Norada Real Estate Investments

Turnkey Homes for Sale Are Selling Fast in 2024

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Since last, despite a cooling housing market and high mortgage rates, turnkey homes are in demand and selling fast. While fixer-uppers, homes with less curb appeal, and those located in less desirable areas are sitting on the market for longer, turnkey homes in good school districts remain hot commodities. In this article, we'll examine a report published by Realtor.com on why turnkey homes for sale are still in demand and explore the reasons why some homes sell quickly while others sit unsold.

Why Turnkey Homes for Sale are Selling Fast?

During the pandemic, homebuyers had limited choices, and everything sold for more money than ever before. Buyers who couldn't afford to buy a fixer-upper were left with few choices but to buy a well-appointed, well-situated turnkey home. This trend has continued into 2023, with homebuyers still seeking out these properties.

A good home in the resale market is selling quickly, and buyers today are not the same as those who bought 12 months ago. With prices still much higher than they were pre-pandemic, buyers don't have much room in their budgets for costly repairs, and they want a home that is move-in ready.

Competition for Turnkey Homes Remains Fierce

Competition for turnkey homes in good school districts remains fierce. If the house is perfect, the odds of someone else wanting it are high, too. In a market where costs are still high and buyers can be a little choosier, it makes sense that they're going to zero in on the homes that are the most appealing. Turnkey homes are especially popular with families looking for a home in a good school district. They want a home that is move-in ready and won't require any work or upgrades.

Why Fixer-Uppers Are Less Appealing to Buyers

While fixer-uppers have traditionally been popular with investors who could get these homes at a discount and resell them at a profit, this trend has slowed down since last year. With home prices falling from their peaks over the summer, many investors are now pausing their purchases.

Fixer-uppers are staying on the market longer, and sellers are having to drop the price on these homes or accept lowball offers. Buyers want these homes only when there is no other inventory out there. Anything that is staying on the market for more than 48 hours without a booked showing is in a less desirable location and definitely not in tip-top, showable condition. Buyers are always looking for improvements that have already been done.

Location Matters

While properties that need major renovation and updates, like a new kitchen or bathroom and major systems, are not selling well, these problems can be overlooked if the home is in a great location. Homes located near a train station or in a community with top-rated schools are still desirable, and buyers could get a discount on these properties.

Price Matters

Even the ugliest, run-down, abandoned homes with the worst smells, located in the most undesirable areas, such as on a busy highway, will still sell if the price is right. Price will always overcome any objections buyers may have about the property.

How Should First-Time Homebuyers Buy/Bid for Turnkey Homes?

In today's housing market, first-time homebuyers are facing tough competition, especially those seeking a move-in ready home in a desirable community with high mortgage rates. The market has changed since the COVID-19 pandemic era, but turnkey homes in great locations continue to receive multiple offers and sell for a premium. According to Realtor.com, you need to have some strategies that can help you be competitive in the current housing market and secure your dream home.

Strategy 1: Know Your Local Market

To be successful in buying your dream home, you need to focus on your local market rather than what's happening in the national housing market. It's essential to research how long homes, including turnkey ones, are staying on the market in the specific community you're interested in. Analyzing the comps of comparable homes that have sold can also help you make an informed decision. Your real estate agent can advise you on whether you need to waive contingencies and kick in a high down payment to have your offer accepted.

Strategy 2: Get Pre-Approved for a Mortgage

Getting pre-approved for a mortgage can give you a competitive edge in the housing market. It helps you narrow down your price range and avoid losing your dream home to another pre-approved buyer.

Strategy 3: Find a Trustworthy Real Estate Agent

Your real estate agent will guide you through the home-buying process, so it's essential to find someone you trust to help you make the largest purchase of your life. Ask for recommendations from friends, check online reviews, and ensure they have experience working with buyers in a similar price range and the areas you're interested in.

Strategy 4: Make a Larger Down Payment

Sellers favor buyers who can make larger down payments as they believe they are more financially stable and more likely to complete the sale. Putting down at least 20% can increase your chances of winning a bidding war and eliminate the need to pay private mortgage insurance every month.

Strategy 5: Offer Compelling Terms

Bidding wars aren't only won on price; terms also matter. By offering a flexible closing timeline and allowing the sellers to rent back the home or vacate the property at their pace, you may have a better chance of winning the bid. You could also waive a traditional home inspection and opt for an evaluation of the structural and engineering components of the home, showing the seller that you don't plan to back out unless there are significant issues with the property.

Should You Investors Buy Turnkey Homes in 2024?

Investing in turnkey homes can be profitable in 2024 due to high demand and low inventory. Buyers seek move-in-ready properties, especially in good school districts. Fixer-uppers are less appealing, and location and price remain crucial factors. Consider investing in turnkey homes for a potentially lucrative return on investment.

When considering investing in turnkey homes, it's important to keep in mind that these properties can be a profitable investment for the right buyer. Turnkey homes can provide a reliable source of rental income, as they are often in desirable areas and require little to no renovation or repair work.

Additionally, turnkey homes tend to attract long-term tenants, as renters are often looking for a property that is move-in ready and requires little upkeep. However, investing in turnkey homes also comes with some risks. Buyers should thoroughly research the market and the specific property before making a purchase.

They should also be prepared for unexpected expenses, such as maintenance and repairs, that may arise over time. In the end, whether or not to invest in turnkey homes depends on the individual buyer's financial situation, investment goals, and risk tolerance. With careful research and planning, investing in turnkey homes can be a profitable venture in 2024.

Conclusion

Turnkey homes for sale are still in demand in 2024, despite a cooling housing market and high mortgage rates. While fixer-uppers and homes with less curb appeal are sitting on the market longer, turnkey homes in good school districts are selling quickly. Buyers want a home that is move-in ready and won't require any work or upgrades.

Location and price still matter, and homes in great locations and those that are priced right will always be in demand. Buying a move-in ready home in a desirable community in the current housing market requires first-time homebuyers to be competitive. By following the above strategies, you can increase your chances of securing your dream turnkey home.

