Today's Headlines - Realty Times

The National Association of Realtors® thanked President Biden on Thursday for raising awareness of the affordable housing crisis during his State of the Union address.

The following is a statement from 2024 NAR President Kevin Sears:

“The lack of affordable housing supply is hurting the middle class and depriving first-generation and first-time homebuyers of the financial security that homeownership and the American Dream provide.

NAR first sounded the alarm on this issue with original research showing a nationwide shortage of 5.5 million affordable housing units. We commend President Biden’s commitment to an all-of-government approach to solve this problem. NAR has proposed and advocated for many of these proposals, which together would make serious headway toward fixing this crisis. 

Tax incentives can help close the affordable housing gap, and we are especially grateful for the President’s willingness to explore new tax measures. NAR also supports an all-of-the-above approach to this crisis--from tax incentives to zoning reforms to expanded financing. 

NAR shares concerns of other housing industry groups that other Administration measures, especially in the area of rental housing, run the risk of reducing the supply of affordable rental housing if onerous regulations drive small property owners from the market and discourage future investment. The Administration’s increasing focus on housing production, however, signals a positive turn, as the housing shortage is the root of our affordability crisis. 

NAR http://www.flyin.realtor/">compiled and endorsed a suite of policy and legislative proposals to help increase housing supply, including support for the More Homes on the Market Act and the Neighborhood Homes Investment Act, among others.

Our 1.5 million members stand ready to assist the President and Congress in any way possible to bring this relief to the American people.”

Read NAR’s full policy proposals to address housing supply at FlyIn.Realtor.

FlyIn.Realtor.

  

 

Posted On Friday, 08 March 2024 15:24 Written by
Posted On Friday, 08 March 2024 10:51
Posted On Friday, 08 March 2024 10:09

When you talk options, be sure your clients know the true cost of their choices. I have had a number of conversations recently where my clients have won deals because they put the client in a position to succeed by sharing the true cost of their choices. We spoke a few months ago as we approached the end of the year and I suggested you drive the conversation around getting into a home prior to the beginning of the year, and the increase in demand that often creates. Some shared, others didn’t. Those that did are seeing their clients in homes that they secured at prices that are significantly lower than they would be right now, as well as the cost of that home a few more months from now. It’s simple, supply/demand is in favor of the seller. When sellers are in control, the cost to buy is higher and the competition is greater. As we approach the spring market, the demand will only grow higher, and so will prices. If we just use 5% appreciation rates, a $300K home costs $1,250 more in a month from now. A $400K house costs almost $1,700 more each month. How much has waiting cost someone that chose to wait from November until now? $5,000? $10,000? More?

The same case can be made for looking at the choices people have made when it comes to their outstanding debts. The largest overlook people make is the cost of that car they just had to buy! Maybe it’s the cost of two cars? But does the client realize the true cost of that choice? Do they know that at a 7% interest rate that every $100 in car payment reduces the amount of mortgage you can qualify for by more than $15,000? So, when we look at $500, $600, $700 a month or more in car payments, is that choice worth $75,000, $90,000, or over $100,000 in mortgage value? The same holds true for boats, RV’s, campers, credit cards, and other installment debt. Knowing the true cost can be life changing. Providing that information allows your client to understand their choices and how one choice can impact another. It also shows that as a true professional, you are sharing information that allows your client to make informed choices.

While people might not always make the best choices, they tend to make better choices when they are aware of all their options and how those choices impact other opportunities! As always, if you have questions or comments, it’sThis email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Monday, 11 March 2024 00:00 Written by
Posted On Thursday, 07 March 2024 12:46
Posted On Thursday, 07 March 2024 11:23
Posted On Thursday, 07 March 2024 11:04
Posted On Thursday, 07 March 2024 10:09

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.88 percent.

“Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as applications rose for the first time in six weeks in response to lower rates,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates continue to be one of the biggest hurdles for potential homebuyers looking to enter the market. It’s important to remember that rates can vary widely between mortgage lenders so shopping around is essential.”

News Facts

  • The 30-year FRM averaged 6.88 percent as of March 7, 2024, down from last week when it averaged 6.94 percent. A year ago at this time, the 30-year FRM averaged 6.73 percent.
  • The 15-year FRM averaged 6.22 percent, down from last week when it averaged 6.26 percent. A year ago at this time, the 15-year FRM averaged 5.95 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website

Posted On Thursday, 07 March 2024 09:02 Written by
Posted On Wednesday, 06 March 2024 10:30
Posted On Wednesday, 06 March 2024 10:24

Though it may sometimes seem as if millennials are destined to rent or live in their parents’ basements forever, members of the generation are among the most influential in the housing market.

To highlight where millennials are looking to buy, LendingTree analyzed mortgage offers given to users of our online shopping platform across the nation’s 50 largest metropolitan areas in 2023. We found that millennials received at least 50% of mortgage offers made in most of the country’s largest metros. Here's what else we found. 

  • Across the nation’s 50 largest metros, 53.85% of mortgage offers in 2023 went to millennials. Millennials received more than 50% of all offered mortgages in 35 of the nation’s 50 largest metros.
  • Millennials made up the largest share of potential homebuyers in San Jose, Calif., San Francisco and Boston. In San Jose, 64.75% of mortgages in 2023 were offered to millennials. 
  • Millennials in Las Vegas, Phoenix and Tampa, Fla., made up the smallest share of potential buyers — though still substantial. In Las Vegas, 40.76% of mortgage offers in 2023 went to millennials.
  • Offered loan amounts were largest in San Jose, San Francisco and Los Angeles. Loan amounts in these three metros in 2023 were $785,391, $731,062 and $627,322, respectively. Conversely, at $242,220, $268,484 and $268,900, average loan amounts offered in Buffalo, N.Y., Cleveland and Louisville, Ky., were the smallest. 

You can check out our full report here: https://www.lendingtree.com/home/mortgage/most-popular-cities-millennial-homebuyers/

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

"Even though they typically aren’t as financially well off as members of older generations are, this doesn’t mean that most millennials are destitute. On the contrary, despite the very real economic challenges that many members of the generation have to face, millennials are still making significant financial headway in various arenas, including homeownership."

Posted On Wednesday, 06 March 2024 06:50 Written by
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