There will undoubtedly be a wide variety of topics dominating the headlines in the upcoming months as we head towards our elections this November. Among all the disagreements there seems to be one recurring hot topic everyone agrees on: Housing Affordability is under great pressure. The solutions vary and there’s no shortage of takes on what’s best for all involved…here’s out take.
It’s clear at this point that Home Equity isn’t going anywhere anytime soon. We’re seeing a sharp uptick in homeowners who are using their equity to cure other parts of their financial life that may be under some duress. Today we talk about the good and bad and some advice you can lean into during this economic window.
The steep stock market sell off also happened to trigger a mortgage rate decline that allowed many people to jump on favorable interest rates. This is likely more than temporary because we’re all expecting the finance markets to all but demand we continue in this direction for housing’s sake!
Things are heating up heading into the end of summer. The Fed is signaling a rate cut ahead, but many home shoppers are hitting the pause button. Is it because there are now 237 American Cities where $1 Million is the price of entry?
June housing data reports that inventory is up and prices are cooling off. It could be a perfect match for buyers who want to get in the market still!
It’s no paradox, home flipping is still going strong even though mortgage rates have remained stubbornly high, and getting insurance in California is harder than ever. There is hope on the horizon as rates have begun to cool down and the state works to lure insurers back to the market!
Can the most recent inflation data make the housing market chill out a bit OR will it keep fanning the flames of home price acceleration? Jerome Powell and the Fed could be nearing a rate cut now that they are finally seeing some signs of success. Either way, both the markets and pundits are at odds with what the ACTUAL strength of the US household is.
There’s very clear disagreement among the talking heads, economists, and analysts. Some think we have a market correction coming, others think real estate is stuck for years, and still others believe the market will keep chugging along and hit new price highs in 2024.
In this rapidly shifting market the data continues to surprise. Home values hold and even increase in key places across the country, while mortgage rates slightly dip heading into the summer buying season. On the horizon are more multi-family permits than ever before and fewer single-family permits being pulled by developers.
The VA issued a temporary fix that will allow homebuyers using VA Loans to pay for their real estate agent’s commission. The decision came pretty quickly, all things considered. The true tale-of-the-tape will be how this makes its impact in buyer’s lives once the August 10, 2024 start date is upon us!