Potential 5% Growth in 2023 Home Prices Home prices have increased due to market competition, which has caused Zillow to reevaluate its prediction for a price rise. In contrast to their prior prediction of 1.5%, Zillow’s Chief Economist, Skylar Olsen, forecasts that home prices could increase by as much as 5% in 2023. According to…

Mortgage Demand Drops Despite Lower Rates Despite a slight reduction in mortgage rates from their most recent highs, demand for mortgages fell for the fourth week in a row. According to the Mortgage Bankers Association, the volume of overall mortgage applications fell by 1.4% from the prior week. Despite dropping to 6.81% and 0.66 points,…

Mortgage Demand Drops Despite Lower Rates Despite a slight reduction in mortgage rates from their most recent highs, demand for mortgages fell for the fourth week in a row. According to the Mortgage Bankers Association, the volume of overall mortgage applications fell by 1.4% from the prior week. Despite dropping to 6.81% and 0.66 points,…

Home Sellers Increasing Concessions to Buyers, Nearly Double Last Year’s Rate A report from Redfin shows that home sellers in the US are increasingly offering concessions to buyers. In the three months ending April 30, 42.9% of home sales included concessions, compared to 25.5% the previous year. The share of sellers providing concessions has slightly…

Home Sellers Increasing Concessions to Buyers, Nearly Double Last Year’s Rate A report from Redfin shows that home sellers in the US are increasingly offering concessions to buyers. In the three months ending April 30, 42.9% of home sales included concessions, compared to 25.5% the previous year. The share of sellers providing concessions has slightly…

Only Four Major U.S. Cities Offer More Affordable Homes Than Rentals Data from Redfin reveals that in just four major metropolitan areas in the country, it is currently more cost-effective to purchase a home rather than rent one. These cities include Houston, Cleveland, Philadelphia, and Detroit. With an anticipated monthly rent of $1,697 in Detroit…

Only Four Major U.S. Cities Offer More Affordable Homes Than Rentals Data from Redfin reveals that in just four major metropolitan areas in the country, it is currently more cost-effective to purchase a home rather than rent one. These cities include Houston, Cleveland, Philadelphia, and Detroit. With an anticipated monthly rent of $1,697 in Detroit…

Gen Z and Millennials Remain Unfazed by Supposed Seller’s Market Bank of America’s 2023 Homebuyer Insights Report reveals that many prospective homebuyers remain committed to purchasing homes despite perceiving a seller’s market. While 55% believe the housing market has become more competitive, 54% still plan to proceed with their purchases as initially intended. Only 18%…

NAR Economist Yun Criticizes Recent Fed Rate Increase Lawrence Yun, chief economist for the National Association of REALTORS®, has warned that the Federal Reserve’s tenth interest rate hike in a year may negatively impact banks and the housing market. Yun argues that the continual rate hikes are causing the balance sheets of many small regional…

NAR Economist Yun Criticizes Recent Fed Rate Increase Lawrence Yun, chief economist for the National Association of REALTORS®, has warned that the Federal Reserve’s tenth interest rate hike in a year may negatively impact banks and the housing market. Yun argues that the continual rate hikes are causing the balance sheets of many small regional…