Women's Wisdom Network (960)
New construction has taken up a growing share of the for-sale housing pie because homebuilding has increased and the number of individual homeowners selling has decreased Nationwide, 31.8% of U.S. single-family homes for sale in the fourth quarter were new construction, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s comparable with 31.9% a year earlier, which is the highest level of any fourth quarter on record. Newly built homes are taking up a growing share of the for-sale housing pie for two primary reasons: Homebuilding has increased. Homebuilding has been on an upward trajectory since 2009 as builders have slowly climbed their way out of the hole caused by the Great Recession. Construction also jumped during the pandemic as builders responded to surging homebuyer demand fueled by record-low mortgage rates. The number of homeowners putting their houses on the market has decreased over the…
The two most important days in your life are the day you were born and the day you find out why you were born. Personally, I know I was put on this Earth to teach other business leaders and working professionals. Life is about purpose —finding your purpose and living your purpose both in your professional life and your personal life. Purpose is what gives us motivation and makes our working lives enjoyable. And as we spend a large chunk of our adult lives at work, purpose in work is fundamental. But as many Baby Boomers are starting to realize, when hitting retirement age, what fills that gap left behind? Many individuals spend the last few years of their work life just waiting for retirement, for the day when they no longer have to go into the office, sign on, or report to a manufacturing floor, and can finally pursue their other interests. But…
-- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.63 percent. “Although affordability continues to impact homeownership, the combination of a solid economy, strong demographics and lower mortgage rates are setting the stage for a more robust housing market,” said Sam Khater, Freddie Mac’s Chief Economist.
Khater elaborated, “Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation we expect rates to decline further. The economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels. These favorable factors should provide strong fundamental support to the market in the months ahead.” News Facts The 30-year FRM averaged 6.63 percent as of February 1, 2024, down from last week when it averaged 6.69 percent. A year ago at this time,…
Redfin reports buyers can afford a more expensive home now that mortgage rates have dropped to 6.7%, down from nearly 8% in October A homebuyer on a $3,000 monthly budget has gained nearly $40,000 in purchasing power since mortgage rates peaked this past fall, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. A $3,000 monthly budget will buy a $453,000 home with a 6.7% mortgage rate, roughly this week's average. That's compared to the $416,000 home the same buyer could have purchased in October with an average rate of 7.8%. To look at affordability from another perspective, the monthly mortgage payment on the typical U.S. home, which costs roughly $363,000, is $2,545 with a 6.7% rate. The monthly payment was nearly $200 higher— $2,713— when rates were at 7.8%.
Homebuyers are getting some relief in 2024 as mortgage rates come down from the…
I wanted to share a situation that took place this week with one of my clients, and I thought it might provide a good reminder to all of us that just because we said it, doesn’t mean people heard it! Often people will hear what they want to hear, not necessarily what you did say. This holds true when people want the answer they want and not what you said. Case in point, a client is a veteran and has used a VA loan before but is not using a VA loan this time because they don’t have enough eligibility to keep their current house with a VA loan already in place, and rent it, and buy the next primary residence. This client was fixated on a VA loan and couldn’t get past it. The LO explained over the phone that they couldn’t use the VA loan but had other…
In years past, agility has been the cornerstone of business success, and it is something I frequently address in my teachings. The ability to react quickly to disruptions as they come is not a terrible thing, though while agility may have kept companies and executives at the top of their industry for many years, it is no longer enough. Agility puts you in a position that is only useful after disruption has occurred. Essentially, you have no edge on the competition, no matter what that competition is. Crisis management and reacting to problems as they are hitting you is immensely stressful, as by the time they occur, you have already lost profits, customers, or operational efficiency.
In a time where Artificial Intelligence (AI) and massive technological transformations are happening at beyond-exponential rates, being reactionary and having a wait-and-see attitude will be what both allows your competition to surge ahead but…
High mortgage rates and an uptick in housing supply took some pressure off price growth, but prices aren’t falling because inventory is still low U.S. home prices climbed 0.4% month over month in December—the smallest increase since June—according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. December represented the third straight month of slowing price growth. On a year-over-year basis, prices rose 6.6%. This is according to the Redfin Home Price Index (RHPI), which is similar to the S&P CoreLogic Case-Shiller Home Price Indices but publishes more than one month earlier. December data covers the three months ending Dec. 31, 2023. Read the full RHPI methodology here.
"Many home purchases that closed in December were negotiated in November, when mortgage rates were near the highest level in over two decades. That likely depressed home price growth because buyers were grappling with limited purchasing power,"…
-- Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.69 percent.
“The 30-year fixed-rate has remained within a very narrow range over the last month, settling in at 6.69% this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market. Despite persistent inventory challenges, we anticipate a busier spring homebuying season than 2023, with home prices continuing to increase at a steady pace.” News Facts The 30-year FRM averaged 6.69 percent as of January 25, 2024, up from last week when it averaged 6.60 percent. A year ago at this time, the 30-year FRM averaged 6.13 percent. The 15-year FRM averaged 5.96 percent, up from last week when it averaged 5.76 percent. A year ago at this time, the 15-year…
Freddie Mac (OTCQB: FMCC) Multifamily today announced its 2023 volume totaled over $49 billion, including $48.3 billion in multifamily financing and over $883 million in Low-Income Housing Tax Credit (LIHTC) equity investments. The company met its mission-driven affordable housing targets, supporting 423,177 affordable rental units across the United States. The Freddie Mac data released today indicates that the company will achieve all of its 2023 Multifamily affordable housing goals set by the Federal Housing Finance Agency (FHFA).
