Cheryl Karr - Your Solid Source Realty Agent

      Economists largely predict that mortgage rates will soon rise, and anxious home buyers and homeowners are hurrying to take advantage of what could be the last dance with super low mortgage rates, intent on beating further increases. The average contract interest rate on the 30-year fixed-rate mortgage with conforming loan balances recently increased to its highest level in a month, to 3.18% last week. The rate is 12 basis points higher than a year ago, the Mortgage Bankers Association reported on Wednesday. Rates jumped after the Federal Reserve’s meeting last week, where the Fed signaled that rate hikes could come in 2023. That is a year earlier than expected. Applications for refinances increased 3% last week compared to the previous week, and mortgage applications to purchase a home eked out a 1% increase, the MBA reported. Overall, mortgage application volume is down 9% compared to a year earlier. Applications for home purchase...

  Home buyers are facing relentless competition in the housing market, driven by low mortgage rates and inventory. According to the latest REALTORS® Confidence Index, based on real estate transactions nationwide in March, practitioners report an average of five offers on their most recent listing. In a separate report by Redfin published in April, 72% of the brokerage’s agents faced competition when submitting an offer for their clients—up from 66.7% in March. “Bidding wars are intensifying,” says Kristin Lopez, a Redfin real estate pro in Boise, Idaho. “In March, we were seeing three or four offers on a home. Now, we’re sometimes seeing more than 20.” Earlier this spring, a home in Dallas drew 97 offers . “The list price is the starting point,” Mark Wolfe, broker-owner of RE/MAX DFW Associates, told the Dallas Business Journal about the competition. Bidding wars have grown so common that nearly half of homes on the market are being sold for more ...

  Pending home sales climbed in March, following two months of declines that were mostly blamed on a lack of homes for sale, the National Association of REALTORS® reported Thursday. Home buyer demand remains high, but inventory constraints continue to push on sales potential. NAR’s Pending Home Sales Index—a forward-looking indicator of homes sales based on contract signings—increased 1.9% in March and posted a 23.3% year-over-year gain. Part of that double-digit annual increase is due to a comparison to March 2020, when COVID-19 pandemic lockdowns began. Still, “the increase in pending sales transactions for the month of March is indicative of high housing demand,” says Lawrence Yun, NAR’s chief economist. “With mortgage rates still very close to record lows and a solid job recovery underway, demand will likely remain high.” Housing inventories may soon see a boost , too—which would be welcome news to house hunters. “More inventory will show up as ...

  It’s not unusual for people to look for ways to cut housing costs, and it’s especially true of older adults who may be looking for ways to retire early or make life on a fixed income more comfortable. From the traditional approach of downsizing to the more adventurous option of retiring abroad, there are many ways for you to cut housing costs in retirement. Read on for eight ways to lower your housing expenses: 1. Plan for Multiple Phases of Your Retirement You will likely live a long time in retirement. And, the home that is right for you at 50 or 60 might not be right for you at 70 or 80, let alone when you are 90. You can do a better job of predicting and perhaps lowering your housing costs by planning ahead. You may want to stay in your family home now, but downsize ...

  If you’ve given even a casual thought to selling your house in the near future, this is the time to really think seriously about making a move. Here’s why this season is the ultimate sellers’ market and the optimal time to make sure your house is available for buyers who are looking for homes to purchase. The latest  Existing Home Sales Report  from  The National Association of Realtors  (NAR) shows the inventory of houses for sale is still astonishingly low, sitting at just a  2-month supply  at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers  (See graph below) : When the supply of houses for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. As a result, competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractive...

  The COVID-19 pandemic has had a noteworthy impact on homeownership. Although the virus continues to take a toll and unemployment remains above pre-pandemic levels, the housing market has been booming, and trends are starting to emerge, according to the National Association of REALTORS®’ newly released “2020 Profile of Home Buyers and Sellers.” The profile, produced annually, contains a new section this year that examines how the pandemic is affecting people’s attitudes and purchase and sales decisions. This year’s report reflects responses from more than 8,000 Americans surveyed between July 2019 and June 2020. “The coronavirus without a doubt led home buyers to reassess their housing situations and even reconsider home sizes and destinations,” says Jessica Lautz, vice president of demographics and behavioral insights for NAR. “Buyers sought housing with more rooms, more square footage, and more yard space, as they may have desired a home office or ho...

    Homes with pools have become the target of buyer envy since the pandemic began. Pool additions are soaring, and more house hunters say they want one in their backyard, according to HomeLight’s “Top Agent Insights for Spring 2021” report. Prior to the pandemic, many buyers were shunning properties with pools, which present maintenance issues and potential liability. The average pool can cost between $3,000 and $5,000 per year to maintain, according to HomeAdvisor data. Only 2% of REALTORS® in 2018 said that a pool helped to sell a home, according to data that year. But the pandemic has made Americans reevaluate their fondness for pools, which have become a mode of entertainment while sheltering at home. Pool sales have tripled in the last year. Properties with an in-ground pool are selling for a premium, too. Real estate professionals surveyed by HomeLight estimate that prior to COVID-19, a house with a pool would net about $16,137 more tha...