The number of homes for sale in Cape Coral, FL and North Port, FL surged roughly 50% from a year earlier in March—more than anywhere else in the country. And in McAllen, TX, supply jumped 25%. On the west coast of Florida, housing supply is surging, sellers are cutting their asking prices and the time it takes to sell a home is soaring—all at a faster rate than anywhere else in the U.S. The story is similar in parts of Texas. That is according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Here’s how these trends showed up in U.S. housing-market data for March, which covers 85 major metropolitan areas: SUPPLY: Of the 10 metro areas that posted the largest year-over-year increases in supply, six are in Florida and two are in Texas. Cape Coral, FL saw the biggest jump in homes for sale (51%), followed…
Posted On Sunday, 28 April 2024 06:32 Written by
-- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 7.17 percent. “Mortgage rates continued rising this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite rates increasing more than half a percent since the first week of the year, purchase demand remains steady. With rates staying higher for longer, many homebuyers are adjusting, as evidenced by this week’s report that sales of newly built homes saw the biggest increase since December 2022.” News Facts The 30-year FRM averaged 7.17 percent as of April 25, 2024, up from last week when it averaged 7.10 percent. A year ago at this time, the 30-year FRM averaged 6.43 percent. The 15-year FRM averaged 6.44 percent, up from last week when it averaged 6.39 percent. A year ago at this time, the 15-year FRM averaged 5.71 percent. The PMMS® is…
Posted On Friday, 26 April 2024 07:08 Written by
NAR forecasts 4.46 million existing-home sales in 2024, a 9% increase from 2023 Pending home sales in March climbed 3.4%, according to the National Association of Realtors®. The Northeast, South and West posted monthly gains in transactions while the Midwest recorded a loss. Year-over-year, the Northeast and South registered decreases but the Midwest and West improved. The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – increased to 78.2 in March. Year over year, pending transactions were up 0.1%. An index of 100 is equal to the level of contract activity in 2001. “March’s Pending Home Sales Index – at 78.2 – marks the best performance in a year, but it still remains in a fairly narrow range over the last 12 months without a measurable breakout,” said NAR Chief Economist Lawrence Yun. “Meaningful gains will only occur with declining mortgage rates…
Posted On Thursday, 25 April 2024 07:01 Written by
Redfin reports many U.S. homeowners wouldn’t be able to afford to buy their home if they were to purchase it today because home prices have doubled over the last decade, and monthly housing costs are at an all-time high Nearly two of every five (38%) homeowners don’t believe they could afford to buy their own home if they were purchasing it today, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. This is based on a Redfin-commissioned survey of roughly 3,000 U.S. residents conducted by Qualtrics in February 2024. Nearly three in five (59%) homeowners who answered this question have lived in their home for at least 10 years, and another 21% have lived in their home for at least five years. That means the majority of respondents have seen housing prices in their neighborhood skyrocket since they purchased their home: The median U.S. home-sale price…
Posted On Thursday, 25 April 2024 05:31 Written by
In today’s world of dealing with unproductive Internet leads, it is time to cultivate the tried and true methods of yesteryear, the referral. A referral is often a warm lead from a trusted source. But have you ever sent a referral to another broker, and then never heard from that broker again? Join the club.  What is your conversion rate on getting or giving referrals?  With over 2500 referrals given each day in the US between agents, you may want to focus on building a stream of income from this underserved resource. But when you are actively giving or receiving referrals, keeping track of status might be a challenge.   The communication of status and updates might be consistent or ,all too often, you never hear what the status is. Did the client have a good experience? Did the referral result in a sale?  With the success or failure of the…
Posted On Wednesday, 24 April 2024 00:00 Written by
A lack of housing supply is a serious issue in the U.S. It has put upward pressure on home prices and made buying prohibitively expensive for many. That said, new housing units are being constructed. We have a long way to go before the nation’s housing shortage is fully addressed, but it’s worth recognizing the progress. To find out where these new homes are being built, we analyzed the latest housing data and found that recently built houses aren’t particularly common in the nation’s 50 largest metropolitan areas. Here's what else we found.  Across the nation’s 50 largest metros, 1.48 million housing units were built from 2020 through 2022. Put another way, just 1.95% of these metros’ 75.89 million housing units were built from 2020 through 2022. Recently built housing units make up the largest share of homes in three South metros — Austin, Nashville, and San Antonio. In these metros, 5.97%,…
Posted On Tuesday, 23 April 2024 07:07 Written by
The buzzwords of today’s digital age are ‘AI’ and ‘Artificial Intelligence.’ These excite some and strike fear into others. Yet whatever your position, this Hard Trend is undeniable and will shape the future of your business or organization in some way. Applications like ChatGPT, deep data algorithms, and others are changing the face of work and how we approach business practices at an unprecedented speed. So what does that mean for the roles we have at work? Better yet, how do employers acquire talent with the skills necessary to keep operations progressing into the future? And finally, how do employees adapt when many of the tasks they are used to completing are being transformed by AI? AI Is Moving Fast Organizations and employees alike find comfort in their tried-and-true operations, but the business world is never constant — change is the only constant. According to a recent report completed by Goldman Sachs, 60% of the…
Posted On Tuesday, 23 April 2024 00:00 Written by
We all know that you can’t fight the FED, but when the FED doesn’t do what people want them to do, the markets are the ones that respond! We spoke a couple of weeks ago about wishing certain people would just keep their mouths shut until AFTER certain actions do or don’t happen. However, we got to see what happens when people get too far out in front of a story, or just downright say things that aren’t true. Here are a few issues that were front and center. •  The FED didn’t cut rates. •  Inflation isn’t going lower. •  Most of the jobs created were part-time jobs. •  The actual number of full-time workers has gone down. •  Mortgage rates didn’t go to 5% in March. •  Home prices continue to rise. •  What happens when CPI/PPI show stress and your leadership says “Don’t” and they DO? • …
Posted On Monday, 22 April 2024 00:00 Written by
Luxury sales are outperforming partly because elevated mortgage rates aren’t a deterrent for many luxury buyers, as a record 47% of luxury homes were bought in cash at the start of 2024 The median-priced U.S. luxury home sold for a record $1,225,000 in the first quarter, up 8.7% from a year earlier, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Prices of non-luxury homes rose at roughly half the pace; they were up 4.6% to a median of $345,000, also a record high. Redfin defines luxury homes as those estimated to be in the top 5% of their respective metro area based on market value, and non-luxury homes as those estimated to be in the 35th-65th percentile based on market value. Luxury prices are rising largely because demand for high-end homes has held up better than demand for middle-of-the-road homes. Sales of luxury homes are…
Posted On Sunday, 21 April 2024 06:24 Written by
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