Most housing markets still favor sellers despite increasing buyer-friendliness, especially in more affordable markets in the South and Midwest. Knock’s Buyer-Seller Market Index found that 71 of America’s 100 largest housing markets still remain seller’s markets. “Although the general consensus is the housing market is undergoing a much-needed reset, which is welcome news to many home shoppers who will have more choices and less competition for the foreseeable future, not all markets are seeing the same trends,” said Knock Co-Founder and CEO Sean Black. “In reality, there’s a great housing divide taking place in the U.S., especially in the East and South, where despite a slowdown in sales and slower home price growth, many markets continue to favor sellers.” Fayetteville,…
By CHUCK GREEN Now, how about a little, um, pop-up pop quiz? You. Put…the…iPhone….down. Okay, then. What did Marilyn Monroe. Elizabeth Taylor and, oh, say, Tennessee Williams, have in common? Whether compelled by business reasons — or simply because it was how they rolled – the trio lived in hotels. Probably beat the price of real estate. Even back then. Even for them. Seems they were onto something. Today, at least temporarily, a number of individuals – you know, us regular joes – also call hotels or motels la casa. Perhaps they’re working on location for a relatively limited time on a short-term out-of-town job and, given the paucity of housing in many parts of the United States, other accommodations…
The people of the world are watching the horror unfolding in Ukraine, and we at The Mortgage Note want to highlight those in the housing industry who are stepping up to help. News of realtors collecting donations for those affected by the invasion is already spreading. In Winterville, NC, Realty One Group has collected cheer boxes to be donated to Ukrainian refugee children. According to WNCT-TV’s Claire Molle and Courtney Layton, owners Heather Garris and Scott Corbin asked for shoeboxes filled with gifts, toys, and notes for refugee children who fled from Ukraine to Poland. Realtors at Berkshire Hathaway Verani Realty Office in Exeter, NH, boxed up diapers, clothes, and toiletries last week to send to Ukrainian refugees. Mike Cronin…
By KIMBERLEY HAAS Low-income and minority buyers will continue to be crowded out of the housing market in 2022, according to the director of research at the AEI Housing Center. The American Enterprise Institute is located in Washington, D.C., and during a webinar on Monday, Director of Research Tobias Peter said entry-level homebuyers are being replaced by borrowers with higher incomes in many markets. “When we tally up the entry-level share of all home sales, we’re finding that the entry-level, as of December of 2021, accounted for 52.7%, which is, of course, much down from before the pandemic. In December of 2019, it was at 59.9%, and when we started tracking this back in 2012, it was at 71%,” Peter…
By KIMBERLEY HAAS A report released this month suggests that despite rising home prices it is more affordable to own a median-priced house than to rent a three-bedroom property in a majority of the United States. ATTOM’s 2022 Rental Affordability Report used fair-market rent data from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics, and sales deed data in 1,154 counties to find that home ownership will be more affordable in a majority of the country again in 2022. Todd Teta, Chief Product Officer at ATTOM, said home ownership still remains the more affordable option for average workers because it takes up a smaller portion of their pay when the math is…
By KIMBERLEY HAAS Analysts at Zillow have made their predictions for the hottest housing markets of 2022, and we are bringing you a look at the most expensive homes in the top five cities listed. On Tuesday, the Seattle-based company predicted Tampa, Florida, will be the hottest housing market of 2022. NFL Quarterback Tom Brady’s new city is followed by Jacksonville, Florida; Raleigh, North Carolina; San Antonio, Texas; and Charlotte, North Carolina. “Homebuyers are attracted to markets in the Sun Belt that offer relative affordability, fast-growing economies, and weather that allows them to enjoy the outdoors year-round,” Zillow economist Alexandra Lee said in a statement. Lee also predicts the seller’s market seen in 2021 will continue and buyers should be ready…
By SCOTT KIMBLER Prices of single-family homes and rental costs continue to rise in the United States. But officials in China have been lowering interest rates and over the last few months, the Asian county has seen a drop in property price tags as well. Here in the U.S., many companies—including Bloomberg—are reacting by predicting a possible rally in 2022. Especially in the bond market. Bond prices have an inverse relationship with mortgage interest rates. As bond prices go up, mortgage interest rates go down and vice versa, according to an article on Rocket Mortgage’s website. “These sorts of events cause uncertainty,” said Elizabeth Rose of Mortgage 300 in Dallas, Texas. “Their (China) money is going to seek a better return, so we’ll potentially have more buying in the…
By KIMBERLEY HAAS As people throughout the country wish for a white Christmas this upcoming weekend, it is expected that home sales will stay warm in many parts of the nation throughout the winter. Continued bidding wars, the Great Resignation, and Millennials on the market will all likely contribute to keeping home prices high during a season where sales typically cool off until spring. And above-average temperatures expected in many parts of the United States may also keep buyers on the market at a time when they would typically try to avoid moving due to snow and ice. Bidding Wars Redfin reported on Friday that in November, 59.5% of home offers written by their agents faced competition, which is the…
By KIMBERLEY HAAS More than a quarter of the states in the country have experienced a rental price increase of 20% or more in 2021 and a senior research analyst says people moving out of cities and into more rural communities are partially to blame. Nick VinZant works for QuoteWizard by LendingTree. He co-authored an article that was published this month which shows that Florida had the highest percentage increase in the nation at 29%. The average rent for a one-bedroom apartment in Florida is about $1,425. Arizona, Georgia, Idaho, Massachusetts, Nevada, New Hampshire, New Mexico, New York, North Carolina, Rhode Island, Tennessee, Utah, and Washington all saw rents increase by more than 20% for one-bedroom apartments in 2021, according…
By KIMBERLEY HAAS As the COVID-19 pandemic continues and workers reevaluate their commitment to metropolitan life, lenders in smaller cities stand to benefit from what is being termed the “Great Resignation.” It is estimated that about 4.4 million Americans quit their jobs in September after months of dramatic departure numbers, which means those employees are looking for and taking new jobs, often choosing to live in a different location if they have the option of working remotely. Since 87% of employees say they would like to work remotely at least one day a week, and one in three workers would not want to work for an employer that required them to be onsite full time, potential homebuyers are taking these…