If you're ready to start your search for a hot turnkey home in a great community, we can help. Our team specializes in finding the perfect home for every buyer, and we're here to guide you through the home-buying process. Contact us today to learn more about our current listings and start your journey toward homeownership or real estate investment.

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Source:

  • https://www.realtor.com/news/trends/a-tale-of-2-housing-markets-why-some-homes-still-cause-heated-bidding-wars-while-others-sit-unsold/
  • https://www.realtor.com/advice/buy/on-the-house-if-the-housing-market-is-down-why-do-bidding-wars-and-offers-over-the-list-price-abound/

Cost of Buying a Home Reaches New High: Monthly Payment Soars 13%

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The U.S. housing market has always been dynamic, but recent reports indicate a significant surge in home prices, hitting an all-time high, alongside a rise in mortgage rates. This combination is creating a challenging environment for potential homebuyers.

According to a recent report from Redfin, the median U.S. home-sale price reached a record $383,725 during the four weeks ending April 21, marking a 5.2% increase from the previous year. This is one of the most substantial jumps since October 2022, reflecting a robust and competitive market. Concurrently, the average weekly mortgage rate has climbed to 7.1%, the highest level since November 2023. This increase is partly due to the Federal Reserve's decision to maintain higher interest rates longer than initially expected.

The rise in both home prices and mortgage rates has driven the median monthly housing payment up to a record $2,843, a 13% increase year over year. Despite the increase in inventory, with new listings up by 10.2% compared to last year, the growth in listings may be losing momentum as high rates solidify the lock-in effect, where homeowners are disincentivized to move due to the higher costs of a new mortgage.

This situation is buoyed by the fact that, although there is more inventory than last year, overall inventory levels remain low. Demand is still relatively strong in the face of rates exceeding 7%, but some indicators suggest a potential slowdown. Redfin's Homebuyer Demand Index, which measures requests for tours and other buying services, is near its highest level in about eight months. However, mortgage-purchase applications have seen a slight decrease week over week.

For sellers, the current market conditions mean that pricing homes competitively is crucial. While sellers may receive top dollar now, setting a fair initial price can attract buyers quickly and avoid the need for price reductions later, especially as high mortgage rates impact buyers' budgets.

For buyers, especially those who are serious and can afford the current costs, the advice is to search for their dream home while accepting that finding a dream deal may not be possible this year. Price growth may cool slightly if mortgage rates remain high, but overall housing costs are likely to stay elevated for the foreseeable future.

The current financial landscape is impacting mortgage rates and the housing market in complex ways. In summary, navigating today's housing market requires a strategic approach, both for buyers and sellers. Understanding the factors at play, such as the Federal Reserve's policies, inventory levels, and demand indicators, can help all stakeholders make informed decisions.

Key Housing-Market Data

Redfin’s national metrics include data from 400+ U.S. metro areas and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.

Four Weeks Ending April 21, 2024

Key Metrics:

  • Median Sale Price: $383,725 (5.2% year-over-year change) – All-time high; biggest increase since Oct. 2022, with the exception of the 4 weeks ending Feb. 11, 2024 and the 4 weeks ending Feb. 18, 2024 (5.3% increases)
  • Median Asking Price: $415,925 (6.7% year-over-year change) – All-time high; biggest increase since Sept. 2022
  • Median Monthly Mortgage Payment: $2,843 at a 7.1% mortgage rate (12.6% year-over-year change) – All-time high
  • Pending Sales: 86,786 (-3.8% year-over-year change) – Biggest decline in 6 weeks
  • New Listings: 95,580 (10.2% year-over-year change)
  • Active Listings: 840,411 (10.1% year-over-year change)
  • Months of Supply: 3.2 months (+0.4 pts.) – 4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions
  • Share of Homes off Market in Two Weeks: 43.3% (Down from 46%)
  • Median Days on Market: 35 (Unchanged)
  • Share of Homes Sold Above List Price: 29.8% (Essentially unchanged)
  • Share of Homes with a Price Drop: 6% (+1.7 pts.)
  • Average Sale-to-List Price Ratio: 99.2% (+0.1 pt.)

What is a Promissory Note in Real Estate?

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Promissory Note in Real Estate

In real estate transactions, a promissory note is an essential document that helps formalize the terms of a loan between a borrower and a lender for the purchase of the property. The note outlines the specific amount of money that the borrower promises to pay back to the lender, including interest, over a set period of time.

A real estate promissory note provides greater flexibility in financing, allowing both parties to negotiate terms that are more suitable for their needs than traditional mortgage loans. It also includes details about the property being purchased and any conditions or contingencies related to the sale.

The use of a promissory note in a real estate transaction helps to protect the interests of both the borrower and the lender. Clauses or provisions can be included in the note, such as a lien on the property or an insurance coverage requirement, to safeguard the lender's investment in the property and ensure that the borrower meets their obligations under the loan agreement.

In addition to providing flexibility and protection, the promissory note serves as an enforceable record of the loan agreement that can be used as evidence in court in case of a dispute or disagreement.

It is crucial for both the borrower and the lender to have a clear understanding of the terms and conditions of the promissory note before signing. Borrowers should carefully review the repayment schedule, interest rates, and any fees or penalties associated with the loan, to ensure that they are able to meet their obligations. Lenders should also assess the creditworthiness of the borrower and any risks associated with the property being purchased.

One additional aspect to consider when using a promissory note in a real estate transaction is the potential tax implications. Both the borrower and the lender should be aware of any tax implications related to the loan agreement, such as the deduction of interest payments or the treatment of any fees or penalties.

It is also important to note that a promissory note can become invalid if certain legal requirements are not met. For example, if the note is not signed by both parties, if the terms are unclear or incomplete, or if the loan is usurious (charging an unlawfully high rate of interest), it may be considered invalid and unenforceable.

Another common issue that can arise with promissory notes is the default. If the borrower fails to make payments according to the terms of the note, the lender may be entitled to take legal action to recover the debt, including foreclosure on the property. It is important for both parties to understand the consequences of default and to have a plan in place for addressing any potential issues.

