Last week’s inflation readings were a hefty punch to the gut for housing. Interest rates immediately rose on the same day. This continued inflation wreaks havoc on major parts of the economy, and housing is already in the spotlight as one of the culprits. Additionally, there’s a long shadow cast on whether or not we will return to ANY consumer prices of the past.
Another week down and we’re nowhere closer to a solution for VA buyers. The upcoming commission changes due to the settlement in the National Association of Realtors lawsuit directly impacts a VA buyers ability in HOW they make their first (or next) home purchase. Additionally, the FHA program is also ramping up for how to handle their rules as a result of this same settlement while the Spring housing market keeps warming up.
A major lawsuit could upend real estate transactions depending on what kind of buyer you are. Builders are stepping up to the plate again in the middle of insurers fleeing California and the Fed toying with markets.
Recently, President Biden Floated the idea of providing a $10,000 tax credit to “First Time Homebuyers,” but is this a solution that can really work, or is it a timely attempt pre-election to address the growing affordability challenge buyers face in the tight market? As listings grow and more inventory makes its way onto the market, home buyers find themselves still needing to make MORE MONEY to qualify in 2024. As price appreciation continues to be a great friend to homeowners who’ve held onto their property(ies), it may be no friend when it comes to those still aspiring to achieve the dream of homeownership.
We’re not even in the full swing of Spring yet and ALREADY the real estate market is heating up. Inventory began surging in some parts of the country, mortgage demand confirms BUYERS are ready to get into homes. All this adds up to Sentiment hitting levels not seen since March 2022!
A recent industry article came out specifically about the San Diego real estate market and just how tight it REALLY is. This goes hand-in-hand with the newest National Median Down payment data release and the major obstacles facing aspiring homeowners in 2024. We know there’s no easy way out of the current set of conditions, but we’re going to do our best, we’re going to bring solutions to the table, and we’ll encourage our clients and partnerships along the way!
The market is wasting NO TIME in 2024. Renters and homeowners alike are feeling bounced around by market shifts, uncertainty and a changing landscape that’s got a lot of people scratching their heads. The questions then become: What can we learn from a millionaire renter? Why are existing home sales rising while rates are too? And how do we fix the California housing crisis?
The Spring/Summer buying season is already upon us, BUT bold predictions of mass uncertainty are shifting conversations and decisions already. With more and more homeowners staying in their homes for much longer than before, will you be hunkering down in 2024 – or will you be GOING FOR IT to make this year the most memorable of your real estate ownership experience.
A Realtor.com article came out just in time for valentines day that asserts homeownership could be the latest humble brag, but is it really? We agree and disagree on this while also batting around the idea of accessing Home Equity, insurance companies leaving homeowners high and dry in high risk areas, and review the latest loan delinquency data.
Clashing factors are digging their heels in when it comes to housing. The Federal Reserve held rates as expected, but rising housing prices have voters putting the pressure on legislators. Who will budge first, Fed Policy or Policy Makers?