With buyer demand remaining high ⬆️ and a limited number of homes for sale, home prices continue to rise ⬆️ . Lawrence Yin, NAR’s chief economist, says: “unless an increasing number of new homes are constructed, some buyers could miss out on the opportunity to purchase a home or have the opportunity delayed.” Don’t miss out!
Mortgage applications have made the cut for housing market news yet again. Mortgage application volume rose again for the week, but the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased ⬇️. If supply remains low ⬇️ and mortgage rates get higher ⬆️, they could hurt the one sector of the economy doing so well right now 😳.
Housing assistance programs are not doing enough for the nation’s renters. Without a strong rebound in jobs and a lack of executive action 🤝, rent payment rates and confidence levels to pay rent for low to moderate-income households have declined 😟. The uncertainty surrounding unemployment benefits or direct financial assistance to renters is concerning for the future.
The search for suburban homes for urban dwellers continues! During the second quarter of the year, 51% of home searches by urban residents in the largest 100 metro areas were for suburban properties 🏡 near them (per Cross Market Demand Report released by realtor.com on Monday). If your job is looking to go remote full-time, it wouldn’t be a bad time to start 👩💻 searching 👨💻.
August is the new May. Covid-19 pushed the bulk of home-buying this year into the summer months and agents are busier 💲 than ever. Spring’s homebuying season was deferred, but this time it’s filled with virtual tours 💻 and higher demand than expected!