You can’t read an article about residential real estate without the author mentioning the affordability challenges that today’s buyers face. There’s no doubt homes are less affordable today than they were over the last two years, but that doesn’t mean homes are now unaffordable. There are three measures used to establish home affordability: home prices, mortgage rates, and wages. Let’s look closely at each of these components. 1. Home Prices The most recent Home Price Insights report … [Read more...]
How Global Uncertainty Is Impacting Mortgage Rates
If you’re thinking about buying or selling a home, you’ll want to keep a pulse on what’s happening with mortgage rates. Rates have been climbing in recent months, especially since January of this year. And just a few weeks ago, the 30-year fixed mortgage rate from Freddie Mac approached 4% for the first time since May of 2019. But that climb has dropped slightly over the past few weeks (see graph below): The recent decline in mortgage rates is primarily due to growing uncertainty around … [Read more...]
Why It’s Critical To Price Your House Right
When you make a move, you want to sell your house for the highest price possible. That might be why many homeowners are eager to list in today’s sellers’ market. After all, with record-low inventory and high buyer demand, many homes are selling for more than asking price. Data from the National Association of Realtors (NAR) shows 46% of homes are selling above list price today. But even in a market like we have now, working with an agent to set the right asking price is critical, as pricing … [Read more...]
March 2022 Warm Fuzzy
You probably never heard of Richard Montanez. As the son of a Mexican immigrant who never made it past fourth grade, Richard lived with ten siblings in a one-room cinder block house in a migrant labor camp east of Los Angeles. To help pitch in, the boy picked grapes with his entire family, including his grandfather. He took other odd jobs such as washing cars, picking weeds and slaughtering chickens. Eventually, Montañez landed a job as a janitor with Frito-Lay, the snack food … [Read more...]
Supply and Demand in Today’s Market
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