Real Estatin' The Facts Market News - 10/8/2021
Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends. Enjoy!
Signs that buyers will see good opportunities in the fall
Source: Nerd Wallet
Hopeful buyers who keep getting shut out may soon find better luck this fall, as several signs in the housing market point to more potential buying opportunities. For one, competition is reportedly cooling, and listings are receiving fewer offers. In September, the real estate brokerage Redfin reported that bidding wars reached their lowest level this year. Also, more listings are coming to market, offering buyers more choices, according to a Realtor.com® report showing housing inventory is at a high for 2021. Nearly one-third of the 50 largest metros saw increases in the number of newly listed homes compared to last year. Read more...
Two million renters can afford to buy thanks to remote working
Source: Zillow
The rise in remote working during the COVID-19 pandemic has had at least one positive outcome: It made home purchases affordable for nearly two million renters because they can now buy farther away from pricey metro areas. Zillow analysis found that two million renters reached the “tipping point,” meaning that they earned enough to buy the typical U.S. starter home — as long as it’s in an affordable area. Read more...
Refinance demand falls as rates shoot higher
Source: CNBC
A sharp jump in mortgage interest rates over the past few weeks is taking its toll on mortgage demand. Total application volume fell nearly 7% last week compared with the previous week, according to the Mortgage Bankers Association. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.14% from 3.10%, with points rising to 0.35 from 0.34 for loans with a 20% down payment. That is the highest level since July. Read more...
#siliconvalleytrusteepartners #seniorrealestatespecialist #siliconvalleyrealtor #realestatecalifornia #siliconvalleyrealestate #realestateservices #homeiswhereyouare #realestatemarketupdate #currentaffairsnews #funfacts #fastfacts #almostfriday #ReclaimYourSpace #NavigatingLifesMilestones #OneHomeAtATime #Realtor_JoAnn
