Imagine the pricing quagmire we are in. The homes on the market today were priced according to comps from 1-4 months ago, which were the craziest-priced sales in the history of real estate. To make matters worse, sellers are naturally drawn to the highest-priced sales...
Even though real estate is local, the homebuyer psychology tends to be similar across the country - mostly because people are people, and have similar reactions to every variable. When they see mortgage rates go from 3% to 5.5% in less than six months, it's only...
The talking heads are saying that higher rates are slowing sales, and I say it's the lack of inventory. If higher rates were the cause, we would see more active listings piling up. This chart shows how the pendings have dropped off from last year - especially those in...
When people are looking for the perfect 'forever' home that will last them for a lifetime, any additional cost isn't going to phase them - or at least it won't affect the affluent folks. Most are making it up elsewhere when they sell their previous home or rental...
https://homelightblog.wpengine.com/wp-content/uploads/2022/03/HomeLight-Buyer-Seller-Insights-2022.pdf This looks pretty normal: In an era where 50% or more of the homes for sale receive multiple offers, yet half or more of the sellers don't ask the buyers to improve...
My thoughts on commentary seen in the news today: With rates rising, and prices significantly higher, the average borrower is paying about 38% more on the monthly payment now than they would have for the same home one year ago, according to Realtor.com. JtR: This is...
Sally's former home in Los Altos closed yesterday for what seems to be the obligatory $500,000 over the list price (LP was $3,195,000): https://www.zillow.com/homedetails/1200-Brucito-Ave-Los-Altos-CA-94024/19620416_zpid/ The bump over the list price is so customary...
You can't spend too much time reading/watching the news recently without being well aware of the relatively unprecedented surge in mortgage rates seen so far in 2022. In particular, the month of March was one the worst on record with one individual week in March...
Now that we are grappling with 5% mortgage rates, people are wondering how it will affect the market. The common perception is that there will be pullback. What that means isn't defined - it's just a vague concept that the logical mind wants to believe. But logic...
From yesterday's article, which also ran in the SDUT today: “There are so many strange things going on right now,” said Edward Seiler, the associate vice president for housing economics at the Mortgage Bankers Association. It has been 40 years since rates have risen...
