real estate trends Archives

May 10, 2024May 10, 2024

Buyer’s Market in Dallas? It’s All Relative.

Lately, the homes for sale in Dallas stay on the market a little longer. Little by little, sellers are lowering their price expectations, and Dallas home buyers are getting deals.

Homes in Dallas stayed on the market, on average, for 37 days in April 2024. That’s up 8% compared to last year. Some (about 12%) have lingered on the market longer than three months.

Not only in Dallas but also in Austin and Houston, today’s sellers have to negotiate and really work with buyers. That said, homes that aren’t moving in these cities tend to be the pricey ones. Those priced under $300K continue to attract buyers.

May 8, 2024May 8, 2024

Condo Bubble? What’s Going On in Florida Now?

Florida is a snowbird’s paradise. It’s no surprise that condos make up a major portion of the market.

Recently, though, Florida condos are presenting specific challenges. They’re getting hard to finance. Home buyers in Florida can expect to put at least 25% down. For coastal homes, which lenders consider risky, the expected down payment can be significantly higher.

Needless to say, this is putting off buyers. And it’s putting a damper on the Sunshine State’s housing market. Plenty of Floridians want to sell, while the pool of interested buyers is shrinking. So condo prices have come down from their highs. Miami homes are 3% cheaper (at $385K). And in Jacksonville, prices have dipped 7% (to $254K).

Anyone thinking about acquiring or transferring a Florida deed needs a clear understanding of its value. So let’s look more closely at the Florida market today.

May 6, 2024May 6, 2024

Feeling Merry: Why Sellers Love the Month of May

The best time to sell a home is in the first half of the year, declares a high-profile real estate data firm. The ATTOM firm just came out with its annual take on the best days of the year to sell a home.

To ensure accuracy, ATTOM reviewed sellers’ profits from tens of millions of house and condo sales, dating back from 2011. The upshot? In May, sellers are most likely to get more than their asking price. In case you’re curious, the study did pinpoint the very best day to sell. It’s May 27.

That’s pretty exciting — but it’s also a generalization. Let’s take a closer look.

March 27, 2024April 25, 2024

Time for a Move? Sellers Are Perking Up.

Home sellers are back. It’s an important sign of confidence in the U.S. housing market.

Fannie Mae keeps tabs on people’s feelings (“sentiment”) about the market. And people are feeling better about it — if they happen to be potential sellers. Two-thirds of the people surveyed told Fannie Mae this is a good time to sell.

Then there are the would-be buyers. With the median U.S. listing price hovering close to $400K, just 17% of the survey’s respondents think now’s a good time to buy. Home buyers have to deal with elevated home prices and mortgage rates.

But spring is in the air. And springtime sellers are placing homes on the market. That’s pressing the number of 2024 mortgage applicants up, too.

February 26, 2024April 25, 2024

Could a Home Swap Turn Out to Be a Win-Win? Here’s How It Works.

Well, it’s one way to transfer property deeds between people! Yet trading homes with someone else isn’t your typical deed transaction.

In a prolonged tight market, deed exchanges are drawing growing numbers of curious and creative homeowners. Here’s a bit more about the concept.

January 4, 2024April 25, 2024

Real Estate or Bitcoin? In 2024, Investors Consider the Tradeoffs

Bitcoin watchers have noticed surprising amounts of real estate profits being converted into bitcoin. The reason comes down to unpredictable returns in real estate for wealthy investor-buyers.

At the same time, “Bitcoin, as an emerging asset class, potentially offers much higher growth potential for many investors,” writes Nik Hoffman for Bitcoin Magazine.

Wow, much potentially potential! But seriously, does this have any relevance for regular home buyers? Let’s take a look.

December 27, 2023April 25, 2024

Hispanics Will Be the Majority of New Homeowners by 2040. Can the Market Meet Their Needs?

This year’s trend study from CoreLogic® shows a steady rise in mortgage lending in mainly Hispanic neighborhoods.

Hispanic buyers tend to be younger and less affluent than other buyers across the board. Many are coming into real estate as first-time buyers. They’re motivated. Many will opt for FHA loans if conventional loans are out of reach.

Now, the proportion of Hispanic homebuyers will really surge. That’s because of the young age of this segment of the U.S. population.

December 25, 2023April 25, 2024

Affordability Rx: U.S. Government Is Now Funding Office-to-Home Conversions

As our readers know, the pandemic changed the way we work and live. Remote and hybrid working are now common ways of earning a living.

We’ve also noted how repurposing empty offices could ease the housing crisis. Commercial areas contain more and more vacant space, more of the time. This fact holds true across the entire country.

So, we’re gratified to see the White House now guiding and funding conversions of business properties into homes. The idea is to increase the supply, and help out ordinary people. After all, most new home creation tends to target high-income buyers. But with the appropriate government support, some of the country’s new housing can be accessible to the people who need it most.

November 29, 2023April 25, 2024

Mortgage Companies Are Antsy for People to Buy Again. Look Who’s Covering Appraisal Costs.

United Wholesale Mortgage (UWM), a major lending company, is now offering free appraisals for some borrowers.

The perk is part of an oh-so-tempting 1-0 temporary rate buydown package, available to local mortgage consultants itching to help buyers break through the current housing standstill.

“So,” you ask… “What is a 1-0 buydown mortgage?” Successful loan applicants can hack 1% off whatever interest rate they locked in. They keep that discount for the first year of the loan. So, whatever the current rate is, cut that by 1%. If the rate is 8%, the borrower only pays 7%. After that first year, the regular rate kicks in.

UWM is putting some icing on the cake. It’s promising to pick up the tab for up to $600 in appraisal fees. Conventional and government-backed home loans can qualify. And the whole deal is good through March 31, 2024.

November 22, 2023April 25, 2024

Home Buying Today, for Millennials

Millennials now range in age from their late 20s to early 40s. Most of the ones who can buy homes are getting to the older edge of that range.

They need more money than buyers of the past. Maybe that’s why they’re waiting until later in life to buy. In short, this generation’s home buying challenges really are unique.