Good Morning! Today is Friday, May 6. The U.S. provided intelligence that helped Ukraine sink the flagship of Russia’s Black Sea fleet. The FDA further limited the use of Johnson & Johnson’s vaccine. Karine Jean-Pierre will become the first Black woman and first openly gay person to serve as White House press secretary. The Mortgage Note Reports Rates Back Up: Mortgage rates shot back up after a one-week reversal of their upward trend, averaging 5.29% last week. Asking Prices: In April, 15% of home sellers dropped their asking prices, a 5.9% YOY increase that coincides with monthly mortgage payments rising 42% YOY. In Case You Missed It: This week, Editor Kimberley Haas reported that the CEO of United Wholesale Mortgage has come under fire after posting online that he is “disappointed” with…
As affordability declines, the hot housing market is starting to see signs of cooling. In April, 15% of home sellers dropped their asking prices, a 5.9% YOY increase, Redfin reported. The increase is a six-month-high and the largest annual gain on Redfin’s record, which dates back to 2015. But buyers still outnumber sellers, so the market remains competitive and homes priced affordably continue to sell for more than asking. New listings of homes for sale were down 6% YOY and have dwindled since mid-March. The median asking price of newly listed homes rose 16% YOY to $408,458, a new all-time high. So even as more sellers are dropping prices to entice buyers, their returns are still significant. “Homebuyers continue to…
Selling a home in May, June, or July brings premiums of 10% or more above market value, according to a new analysis by ATTOM Data Solutions. ATTOM looked at home sales over the past eleven years to determine the best month to sell a home. It found that spring and summer are the most popular times for homebuying, giving sellers the best opportunity to make money on their homes. “April showers may bring May flowers, but May brings home sellers the best opportunities to watch their profits grow,” said Rick Sharga, Executive Vice President of Market Intelligence at ATTOM. “Homeowners looking to maximize the price premium they can claim on their homes should sell their properties in May, June, and…