A total of 66% of 2023 production volume qualified as “mission-driven affordable housing,” far exceeding the 50% goal set by FHFA. More than 67% of goal-eligible units financed through loan acquisitions were affordable to low-income residents earning less than 80% of area median income (AMI) and more than 20% were affordable to very low-income residents with incomes no greater than 50% of AMI, surpassing both goals. In total, 92% of all units…
People fail to succeed for only one of two reasons; they either don’t know what they are supposed to do, or they won’t do what they are supposed to do. Coaching has always been a way to help people learn the first part, knowing what to do, and then help guide them toward actually doing what they are supposed to do. As a coach, I know all I can do is provide the answers and the client needs to provide the actions in order for it all to come together. Many people desire coaching, but often can’t find a program that fits their needs, or they can’t make the investment (or won’t make the investment) to hire the coach to help them. For years I have dealt with that issue; knowing that people will succeed if they just invest in themselves, but they don’t believe the investment will pay off…
2024 is shaping up to be more active than 2023 for homebuyers and sellers, with mortgage applications and new listings rising. But Redfin economists believe demand and listings would be rising more if not for harsher-than-usual winter weather. Mortgage-purchase applications are up 8% from a month ago, and Redfin agents report that lower mortgage rates are piquing buyers’ interest, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. On the sell side, new listings increased 8% year over year during the four weeks ending January 14.
Buyers and sellers are making moves largely because mortgage rates are holding steady in the mid-6% range, down from 8% in October. The typical U.S. homebuyer’s monthly housing payment is $2,456 with this week’s average rate; while that’s up 10% year over year, it’s down from October’s record high of over $2,700. Redfin economists say buyer demand and…
![Single Women Own 2.71 Million More Homes Than Single Men [New LendingTree Report]](/media/k2/items/cache/1d4116ab0537868d1c0c6bdc5f686e9e_M.jpg)
Lending Tree analyzed the latest housing data and found that single women own 10.95 million homes, while single men own 8.24 million. That means single women own an average of 12.93% of the owner-occupied homes across the 50 states, versus 10.22% among single men.
States with the largest share of single women homeowners Delaware Louisiana Mississippi Alabama Florida States with the largest share of single men homeowners New Mexico North Dakota Alaska South Dakota Wyoming You can check out our full report here: https://www.lendingtree.com/home/mortgage/single-women-own-more-homes-than-single-men-do/ LendingTree's Senior Economist and report author, Jacob Channel, had this to say. "Though single women are more likely to own a home than single men are, a majority of homes are nonetheless owned by couples and families. This goes to show that because homeownership is often so expensive, regardless of one’s gender, it can be very difficult to become a homeowner by yourself. This is…
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Empty-nest baby boomers own 28% of the nation’s large homes, while millennials with kids own just 14%. The landscape has transformed over the last decade: 10 years ago, young families were just as likely as empty nesters to own large homes Empty-nest baby boomers own nearly 3 in 10 (28.2%) large U.S. homes. That’s twice as many as millennials with kids, who own just 14.2% of the country’s large homes, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Gen Zers with kids own almost none (0.3%) of them. An additional 7.5% of the country’s large homes are owned by baby boomers with households of three adults or more; this category likely consists mostly of adult children living with their boomer parents.
The report is based on a Redfin analysis of U.S. Census data from 2022 that breaks down the share of three-bedroom-plus homes…
Rising supply has led to rising vacancies, motivating landlords to lower asking rents, which fell 1% from a year earlier. The median U.S. asking rent fell 0.8% year over year in December to $1,964, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the third consecutive decline, following a 2.1% annual drop in November—which was the largest since 2020—and a 0.3% dip in October. December rents were little changed from the prior month (-0.2%). The rental market has lost steam largely due to a jump in supply fueled by a building boom in recent years. That has left many landlords struggling to fill vacancies, motivating some of them to drop asking rents. Some landlords are also offering one-time concessions like a free month’s rent or reduced parking costs to attract renters. This means the prices renters are paying in total are likely coming down faster…
The share of homeowners with relatively low rates has fallen because some have given up on waiting to move until rates nosedive, and everyone who has purchased a home in the last year did so when rates were above 6% Nationwide, 88.5% of U.S. homeowners with mortgages have an interest rate below 6%, down from a record high of 92.8% in mid-2022, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That means more than 88.5% of homeowners with mortgages have a rate below the current weekly average of 6.66%, prompting many to stay put instead of selling and buying another home at a higher rate—a phenomenon called the “lock-in effect.”
But for most people, it’s not realistic to stay put forever. The share of homeowners with a rate below 6% has fallen from its record high partly because some homeowners are opting to…
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.66 percent. “Mortgage rates have not moved materially over the last three weeks and remain in the mid-six percent range, which has marginally increased homebuyer demand,” said Sam Khater, Freddie Mac’s Chief Economist. “Even this slight uptick in demand, combined with inventory that remains tight, continues to cause prices to rise faster than incomes, meaning affordability remains a major headwind for buyers. Potential homebuyers should look closely at existing state and local resources, such as down payment assistance programs, which can considerably help defray closing costs.”
News Facts The 30-year FRM averaged 6.66 percent as of January 11, 2024, up from last week when it averaged 6.62 percent. A year ago at this time, the 30-year FRM averaged 6.33 percent. The 15-year FRM averaged 5.87 percent,…
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