By Jillian Pretzel | REALTOR.COM
For most of 2023, homebuyers faced a daunting real estate market marked by dizzyingly high mortgage rates. Combined with steep home prices and a severe shortage of homes for sale, it’s no wonder many struggled or gave up their home search entirely.
But with this new year comes new hope: Could homebuyers get a break?
If you’re gearing up to buy a house soon, it’s time to forget the horror stories of last year and reset your expectations. Below are the old rules that no longer apply to the current real estate market—plus the new ones that will take their place this year.
1. Old rule:...
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From our friends in KCM
If you’re getting ready to buy a home, it’s exciting to jump a few steps ahead and think about moving in and making it your own. But before you get too far down the emotional path, there are some key things to keep in mind after you apply for your mortgage and before you close. Here’s a list of things to remember when you apply for your home loan.
Don’t Deposit Large Sums of Cash
Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any cash into your accounts, discuss the proper way to document your transactions with your loan officer.
Don’t Make Any Large Purchases
It’s not just...
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From our friends in KCM
If you were worried buyer demand disappeared when mortgage rates went up, the data shows there are plenty of interested buyers still out there. The housing market isn’t as frenzied as it was during the ‘unicorn’ years when buyer demand was through the roof, mortgage rates were historically low, and home values rose like we’ve never seen before. But that doesn’t mean the market is at a standstill.
Nationally, demand is still high compared to the last normal years in the housing market and plenty of buyers are making moves right now. Here’s the data to prove it.
Showing Traffic Is Up
The ShowingTime Showing Index is a measure of how frequently buyers are touring homes....
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From our friends in KCM
If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market in 2024. In 2023, higher mortgage rates, confusion over home price headlines, and a lack of homes for sale created some challenges for buyers and sellers looking to make a move. But what’s on the horizon for the new year?
The good news is, many experts are optimistic we’ve turned a corner and are headed in a positive direction.
Mortgage Rates Expected To Ease
Recently, mortgage rates have started to come back down. This has offered hope to buyers dealing with affordability challenges. Mark Fleming, Chief Economist at First American, explains how they may continue...
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By Clare Trapasso | REALTOR.COM
As 2023 comes to an end, fewer homeowners are facing foreclosure than they were earlier this year.
The number of homeowners with a foreclosure filing fell 7% in November from the previous month, according to a recent report from real estate data firm ATTOM. But real estate experts warned that foreclosures will likely rise in 2024.
“While we’ve observed a modest decrease in U.S. foreclosure activity most likely due to seasonal factors, it’s essential to note that these fluctuations are a part of the cyclical nature of the market,” ATTOM CEO Rob Barber said in a statement.
There were still more than 3,200 properties facing foreclosure in November, up 5% from...
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By Dave Gallagher | Real Estate News
A collection of reports show that high mortgage rates weren’t enough to dampen price increases as demand continues to outpace supply.
Key points:
Case-Shiller, FHFA and Redfin indexes reported higher home prices in September and into October.
Combined with elevated mortgage rates, affordability is hitting record lows.
This highlights a widening gap between the "haves" and the "have nots," says Bright MLS Chief Economist Lisa Sturtevant.
Even as mortgage interest rates were spiking earlier this fall, home prices continued climbing through the end of September and into October, according to data from three new reports.
The S&P CoreLogic Case-Shiller index found that national home prices rose...
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High cost of housing is keeping young adults with their parents longer than past generations
BY Ethan Varian | The Mercury News
After Kelly Zhao earned a master’s degree in ethnic studies from UCLA last year, she followed the lead of so many other young graduates thrust into a competitive job market: She moved back in with her parents while she looked for work.
Upon returning to her childhood home in Pittsburg, Zhao, 25, soon found a job with a local advocacy group, making around $70,000 a year. But even then, she said, renting an apartment just doesn’t make financial sense right now, especially while contributing around $1,500 a month...
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