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…
Posted On Wednesday, 17 January 2024 07:16 Written by
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…
Posted On Sunday, 14 January 2024 06:56 Written by
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…
Posted On Friday, 12 January 2024 06:42 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 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,…
Posted On Thursday, 11 January 2024 13:30 Written by
In 2024, economic results will likely remain mixed. While a total collapse is unlikely and a recession may be avoidable, some Americans will still struggle to make ends meet in the face of relatively high rates and higher-than-ideal inflation. Here are LendingTree's predictions for the state of housing, jobs and the economy in 2024.
Potential economic positives in 2024: The housing market likely won’t crash this year Inflation will likely come down Across the board, rates should level off, if not eventually fall Wage growth will continue to outpace inflation We may avoid a recession  Potential economic negatives in 2024: The housing market will remain prohibitively expensive for many Home sellers could face challenges Savings will stay depressed Total debt will stay high You can find our full 2024 housing and economic predictions here:  https://www.lendingtree.com/home/mortgage/housing-economy-expectations-study/ LendingTree's Senior Economist, Jacob Channel, added: "Like any year, 2024 will doubtlessly be harder for some…
Posted On Sunday, 07 January 2024 07:00 Written by
To create the next great product or service, it has been standard practice to ask the customer questions like: “What do you want? What do you need? What will make your life easier?” These simple inquiries should lead to a simple answer. It is then our responsibility as businesses and organizations to respond with products, services, or processes that meet customers’ needs while increasing our margins and market share. This has been the process of the past and has worked for generations, but does it truly work in today’s accelerated, technology-driven business environment?
In my many years as a strategic advisor and futurist, I have concluded that asking the customer what they want is no longer reliable. First, customers are telling others in your industry the exact same information, which leads to a high level of competition. Unfortunately, a professional footrace to a perceived finish line is not beneficial to anyone, especially the customer. Second,…
Posted On Tuesday, 09 January 2024 00:00 Written by
Some superheroes are born, and some are made. The same is true of leaders in the professional world. Whether an individual leads a for-profit company, a nonprofit organization, a government body, a pedestrian organization, or a university, truly extraordinary leaders are continuously created through education and endless learning to perfect their craft.
During the latest Opportunity Hour: Conversations with the Masters, I had the pleasure of speaking with a longtime friend of mine, Dr. Nido Qubein. Dr. Qubein is first and foremost an entrepreneur, serving on several Fortune 500 boards, including La-Z-Boy and Truce. He has authored 12 books and received numerous awards as a leader himself. His abundance of accolades and entrepreneurship capabilities have enabled Dr. Qubein to effectively speak on what it takes to be an extraordinary leader, which is the foundation of today’s blog post. Back in 2005, Dr. Qubein became the president of High Point…
Posted On Tuesday, 23 January 2024 00:00 Written by
You all know that I am very committed to business planning and scheduling. Knowing what you are trying to accomplish and then plotting the course and scheduling the work is a foundational part of what I share with my clients. It is so important that not only you have a plan and a schedule to execute, but being very specific in what you are trying to do and the results you are expecting are critical. Too many people in our business don’t plan at all, they just prognosticate and then hope it all works out. As I have said before, “Hope is NOT a strategy for success!” Mortgage professionals have a very bad habit of just throwing numbers out there into the universe like, “I’m going to do ten deals a month”, or “I want to close $50M in loans.” But very rarely do they break it down as to…
Posted On Wednesday, 03 January 2024 00:00 Written by
The share of U.S. homebuyers looking to move to a different metro area declined for the third straight month in November, dropping to 23.9%. That’s the lowest share in a year and a half, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. It’s down from 24.1% a year earlier–a tiny drop, but the first annual decline in Redfin’s records–and down from a record high of 26% over the summer. Overall homebuying slowed in 2023 because it was the least affordable year on record and there was a severe supply shortage. There were 4% fewer Redfin.com users looking to move to a new metro in November than a year ago, compared with a 3% year-over-year drop for Redfin.com users searching within their home metro. The slightly bigger drop for house hunters looking to relocate explains why migrants are making up a smaller share of overall home…
Posted On Monday, 01 January 2024 00:28 Written by
Freddie Mac (OTCQB: FMCC) released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.61 percent. “The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the new year, the economy remains on firm ground with solid growth, a tight labor market, decelerating inflation, and a nascent rebound in the housing market.” News Facts The 30-year FRM averaged 6.61 percent as of December 28, 2023, down from last week when it averaged 6.67 percent. A year ago at this time, the 30-year FRM averaged 6.42 percent. The 15-year FRM averaged 5.93 percent, down from last week when it averaged 5.95 percent. A year ago at this time, the 15-year FRM averaged 5.68 percent. The PMMS® is focused on conventional, conforming, fully amortizing home…
Posted On Saturday, 30 December 2023 07:11 Written by
Housing affordability is expected to improve in 2024 as mortgage rates fall and more homes go up for sale Just 15.5% of homes for sale in 2023 were affordable for the typical U.S. household—the lowest share on record, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s down from 20.7% in 2022 and more than 40% before the pandemic homebuying boom. The number of affordable homes for sale also dropped to the lowest level on record. There were 352,500 affordable listings in 2023, down 40.9% from 596,135 in 2022 and down from over a million per year during the prior decade. While the decline is partly due to a drop in listings in general—listings overall fell 21.2% year over year—it’s also due to the fact that elevated mortgage rates and stubbornly high prices made the listings hitting the market more expensive. Mortgage rates have fallen…
Posted On Sunday, 24 December 2023 06:15 Written by
Existing-home sales grew in November, breaking a streak of five consecutive monthly declines, according to the National Association of Realtors®. Among the four major U.S. regions, sales climbed in the Midwest and South but receded in the Northeast and West. All four regions experienced year-over-year sales decreases. Total existing-home sales[i] – completed transactions that include single-family homes, townhomes, condominiums and co-ops – elevated 0.8% from October to a seasonally adjusted annual rate of 3.82 million in November. Year-over-year, sales fell 7.3% (down from 4.12 million in November 2022). “The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November,” said NAR Chief Economist Lawrence Yun. “A marked turn can be expected as mortgage rates have plunged in recent weeks.” According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.95% as…
Posted On Tuesday, 26 December 2023 06:34 Written by
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