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Promissory Note Vs Mortgage: The Difference?

When it comes to buying a property, financing is a significant aspect that requires careful consideration. Two common financing options are promissory notes and mortgages. While both are used to secure a loan, they differ in terms of structure and function.

A promissory note is a written agreement between a borrower and a lender that outlines the terms of the loan. It is essentially an IOU that promises to pay a specified amount of money to the lender on a specific date, with or without interest. A promissory note does not necessarily require collateral, although it can be secured by assets like property or vehicles.

On the other hand, a mortgage is a legal agreement that secures a loan with real estate property as collateral. It grants the lender the right to take possession of the property if the borrower fails to make payments as agreed. A mortgage is typically used for larger loans, such as those for purchasing a home, and usually has a longer repayment period than a promissory note.

One significant difference between a promissory note and a mortgage is that a promissory note is an unsecured loan, while a mortgage is a secured loan. This means that a promissory note does not require collateral, whereas a mortgage requires the property to be purchased as collateral. Another difference is that a promissory note is typically used for short-term loans, while a mortgage is used for long-term loans.

It is crucial to understand the differences between a promissory note and a mortgage before choosing a financing option. Each option has its advantages and disadvantages, depending on the borrower's financial situation and needs.

In summary, here are the key differences between a promissory note and a mortgage:

  • A promissory note is a legal document that outlines the terms of a loan agreement between a borrower and a lender, while a mortgage is a loan used specifically to purchase real estate.
  • The promissory note specifies the amount of money that the borrower promises to repay to the lender, including interest, while a mortgage is a loan that is secured by a property.
  • The promissory note is signed by both the borrower and the lender as a record of the loan agreement, while a mortgage is signed by the borrower as a pledge to repay the loan and by the lender as a legal claim on the property.
  • The promissory note is typically unrecorded and not filed with the county, while a mortgage is recorded with the county and becomes a public record.
  • If the borrower defaults on the loan, the lender can sue the borrower to collect on the promissory note, while a mortgage allows the lender to foreclose on the property to recoup their investment.

Overall, a promissory note and a mortgage serve different purposes in a real estate transaction, with the promissory note detailing the loan agreement between the borrower and the lender, and the mortgage serving as a legal claim on the property used to secure the loan.

Advantages of a Promissory Note

Promissory notes have been gaining popularity in recent years as an alternative to traditional mortgage loans. While they offer several advantages, they also have some drawbacks that borrowers need to consider before choosing this option.

  • Greater flexibility in financing: Unlike traditional mortgages, promissory notes provide more flexibility in terms of interest rates, repayment terms, and other loan conditions. Borrowers can negotiate with the lender to create a loan agreement that is tailored to their specific needs.
  • Lower closing costs: Promissory notes generally have lower closing costs than traditional mortgages. This is because promissory notes do not require extensive underwriting or title searches, which can result in significant savings for the borrower.
  • Fewer restrictions: With a promissory note, borrowers have more control over the loan terms and conditions. They can choose to include clauses that are not typically found in a mortgage, such as the right to prepay the loan without penalty.

Disadvantages of a Promissory Note

  • Need for a large down payment: Lenders often require a large down payment for promissory notes, as they are considered riskier than traditional mortgages. This can make it difficult for some borrowers to secure financing for their real estate purchase.
  • Higher interest rates: Promissory notes generally come with higher interest rates than traditional mortgages. This is because they are riskier for the lender, who is taking on a higher degree of risk by financing the purchase of the property.
  • Shorter repayment term: Promissory notes typically have shorter repayment terms than traditional mortgages. This means that borrowers may need to make larger monthly payments to pay off the loan in a shorter period of time.

In conclusion, while a promissory note offers several advantages over traditional mortgages, it also has some drawbacks that borrowers need to consider. It is important for borrowers to carefully weigh the pros and cons of both options before choosing the financing option that is right for their individual needs and circumstances.

FAQs About Promissory Notes in Real Estate?

A promissory note is a legal document that outlines the terms of a loan agreement, including repayment schedule, interest rates, and any fees or penalties. A mortgage, on the other hand, is a security instrument that gives the lender a legal claim to the property if the borrower defaults on the loan.

The promissory note is typically prepared by the lender or their legal representative.

Yes, a promissory note can be sold or transferred to another party, provided that the terms of the note allow for it.

Yes, a promissory note can be modified or amended if both parties agree to the changes and sign a written agreement.

If the borrower fails to make payments according to the terms of the note, the lender may be entitled to take legal action to recover the debt, including foreclosure on the property.

Yes, promissory notes can be used in both residential and commercial real estate transactions.

No, an IOU (I Owe You) is a more informal agreement that acknowledges a debt, whereas a promissory note is a legally binding document that outlines the specific terms of a loan agreement.

Yes, promissory notes can be used for loans between family members, friends, or any two parties involved in a loan agreement.

A promissory note is required when a borrower receives a loan from a lender. It is a legal document that outlines the terms of the loan, including the repayment schedule, interest rate, and other terms and conditions.

Yes, a promissory note is a legally binding document that can be enforced in court if necessary. It outlines the terms and conditions of the loan agreement and is enforceable in a court of law.

No, a deed of trust is a security instrument that is used in some states instead of a mortgage to give the lender a legal claim to the property if the borrower defaults on the loan.

A promissory note does not necessarily need to be recorded, but it can be recorded as a public record to provide notice to third parties. It is important to check state laws and regulations regarding the recording of promissory notes.

Recording a promissory note is not required by law in most cases, but it can serve as proof of the debt and provide a public record of the obligation. Recording a promissory note can also protect the lender's interest in case the borrower sells the property or takes out another loan against it.

A promissory note can be recorded at any time, but it is generally recommended to record it as soon as possible after it is signed by the parties involved. This can help avoid any potential disputes or issues that may arise later on.

The process for recording a promissory note may vary depending on the state or jurisdiction where the property is located. In most cases, the note should be recorded with the local county clerk or recorder's office.

