When the only certainty is uncertainty, simple rules can help Buying a home for the first time can be scary, but it’s especially true in today’s market. Rates are at a relative high and home sales are on the decline. Uncertainty remains around inflation. It’s understandable that you might be second-guessing yourself right about now. While the current market conditions … [Read more...] about Getting it right the first time: simple steps for first-time homebuyers
Series: The Morty Report
Prices still projected to rise – but stable for now Recent real estate headlines might look a little bleak, with descriptions like “plunging” home prices and a “slumping” market. But are they really? Let’s start with the market: Yes, it’s cooling slightly, but no – it’s not as extreme as some might suggest. We have to remember that the frenzied market of the past two … [Read more...] about Are home prices *really* falling?
Sort out your finances *before* getting pre-approved If you are looking to restart your search for a home, it can be tempting to jump straight into getting a pre-approval. But you may want to spend some time sorting out your finances first, as it’ll give you a more realistic snapshot of what you can afford in a fast-changing market. Some areas to focus on: 1. Take a close … [Read more...] about Ready, set, prep: first steps before you buy a home
A shifting market amplifies the ‘rent or buy?’ dilemma The Consumer Price Index (CPI) report from July shows that inflation has begun to cool – somewhat, anyway – in response to the Fed’s actions over the past few months. But there’s no question that challenges remain for buyers and sellers, and positive inflation news won’t … [Read more...] about Will cooling inflation heat up the housing market?
Is it time for buyers who have been waiting to step off the sidelines? Last week, we talked about how the cooling housing market has entered a “new normal” that looks much different than the frenzied, competitive activity of the past two years. Mortgage rates hit three-month lows even after the Fed raised interest rates again last week – further … [Read more...] about What the ‘new normal’ means for buyers
A new normal for the housing market There have been a few pieces of news driving conversation around the state of the housing market this week. We saw new data from the National Association of Realtors that purchase contracts dropped by 8.6% in June. We also saw the Federal Reserve raise interest rates again in a continued effort to curb inflation. Intense speculation … [Read more...] about The upside to higher rates
What does affordability look like to you? A list of the “Top 10 Affordable Cities for Middle-Class Homebuyers” certainly sounds promising for buyers chasing affordability – but what does that actually mean? Affordability differs from market to market, and the homebuying equation is still complex. Factors like rising rents, high inflation and economic uncertainty are still … [Read more...] about Affordable homes in 2022? Yes – in these markets
Why 'deal's off' is a big deal for buyers. Last month, nearly 15% of purchase agreements in the U.S. fell through before closing – a possible signal that buyers are gaining more negotiating power amid the market slowdown, according to a Redfin analysis. While buyers may be less likely to waive inspections and appraisals in the current conditions, the data also … [Read more...] about Buyer power shifts as affordability falters
Rates are volatile this week, heading up mid-week after dropping for two weeks in a row on the heels of some positive inflation data. Recently released minutes from the Fed’s June meeting point to further steep rate hikes and reflect inflation’s continued impact on monetary policy. This comes as recent … [Read more...] about Shrinking average mortgage indicates opportunity, but not falling prices
We’ve seen an increase in new construction loans recently as inventory remains at historic lows. But what happens if you were counting on 3% mortgage rates when they signed a contract over a year ago to purchase a home that still isn’t ready today? The price shock is real for many of these new construction homebuyers, but there are ways to help safeguard you from this … [Read more...] about To buy or not to buy: What rising rates mean for new construction loans