Today's Headlines - Realty Times
Posted On Tuesday, 28 May 2024 12:07
Posted On Tuesday, 28 May 2024 09:31

Homebuying is no simple feat. It can be time-consuming, expensive and confusing, so it’s no wonder people want to cut corners. But those cuts can be costly, especially when mortgage shopping.

Our latest survey found that the majority of buyers don't shop around for a mortgage and many are leaving money on the table because of that. Here’s what else we found. 

  • Over half (54%) of those who took out a mortgage for their most recent home purchase only got one loan offer. Meanwhile, 22% got two offers and 17% got three or more. 
  • Among those who compared more than one mortgage offer, 45% say the lowest offer didn’t come from their first lender.
  • Refinancers are more savvy with comparison shopping. Of the 45% of homebuyers who refinanced, 56% shopped around. Comparison shopping paid off, as 81% found a lower rate than their current lender offered.
  • Over a third (35%) of buyers say they purchased a home earlier than planned to take advantage of low rates. 

You can check out our full report here: https://www.lendingtree.com/home/mortgage/shopping-around-survey/

LendingTree's Senior Economist and report author, Jacob Channel, had this to say:


"The exact amount that a borrower can save by shopping around for a mortgage will vary based on factors such as the rates they’re offered and the size of their loan. That said, it’s not out of the realm of possibility for someone who received multiple offers and then picked the one with the lowest rate to save hundreds of dollars a month, thousands of dollars a year and tens, if not hundreds, of thousands of dollars over the lifetime of their loan."

Posted On Tuesday, 28 May 2024 08:05 Written by

Prices keep rising because this spring’s inventory is lower than usual. The sliver of good news for buyers is that mortgage rates have declined slightly

The median U.S. home-sale price hit a record $387,600 during the four weeks ending May 19, up 4% from a year earlier. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Weekly average mortgage rates dipped to 7.02% from a five-month high of 7.22% at the start of the month, bringing the median monthly housing payment to $2,854, roughly $20 shy of April’s all-time high.

High housing costs pushed pending home sales down 4.2% year over year, the biggest decline in three months (except the prior 4-week period, when sales declined 4.4%). Prices keep rising despite declining sales because there aren’t enough homes on the market: New listings are up about 8% year over year, but inventory remains lower than typical spring levels. Many homeowners are staying put because they would rather hold onto their relatively low mortgage rate than move up to a bigger and/or better home.

“Move-up buyers feel stuck because they’re ready for their next house, but it just doesn’t make financial sense to sell with current interest rates so high,” said Sam Brinton, a Redfin Premier agent in Salt Lake City, UT. “The homeowners listing right now are often doing so because they need to: One of my clients is selling because of a family emergency, and another couple is selling because they had a baby and simply don’t have enough room. Buyers should take note that many of today’s sellers are motivated; if a home doesn’t have other offers on the table, offer under asking price and/or ask for concessions because many sellers are willing to negotiate.”

For Redfin economists’ takes on the housing market, including more on how current financial events are impacting mortgage rates, please visit Redfin’s “From Our Economists” page.

Leading indicators

Indicators of homebuying demand and activity

 

Value (if applicable)

Recent change

Year-over-year change

Source

Daily average 30-year fixed mortgage rate

7.09% (May 22)

Up from 6.99% a week earlier, but down from a 5-month high of 7.52% 4 weeks earlier

Up from 6.95%

Mortgage News Daily

Weekly average 30-year fixed mortgage rate

7.02% (week ending May 16)

Down from 5-month high of 7.22% 2 weeks earlier

Up from 6.39%

Freddie Mac

Mortgage-purchase applications (seasonally adjusted)

 

Declined 1% from a week earlier (as of week ending May 17)

Down 11%

Mortgage Bankers Association

Redfin Homebuyer Demand Index (seasonally adjusted)

 

Essentially unchanged from a month earlier (as of week ending May 19)

Down 11%

Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents

Touring activity

 

Up 31% from the start of the year (as of May 19)

At this time last year, it was up 22% from the start of 2023

ShowingTime, a home touring technology company

Google searches for “home for sale”

 

Down 8% from a month earlier (as of May 19)

Down 18%

Google Trends

Key housing-market data

U.S. highlights: Four weeks ending May 19, 2024

Redfin’s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.