Recording a promissory note generally does not affect the terms of the loan, as the terms are already agreed upon by the parties involved. However, if the promissory note is modified or amended after it is recorded, the changes should also be recorded.

Recording a promissory note is not mandatory in most cases, but it is generally recommended as it can provide a public record of the obligation and protect the lender's interest in the property. Some states may require the recording of certain types of promissory notes, such as those secured by real estate.

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References:

  • https://www.investopedia.com/terms/p/promissorynote.asp
  • https://www.noradarealestate.com/blog/promissory-note/
  • https://www.rocketmortgage.com/learn/promissory-note/

These Housing Markets Are on FIRE: Is Your City on the List?

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The spring housing market might have had a rough start, but buyers should not relax if they aim to secure a home. From bustling metropolises like San Jose to charming locales like Manchester, below are the 10 housing markets where homes are selling the fastest. Let's explore which areas are experiencing the most fervent buying activity and what factors contribute to their rapid pace.

According to recent data from Realtor.com®, while the median time homes spend on the market nationwide is 50 days in March, in some areas, homes are selling in less than half of that time.

These rapid-selling markets are scattered across the nation, excluding the South. Among them are cities like Rochester, NY, and Silicon Valley's San Jose, CA. Interestingly, these cities represent both affordable and expensive housing markets. For instance, Rochester offers homes at a median price of $279,900, whereas San Jose boasts a median home cost of $1.48 million.

Realtor.com's Chief Economist Danielle Hale notes that many of these markets have lower unemployment rates and strong tech industries, factors contributing to their fast-paced real estate scenes. In high-priced markets, there's a strong incentive to keep properties moving rather than letting them linger on the market.

Four of these brisk real estate markets are located in the Boston area. Manchester, NH, leads the pack as the No. 1 metro on the list, having been named America’s hottest housing market 22 times in the past three years. The proximity to major cities like Boston adds to the allure of these markets.

Manchester, situated about an hour northwest of Boston, stands out as a fiercely competitive market. Local real estate broker Pamela Young describes the intense competition, where agents strategically delay showings until open houses, drawing crowds of up to 70 people. A significant portion of home seekers in Manchester are from other states, with a substantial number hailing from Boston and Manhattan.

The allure of Manchester lies in its relatively lower home prices compared to Boston. With a median list price of $549,000, homes in Manchester are approximately 37% cheaper than those in the Boston area.

In the San Francisco Bay Area, the soaring stock market has prompted increased activity in the housing market. Patrick Carlisle, chief market analyst for the Bay Area for Compass, notes the heightened competition for homes in the region, particularly in pricey markets like San Jose and San Francisco. The presence of tech giants like Nvidia, Google, and Apple further fuels the demand for housing in the area.

These Housing Markets Have the SHOCKINGLY Fastest Selling Homes in 2024

1. Manchester, NH

  • Median days on the market in March: 19
  • Median home list price in March: $549,900

Manchester, New Hampshire, is a city known for its rich history and vibrant community. Situated along the banks of the Merrimack River, Manchester offers a blend of urban amenities and natural beauty. With a diverse economy and a strong focus on education, it's no wonder that homes in Manchester are in high demand.

2. Rochester, NY

  • Median days on the market: 22 (tie)
  • Median home list price: $279,900

Rochester, New York, is a city with a rich cultural heritage and a thriving arts scene. Located on the southern shore of Lake Ontario, Rochester offers residents a mix of urban excitement and natural beauty. With its affordable housing market and strong sense of community, Rochester is an attractive destination for homebuyers.

3. San Jose, CA

  • Median days on the market: 22 (tie)
  • Median home list price: $1,481,397

San Jose, California, is the heart of Silicon Valley and a hub for innovation and technology. Known for its high-tech industry and booming economy, San Jose attracts professionals from around the world. With its Mediterranean climate and proximity to beaches and mountains, San Jose offers a high quality of life for its residents.

4. Worcester, MA

  • Median days on the market: 23
  • Median home list price: $499,999

Worcester, Massachusetts, is a historic city with a rich cultural heritage. Located in central Massachusetts, Worcester is known for its world-class museums, vibrant arts scene, and diverse culinary offerings. With its affordable housing market and strong sense of community, Worcester is an attractive place to call home.

5. Boston, MA

  • Median days on the market: 24
  • Median home list price: $879,950

Boston, Massachusetts, is one of America's oldest cities, with a rich history and a vibrant culture. From its iconic landmarks like Fenway Park and the Freedom Trail to its world-class universities and thriving economy, Boston offers residents a mix of old-world charm and modern amenities. With its diverse neighborhoods and strong job market, Boston remains a popular destination for homebuyers.

6. San Francisco, CA

  • Median days on the market: 27 (tie)
  • Median home list price: $999,000

San Francisco, California, is a vibrant and dynamic city known for its iconic landmarks, diverse culture, and booming tech industry. With its stunning views, mild climate, and eclectic neighborhoods, San Francisco offers residents a unique and exciting lifestyle. Despite its high cost of living, San Francisco continues to attract homebuyers who are drawn to its energy and opportunities.

7. Springfield, MA

  • Median days on the market: 27 (tie)
  • Median home list price: $350,000

Springfield, Massachusetts, is a city with a rich history and a diverse population. Located in the Pioneer Valley, Springfield offers residents access to cultural attractions, outdoor recreation, and affordable housing. With its strong sense of community and convenient location, Springfield is an appealing choice for homebuyers.

8. Columbus, OH

  • Median days on the market: 29 (tie)
  • Median home list price: $379,900

Columbus, Ohio, is the state capital and a vibrant city with a thriving economy and a strong sense of community. With its affordable cost of living, diverse neighborhoods, and top-ranked schools, Columbus offers residents a high quality of life. Whether you're interested in arts and culture, outdoor recreation, or culinary delights, Columbus has something for everyone.

