Whether you’re already a homeowner or looking to become one, the recent headlines about home prices may leave you with more questions than answers. News stories are talking about home prices falling, raising concerns about a repeat of what happened to prices in the crash in 2008. Based on those headlines, one of the questions that’s on many minds is: how much will Continue Reading
Welcome to the new year, where possibilities abound. The Manhattan Market Report for the week ending January 6th, Supply closes at 5,751. Supply is ending where it began at the beginning of the year. Pending Sales at 2,401 are also down, and off-market listings (delisting) maintain the market pulse at a .40% level. Manhattan is holding on to price action due to the resilient rental Continue Reading
Last year, the Federal Reserve took action to try to bring down inflation. In response to those efforts, mortgage rates jumped rapidly from the record lows we saw in 2021, peaking at just over 7% last October. Hopeful buyers experienced a hit to their purchasing power as a result, and some decided to press pause on their plans. Today, the rate of Continue Reading
It doesn’t matter if you’re someone who closely follows the economy or not; chances are you’ve heard whispers of an upcoming recession. A broad range of factors determines economic conditions, so rather than explaining them each in-depth, let’s lean on the experts and what history tells us to see what could lie ahead. As Greg McBride, Chief Financial Analyst at Continue Reading
Key Takeaway Key terms such as appraisal, closing costs, credit score, down payment, mortgage rate, preapproval letter, inspection contingency, affordability, and equity are some vocabulary to familiarize yourself with before beginning your search. The two largest private financial institutions, Fannie Mae and Freddie Mac, devised key terms for purchasing a home. Continue Reading
Second homes during the pandemic became popular because of the rise in work-from-home flexibility. That’s because owning a second home, especially in the luxury market, allowed those homeowners to spend more time in their favorite places or with different home features. Keep in mind a luxury home isn’t only defined by price. In a recent article, Investopedia shares Continue Reading
There’s no doubt today’s housing market is very different than the frenzied one from the past couple of years. In the second half of 2022, there was a dramatic shift in real estate. This shift caused many people to make comparisons to the 2008 housing crisis. While there may be a few similarities when looking at key variables. However, now compared to the last Continue Reading
Home equity has been a hot topic in real estate news lately. And if you’ve been following along, you may have heard there’s a growing number of homeowners with negative equity. But don’t let those headlines scare you. In truth, the headlines don’t give you all the information you really need to understand what’s happening and at what scale. Let’s break down one of the Continue Reading
If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market this year. In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand. Additionally, slowed the pace of home sales, and moderated home prices. But what about 2023? An article Continue Reading
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