors that will help shape the Massachusetts housing market in 2024. Curious where these trends may go? Let’s take a look. Read it here: https://conta.cc/48rvt56 #2024 #realestate #realtor bostonrealestate #bostonrealtor #massrealestate #massrealtor #realtordotcom #hckmancoenhometeam #WilliamRaveis #realestateoutlook #realestateforecast #2024realestate #realestate2024 #realestatetrends

🏡 May home sales remained low, especially compared to last spring's brief market surge. Buyers are still holding out for lower mortgage rates, while existing homeowners are hopeful for increased demand, as shown by more new listings year-over-year. More choices mean buyers have better negotiating power on prices. 📊 "Recent polling from Ipsos shows buyers are waiting for clear signs of declining mortgage rates. As borrowing costs drop over the next 18 months, we expect more buyers, including many first-timers, to enter the market. This will help ease the tight rental market," says TRREB President Jennifer Pearce. #EXPRealty#GTARealEstate#MarketUpdate#GTAHomeOwnership#GTARealEstatePrices#GTAHomeBuyers#housingtrends

Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR). #stl #stlrealestate #stlouisrealestate #StLouisRealEstateMarket

Home prices strong despite high mortgage rates Despite higher mortgage rates home prices are strong. The typical seasonal dip in home sales was experienced last January and February, followed by a continuous sales increase. A slight dip in June home sales when interest rates rose above 7%, was followed by a resume in sales increases in August. What does this mean for you as a buyer? It means, continue to improve opportunities to buy your next home by improving your debt-to-income ratio, credit score, and savings. Be in the strongest position possible to make the leap when inventory increases, or interest rates adjust down. Don’t be afraid of fixer uppers, the worse house on the block in a great location often presents the best opportunity to get into a community. A quality developer can transform your fixer to a dream home. The latest on the housing market from CNBC…https://lnkd.in/eH6Ag2C2