Wondering how the mortgage rates are looking this fortnight? Looking for the perfect opportunity to buy your dream home? We have answers to your questions in this fortnight’s news digest. Read on to find out this and more real estate news in Styldod’s digest.
Here are the latest updates from the world of real estate this fortnight.
According to realtor.com®’s Best Time to Buy Report, September 12th to October 17th, 2021, will be a sweet spot for the housing market, with 31% more listings hitting the market than a typical week of the year. This period will lower prices and lesser buyer competition, too, making it ideal for house hunters. House shoppers in Los Angeles, New York City, Denver, Boston, Detroit, Portland, and Minneapolis need to particularly watch out during this season to bag the best deals.
Source: Realtor Magazine
The average 30-year fixed-rate mortgage was static at 2.88% last week, according to Freddie Mac‘s PMMS. Despite predictions, mortgage rates have grappled with reaching 3% for most of 2021. The recent rise in COVID cases has posed a hindrance to the overall performance of the economy. “While the economy continues to grow, it has lost momentum over the last two months due to the current wave of new COVID cases that has led to weaker employment, lower spending, and declining consumer confidence,” said Sam Khater chief economist at Freddie Mac. “Consequently, mortgage rates dropped early this summer and have stayed steady despite increases in inflation caused by supply and demand imbalances.”
The country’s four largest iBuyers are back on track after a noticeable drop in sales due to the pandemic. Zillow Offers, RedfinNow, Opendoor, and Offerpad, the four biggies, reached a collective 1% market share in the second quarter and have their eyes set on breaking all records in the third one. As home sales maintain their year-long momentum, Q2 saw 15,000 homes going off the market worth a whopping $5.3 billion.
As the Federal Reserve fathoms on dealing with inflation, there is uncertainty regarding its long-term effect on the housing market. Experts anticipate a rise in the cost of homeownership in the future, potentially pricing more buyers out.“The extremely low [mortgage] interest rates over the last few years have had so much to do with the price boom just going and going with no end in sight,” tells Todd Teta, chief product officer at ATTOM Solutions. “Any change in that could price enough buyers out of the market to end or significantly slow down the market.”
Source: Ris Media
As the pandemic progresses, more people are moving to smaller cities searching for cleaner air, a calmer environment, and improved quality of life. According to Zillow, a great reshuffling has taken place in the U.S with more than 1/10 Americans moving in the past year. As a result, cities like Montana, New Jersey, and Portland are becoming hot markets, thereby driving up home prices here.
Source: ABC News
As iBuyers recapture their market space and the demand for homes in the suburbs increase, we anticipate bright real estate news in the coming weeks. Let us keep our fingers crossed regarding inflation and mortgage rates, and their effect on the industry. Also, if you are contemplating buying a house, don’t miss the golden window from September 12th to October 17th, 2021.
Styldod’s real estate news digest drops every fortnight. So scroll down to subscribe to our newsletter and stay updated with the news that matters to you. Check out last fortnight’s news digest here.
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