9. Milwaukee, WI

  • Median days on the market: 29 (tie)
  • Median home list price: $365,000

Milwaukee, Wisconsin, is a city with a rich brewing heritage and a vibrant cultural scene. Located on the shores of Lake Michigan, Milwaukee offers residents access to world-class museums, music festivals, and outdoor recreation. With its affordable housing market and strong sense of community, Milwaukee is an attractive destination for homebuyers.

10. Seattle, WA

  • Median days on the market: 29 (tie)
  • Median home list price: $767,875

Seattle, Washington, is a dynamic city known for its stunning natural beauty, thriving tech industry, and diverse neighborhoods. From the iconic Space Needle to the bustling Pike Place Market, Seattle offers residents a unique blend of urban excitement and outdoor adventure. With its strong job market and high quality of life, Seattle remains a popular choice for homebuyers.

Summary: As the U.S. housing market continues to evolve in 2024, certain cities stand out for the speed at which homes are bought and sold. This fast pace is often driven by factors like job opportunities, proximity to major urban centers, and unique market dynamics. Whether you're a budget-conscious buyer or drawn to a prestigious location, understanding these markets is crucial for success in today's real estate market and securing your dream home.

Housing Market Crash Alert: Mortgage Demand Dips, Will Prices Crash?

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Homebuyers hoping for a dramatic drop in housing prices might be disappointed by recent data. While mortgage demand has indeed been on a downward slope, a housing market crash seems like a distant prospect at this point. Let's dissect the current situation in the housing market and what it means for aspiring homeowners.

Interest Rates on the Rise, Demand on the Decline

The primary culprit behind the current market jitters is the rise in interest rates. The average 30-year fixed-rate mortgage has climbed to 7.24%, the highest level since late 2023. This increase has significantly impacted the willingness of people to take out mortgages. Overall mortgage application demand has dipped 2.7% compared to the previous week, with applications specifically for home purchases experiencing a steeper decline of 15% year-over-year.

The Affordability Squeeze: A Double Whammy for Buyers

The combination of rising interest rates and increasing home prices is creating a perfect storm for affordability. Potential buyers are feeling the pinch on both ends – their purchasing power is shrinking due to higher borrowing costs, and the homes themselves are becoming more expensive. This affordability squeeze is reflected in the decline of purchase applications, as many hopeful homeowners are delaying their dreams of ownership due to stretched budgets and a lack of available properties.

Applications to refinance a home loan, which are most sensitive to weekly moves in interest rates, fell 6% for the week and were 3% higher than the same week one year ago. Applications for a mortgage to purchase a home fell 1% for the week and were 15% lower than the same week one year ago. As home prices rise along with interest rates, potential buyers’ purchasing power are suffering a double whammy.

“Purchase applications declined, as home buyers delayed their purchase decisions due to strained affordability and low supply,” said Joel Kan, MBA’s deputy chief economist.

Beyond Fixed Rates: The Calculated Risk of ARMs

As affordability wanes, there's been a slight shift towards adjustable-rate mortgages (ARMs). These mortgages offer a lower initial interest rate compared to fixed-rate mortgages, but come with the inherent risk of adjustments in the future. The share of ARM applications rose to 7.6% last week, indicating that some buyers are willing to take on this risk for a lower upfront cost.

However, it's crucial to remember that ARMs can be risky, especially for long-term financial planning. For first-time homebuyers or those on a tight budget, an ARM might introduce unwelcome uncertainty into their monthly payments. Additionally, if interest rates continue to rise in the coming years, borrowers with ARMs could see their monthly payments increase significantly, potentially straining their finances.

Limited Inventory: The Price Propeller

Despite the dip in demand, home prices continue their upward trajectory. This seems counterintuitive, but it's largely due to a lack of available homes for sale. Zillow's Home Value Index shows a robust 4.6% increase in U.S. home prices from March 2023 to March 2024. With limited inventory, sellers still hold the upper hand, keeping prices high. Essentially, even though there are fewer buyers in the market, the competition for a smaller pool of houses is keeping prices afloat.

Crash or Correction? A Look at the Horizon

The current situation doesn't necessarily signal a housing market crash, where home prices plummet rapidly. While falling mortgage applications raise concerns about a potential slowdown, the limited inventory is acting as a counterweight, preventing a significant price drop.

A more likely scenario is a correction – a period of slower price growth, where the breakneck pace of appreciation seen in recent years levels off. This could provide some relief for potential buyers, but it's important to remember that a correction doesn't necessarily translate into bargain-basement prices. Prices might stabilize or grow at a slower rate, but they likely won't see a drastic decline.

The Road Ahead: Staying Informed in a Changing Housing Market

The next few weeks and months will be crucial for the housing market. The release of the monthly employment report could influence mortgage rates, potentially impacting demand further. It's important for hopeful homebuyers to stay updated on market trends as the situation continues to unfold. Here are some steps you can take to navigate this shifting market:

  • Stay informed: Regularly monitor interest rates, inventory levels, and market forecasts. Reliable sources include industry publications, housing market data websites, and reputable real estate agents.
  • Work with a qualified lender: A good lender can help you understand your borrowing power and explore different loan options, including ARMs if you're considering them. They can also help you determine what type of mortgage best suits your financial situation and risk tolerance.
  • Be patient and adaptable: The housing market is constantly evolving. Be prepared to adjust your search criteria or timeline if necessary. If you're priced out of your dream neighborhood right now, consider expanding your search to more affordable areas. You might also need to be flexible on the features you're looking for in a home.
  • Don't rush into a decision: With the current market dynamics, taking the time to find the right house at the right price is more important than ever. Don't get pressured into making an offer on a house that doesn't meet your needs or budget. By staying informed, working with a qualified real estate agent can help you navigate the complexities of the market, ensuring you make a sound investment in your future.

Florida & Texas Housing Market Slowdown: Prices Stall as Inventory Piles Up

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Once-booming housing markets in Florida & Texas hit a snag. Is this the end of the surge? Homebuyers across the country are facing a familiar foe: a lack of listings. Many homeowners, locked in with historically low mortgage rates, are reluctant to sell. But in the Sunshine State and the Lone Star State, a different story is unfolding.