 

Four weeks ending May 19, 2024

Year-over-year change

Notes

Median sale price

$387,600

4%

All-time high

Median asking price

$420,250

6.6%

All-time high

Median monthly mortgage payment

$2,854 at a 7.02% mortgage rate

10.5%

$18 below all-time high set during the 4 weeks ending April 28

Pending sales

89,303

-4.2%

Biggest decline since 4 weeks ending Feb. 25 (except the prior 4-week period, when sales declined 4.4%)

New listings

102,671

8.5%

 

Active listings

901,194

14.8%

 

Months of supply

3.2

+0.6 pts.

4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions

Share of homes off market in two weeks

44.9%

Down from 49%

 

Median days on market

33

+3 days

 

Share of homes sold above list price

31.3%

Down from 34%

 

Share of homes with a price drop

6.4%

+2 pts.

Highest level since Nov. 2022

Average sale-to-list price ratio

99.5%

-0.1 pts.

 

Metro-level highlights: Four weeks ending May 19, 2024

Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.

 

Metros with biggest year-over-year increases

Metros with biggest year-over-year decreases

Notes

Median sale price

Anaheim, CA (20.1%)

Detroit (16.9%)

San Jose, CA (12.9%)

Oakland, CA (12.5%)

West Palm Beach, FL (12%)

San Antonio (-1%)

Fort Worth, TX (-0.6%)

Decreased in 2 metros

Pending sales

San Jose, CA (18.4%)

San Francisco (8%)

San Diego (4.3%)

Newark, NJ (3.6%)

Columbus, OH (3.3%)

West Palm Beach, FL (-15.3%)

Atlanta (-14.9%)

Houston (-14.5%)

Phoenix (-12.3%)

Providence, RI (-11.6%)

Increased in 10 metros

New listings

San Jose, CA (36.7%)

Montgomery County, PA (26.2%)

Phoenix (26.1%)

Seattle (21.2%)

San Diego (21%)

Atlanta (-8.1%)

Chicago (-4.9%)

Detroit (-3.9%)

Virginia Beach, VA (-2.6%)

Newark, NJ (-2%)

Warren, MI (-1.8%)

Decreased in 6 metros

To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-pending-sales-fall-prices-increase

Posted On Saturday, 25 May 2024 06:48 Written by

During a very painful time in my life, I was in a very bad place. A close friend of mine convinced me to go to a convention in San Fransico. I really didn’t want to go. I struggled with everything that was going on, but I made the trip. I firmly believe that that trip may have saved my life. At the very least, it changed it forever.

One of the speakers there was a man named Les Brown. I knew of Les but had never heard him speak in person. Believe me, being in the right place at the right time, listening to the right person deliver the right message, well, it can be transformative. I waited until after his talk was done. I gathered up the books he had for sale and waited until the very last person was gone when I asked him to sign the books and share with him my journey to this event, and how much I needed to hear his words and that he had made a difference in what would become the rest of my life! He listened, we both cried, we hugged, and he reminded me that “if you can look up, you can get up!” and as long as you keep moving forward it doesn’t matter how many times you get pushed back, the game isn’t over until you win!

I shared this because I had a few of my clients share stories this week about people they worked with that were long timers. You know, those clients you work with for months, maybe even years, and just when you thought it would never happen, they find a house, it goes into contract, everything goes as it should, and they closed on the home most people would never believe would ever get, but they did. They did because they kept going forward. They did because they had someone at their side, every step of the way, that supported the effort and remained committed to the outcome. People can’t all be the same. Each journey takes the time it takes. However, there are certain journeys that would never have been completed if there wasn’t someone who supported the vision and helped keep them in focus.

My clients know that some deals come together in days. Others take longer. The ones that take the longest may certainly not be the most profitable, but they very well might be the ones you are most satisfied with. I had Les Brown to believe in me. My clients have me to believe in them. Who are the ones you believe in? Just like I remember Les all these years later; just like I hope my clients will remember me; who will you believe in that will remember you? Teach and share the vision of persistence. Show those around you that it doesn’t matter how long it may take, once you reach the goal it never matters how long it took to get there!

The game isn’t over until you win!

Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Monday, 27 May 2024 00:00 Written by
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