A recent report by Redfin, a real estate brokerage, reveals a surge in housing supply in several Florida metros. This March saw a 50% jump in listings compared to the previous year. This trend is attributed to a combination of factors: increased construction and shifting affordability dynamics.

Redfin's report, encompassing 85 major U.S. metropolitan areas with populations exceeding 750,000, paints a contrasting picture for Florida and Texas. While the nationwide trend leans towards limited inventory, these Sun Belt states are experiencing a glut. The good news for homebuyers struggling with rising mortgage rates and skyrocketing prices is a potential easing of the affordability squeeze.

According to Daryl Fairweather, Redfin's chief economist, the Sun Belt's construction boom is a response to the recent surge in migration. However, the report also highlights a downside: many of these new listings are lingering on the market, leading to stagnant prices.

Housing supply has increased the most in the following five metro areas, on a year-over-year basis, according to Redfin:

Cape Coral leads the pack with a whopping 51% year-over-year increase in listings, followed closely by North Port-Sarasota (48%), Fort Lauderdale (30%), and Tampa (29%). Even Texas' McAllen market saw a jump of 25%.

Metro Year-over-year increase in supply
Cape Coral, Fla. 51%
North Port-Sarasota, Fla. 48%
Fort Lauderdale, Fla. 30%
Tampa, Fla. 29%
McAllen, Texas 25%

This surge in supply comes amidst a noticeable decline in buyer demand. Local real estate agents paint a picture of a dramatic shift from the competitive frenzy of just two years ago. Eric Auciello, a Tampa-based Redfin sales manager, highlights North Port as a prime example. “It was a dream location for remote workers seeking affordability,” he says, “but the shortage of homes has vanished, and so has the intense competition.”

Auciello goes on to suggest a potential correction in overheated markets, particularly Sarasota. “Years of inflated prices seem to be catching up,” he remarks, implying a return to a more balanced market.

“Just two short years ago,” he says, “North Port was a red-hot market – a haven for remote workers seeking affordability. Now, with a glut of homes on the market, the competition has vanished.” Auciello even suggests a potential correction in previously overvalued markets like Sarasota, hinting at a return to a more balanced market.

This surge in supply is coupled with a rise in price cuts. Metro areas like North Port-Sarasota (48%) and Tampa (44%) are seeing a significant portion of listings drop their asking price. This trend suggests a shift in power dynamics, with buyers potentially gaining some negotiating leverage.

Metro Share of listings with a price cut
North Port-Sarasota, Fla. 48%
Tampa, Fla. 44%
Indianapolis, Ind. 43%
Cape Coral, Fla. 41%
Denver, Colo. 37%

Beyond the national lock-in effect of low mortgage rates, Florida faces unique challenges that are pushing some homeowners to reconsider ownership. According to Redfin's chief economist, Daryl Fairweather, rising homeowner association fees, maintenance costs, and particularly, soaring insurance premiums are putting a strain on affordability.

“Florida homeowners pay the most for insurance in the country,” Fairweather explains, citing a projected average annual rate of over $11,000 – a stark contrast to the national average of $2,500. These rising costs are forcing some homeowners to confront the math, and for some, selling their property becomes a more attractive option.”

So, is a price crash imminent? Not necessarily. While Florida sees the most price drops, Fairweather suggests a market correction rather than a complete collapse. Additionally, lower mortgage rates could entice new buyers despite the cost burdens. However, the long-term impact of these rising ownership costs remains to be seen.

Nationally, the situation is a mirror image. New listings are down, and existing homeowners, locked into historically low rates, are reluctant to sell. This dynamic has pushed the median home sale price up 5% year-over-year, creating a scenario where buyers face limited options and potentially higher prices.

This data in the came from a list of 85 U.S. metro areas with populations of at least 750,000. Select metros may be excluded from time to time to ensure data accuracy.

New Listings: Looking to buy? Head to California's golden triangle! Sacramento, San Jose, and Las Vegas saw the biggest jumps in new listings compared to last year, with increases of 20%, 18%, and 15% respectively. On the other hand, if you're selling, some cities might offer a tougher market. Boston, Rochester, and Atlanta saw the biggest drops in new listings year-over-year.

Closed Sales: While overall sales dipped slightly, a few cities bucked the trend. San Jose, Milwaukee, and Tulsa all saw a slight uptick in closed sales compared to March 2023. Meanwhile, Tacoma, West Palm Beach, and Grand Rapids experienced the biggest decline.

Competition: Bidding wars may still be a reality in some areas! San Jose takes the crown for the most homes selling above list price at a whopping 72%. Rochester and Oakland also saw a high percentage of homes exceeding asking price. However, for buyers looking for a more balanced market, North Port, West Palm Beach, and Cape Coral might be interesting options, with a much lower share of homes selling above list price.

Speed of Sale: Hoping for a quick sale? Rochester takes the cake! An impressive 82% of homes under contract went off the market within two weeks. Seattle and Grand Rapids also boast speedy sales, with a high percentage of homes going under contract within two weeks. If a leisurely browsing experience is more your style, Honolulu, Tucson, and McAllen might be better choices, with a lower percentage of homes selling quickly.

ALSO READ:

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Florida Housing Market Predictions 2024: Will it Crash?

When Will the Housing Market Crash in Florida?

Are Texas Home Sales Dropping in 2024?

Will the Texas Housing Market Crash in 2024?

30-Year Mortgage Rates on the Rise: Will It Affect Your Dream Home?

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As of April 2024, the housing market finds itself in a state of flux. While hopes for a return to historically low mortgage rates have dimmed, experts still predict a decline from the current highs. But what exactly does 2024 hold for borrowers seeking a 30-year fixed-rate mortgage? Let's dive into the data and insights from leading authorities.

The Current Landscape: Rates on the Rise

As of this writing, the average 30-year fixed-rate mortgage sits at a stubborn 7.1%, according to Freddie Mac. This is a significant jump from rates below 7% at the beginning of the year, and even further from the lows of 2023. The culprit? Stubbornly high inflation has forced the Federal Reserve to raise interest rates.

Expert Predictions: A Gradual Decline is Expected

Despite the recent rise, most experts predict a gradual decrease in mortgage rates throughout the remainder of 2024. Here's a breakdown of some key predictions from housing giants and industry leaders:

  • Fannie Mae: After revising their initial forecast upwards, Fannie Mae now expects the 30-year rate to settle at 6.4% by year-end.
  • Mortgage Bankers Association (MBA): The MBA's baseline forecast is more optimistic, with rates dipping to 6.1% by the end of 2024 and reaching 5.5% in 2025.
  • National Association of Realtors (NAR): Chief Economist Lawrence Yun predicts rates to remain in the 6% to 7% range for most of 2024.

What This Means for Homebuyers:

Prospective homebuyers should be prepared for a mortgage rate environment that's higher than what they might have expected a year ago. However, there's still a chance for rates to fall throughout the year. Here are some tips:

  • Stay Informed: Keep an eye on economic data and Federal Reserve pronouncements to understand how they might affect mortgage rates.
  • Shop Around: Compare rates from different lenders to secure the best deal.
  • Consider Adjustable-Rate Mortgages (ARMs): If you plan to sell your home within the fixed-rate period of an ARM, it might offer a lower initial rate. However, understand the risks involved as rates can adjust after the initial period.
  • Focus on Affordability: Don't overextend yourself financially. Focus on finding a home that fits comfortably within your budget, even with higher mortgage rates.

Factors Influencing Rise or Fall of 30-Year Mortgage Rates

If you are planning to buy a house and need a loan, you might be interested in knowing what are the factors that affect 30-year mortgage rates.  Mortgage rates are the interest rates that lenders charge borrowers for lending them money to buy a property.

The longer the term of the loan, the higher the interest rate, because lenders face more risk and uncertainty. There are many factors that influence 30-year mortgage rates, but some of the most important ones are:

1. The Federal Reserve:

The Fed is the central bank of the United States, and it sets the federal funds rate, which is the interest rate that banks charge each other for overnight loans. The federal funds rate affects the prime rate, which is the interest rate that banks charge their most creditworthy customers. The prime rate, in turn, affects the mortgage rates that lenders offer to borrowers.

When the Fed lowers the federal funds rate, it stimulates the economy by making borrowing cheaper. This can lead to lower mortgage rates, as lenders compete for customers. Conversely, when the Fed raises the federal funds rate, it slows down the economy by making borrowing more expensive. This can lead to higher mortgage rates, as lenders try to protect their profit margins.

2. The Economy

The state of the economy also affects 30-year mortgage rates, as it reflects the supply and demand for credit. When the economy is strong, more people have jobs and income, and they are more likely to buy houses and apply for mortgages.

This increases the demand for credit, which pushes up the mortgage rates, as lenders have more bargaining power. On the other hand, when the economy is weak, fewer people have jobs and income, and they are less likely to buy houses and apply for mortgages. This decreases the demand for credit, which pulls down the mortgage rates, as lenders have less bargaining power.

3. The Inflation

Inflation is the general increase in the prices of goods and services over time. It erodes the purchasing power of money, which means that a dollar today can buy less than a dollar tomorrow.

Lenders are aware of this, and they adjust their mortgage rates accordingly. When inflation is high, lenders charge higher mortgage rates, because they want to compensate for the loss of value of their money over time.

When inflation is low, lenders charge lower mortgage rates, because they expect their money to retain its value over time.

4. The Credit Score

The credit score is a numerical representation of a borrower's creditworthiness, based on their past payment history, debt level, income, and other factors. It ranges from 300 to 850, with higher scores indicating lower risk.

Lenders use credit scores to assess how likely a borrower is to repay their loan on time and in full. Borrowers with higher credit scores are more likely to qualify for lower mortgage rates because they pose less risk to lenders. Borrowers with lower credit scores are more likely to qualify for higher mortgage rates because they pose more risk to lenders.

Shocking Twist: California Housing Prices Rise Despite Fewer Sales – What’s Next?

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California's housing market sees SLOWER sales but SOARING prices! Is it a bubble burst or a new normal? In March, the California housing market experienced a slight slowdown, with existing single-family home sales dipping for the first time in three months. This deceleration comes after consecutive increases in January and February, according to the latest data released by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

March Sales Figures for California

The figures reveal that existing, single-family home sales totaled 267,470 on a seasonally adjusted annualized rate, marking a 7.8 percent decrease from February's numbers and a 4.4 percent drop from March 2023. Despite this, year-to-date statewide home sales managed to stay slightly above last year's levels by 0.7 percent.

The decline in sales pace persisted for the 18th consecutive month, with March's figures falling short of the 300,000-threshold. However, it's important to note that the sales pace is adjusted to account for seasonal factors that typically influence home sales.

California's Median Home Price

Despite the dip in sales, California's median home price saw a notable surge, hitting a seven-month high at $854,490. This represents a 6.0 percent increase from February and a robust 7.7 percent jump compared to March 2023. The consistent upward trajectory in median prices has been a trend for the past nine months.

Moreover, March marked the 11th time in the last 12 months that the median price for an existing single-family home surpassed the $800,000 mark, underscoring the ongoing strength in California's real estate market.

Market Segments

A closer look at market segments reveals interesting dynamics. Homes priced at or above $1 million continued to perform well, showing a year-over-year increase of 9.9 percent in March. Conversely, the sub-$500,000 segment experienced a modest decline of 2.4 percent.

This shift in the mix of sales has contributed to the overall increase in the statewide median price, indicating resilience in higher-priced segments despite challenges in the lower end of the market.

Economic Factors

Higher mortgage rates since mid-November 2023 have presented challenges for the housing market to sustain the momentum observed earlier in the year. The recent uptick in rates may have hindered sales, but there is optimism for a potential rebound in housing activity following the latest inflation report.

Despite these fluctuations, C.A.R. remains cautiously optimistic, highlighting the ongoing competitiveness of California's housing market. Melanie Barker, President of C.A.R., notes that while sales may have slowed, properties continue to sell quickly, and the increasing number of listings indicates an improving supply side.

Regional Trends in California Home Sales and Median Prices

At the regional level, the latest data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) highlights diverse trends in home sales and median prices across different areas of the state. While some regions experienced declines in sales, others saw significant increases, and median prices showed varying levels of growth.

Unadjusted raw sales figures indicate a year-over-year decrease in all major regions except the Central Coast. The Central Valley region witnessed the most significant drop at -9.6 percent, followed by Southern California (-7.8 percent), the San Francisco Bay Area (-5.4 percent), and the Far North (-4.0 percent). In contrast, the Central Coast recorded a notable sales increase of +7.2 percent compared to last March, driven by strong sales in two of its four counties.

Breaking it down further, out of the 53 counties tracked by C.A.R., 33 reported a sales decline from the previous year. Twenty-one counties experienced a drop of more than 10 percent, with eight counties seeing a decrease of over 20 percent. Notably, Tuolumne (-39.2 percent) and Tehama (-37.5 percent) recorded the most significant declines, while Plumas (220.0 percent) saw the highest increase in sales.

Despite varying sales performances, all major regions witnessed an annual increase in median home prices. The San Francisco Bay Area led with a substantial price jump of 15.5 percent from last March, followed by Southern California with an 11.1 percent increase. The Far North, Central Valley, and Central Coast also saw price growth, albeit at relatively milder rates compared to the aforementioned regions.

Across the state, 39 counties reported a median price higher than the previous year, indicating overall improvement in home prices. Mono (66.7 percent) experienced the most significant increase in median price, followed by Siskiyou (45.8 percent) and Santa Barbara (32.0 percent). However, thirteen counties saw a decline in median price, with Mendocino (-23.9 percent) experiencing the largest decrease.

Unsold Inventory

Statewide, unsold inventory experienced a month-over-month decrease of 13.3 percent but showed a substantial increase of 23.8 percent compared to March 2023. The Unsold Inventory Index (UII), which measures the number of months needed to sell the current supply of homes at the current sales rate, dipped from 3.0 months in February to 2.6 months in March. However, it was higher than the 2.1 months recorded in March 2023.

Active Listings

Active listings at the state level increased year-over-year for the second consecutive month, marking the largest increase in 13 months. This trend suggests a potential positive direction for housing supply as the market enters the spring homebuying season. However, concerns about mortgage rate increases may delay some potential sellers from listing their homes.

While two counties experienced a decline in active listings from a year ago, the majority saw gains. Solano, Santa Barbara, and Sacramento led the way with significant increases. On a month-to-month basis, Marin registered the largest increase, while Kings saw the sharpest decline.

New Active Listings

New active listings at the state level increased for the third consecutive month, with double-digit growth compared to the previous year. This surge in new housing supply, coupled with a modest slowdown in housing demand, contributed to an overall improvement in active listings.

Market Performance

The median number of days it took to sell a California single-family home was 19 days in March, slightly lower than the 24 days recorded in March 2023. C.A.R.'s statewide sales-price-to-list-price ratio was 99.1 percent in March, indicating strong buyer demand and competitive pricing in the market.

Additionally, the statewide average price per square foot for an existing single-family home increased to $424, up from $387 in March of the previous year. This upward trend reflects the ongoing strength and resilience of California's real estate market.

In summary, March saw a moderation in California's housing market activity, with a slight dip in sales countered by a significant increase in median home prices. Economic factors such as mortgage rates will continue to influence market dynamics in the coming months, but the overall resilience and competitiveness of the market remain intact.

Long Island’s Housing Crisis: Can New York Fix This Market

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Long Island, renowned for its scenic beauty and vibrant communities, faces an insidious challenge – a housing crisis that imperils its economic vitality. The region's ability to attract and retain vital workers is compromised as affordable housing options dwindle. Even high-earning professionals like cardiologists, with salaries exceeding $350,000, find themselves priced out of the market, as highlighted by Paul Connor, chief administrative officer at Stony Brook Eastern Long Island Hospital.

“This is the most challenging place to recruit,” Connor told Bloomberg. “The single most difficult impediment to get around right now is the housing prices.”

The repercussions extend beyond urban centers like New York City. Greenport, a picturesque town on the North Fork, embodies the spillover effect. Once an affordable haven amidst the opulence of the Hamptons, Greenport has witnessed a surge in housing prices, eroding its affordability advantage, as explained by Jonathan Miller, president of Miller Samuel.

Median home prices in the North Fork skyrocketed by 50% in just four years, reaching nearly $1 million, accompanied by a staggering 60% decline in available listings. This crisis transcends local boundaries, as emphasized by Rachel Fee, executive director of the New York Housing Conference.

Recognizing the urgency, Governor Kathy Hochul unveiled a comprehensive plan to address the crisis. The proposal encompasses tax breaks to incentivize affordable housing development, wage increases for construction workers, and tenant protections to stabilize the market. Additionally, measures to facilitate rent stabilization, building size restrictions, and office space conversions are proposed to enhance housing availability.

While offering hope, the plan faces scrutiny from critics like the Real Estate Board of New York, citing concerns about long-term efficacy.

Amidst the turmoil, local institutions like Stony Brook Eastern Long Island Hospital are taking proactive measures. Witnessing a decline in local staff, the hospital explores innovative solutions, such as shared equity programs, to expand housing options for its workforce.

The Long Island housing crisis underscores the interconnectedness of a local economy. Beyond individual hardships, it threatens essential institutions. Success hinges on the proposed legislative plan and local endeavors, epitomized by initiatives at Stony Brook Eastern Long Island Hospital, to ensure Long Island's resilience and prosperity.

Are Fixed Rate Mortgages Crippling the Housing Market in 2024?

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Over the past couple of years, a peculiar phenomenon has gripped the US housing market, creating a state of stagnation unseen in decades. What's causing this standstill? According to the New York Times report, it's the lock-in effect fueled by fixed-rate mortgages, where homeowners find themselves in financial limbo, unable to take advantage of the current market conditions.

Is the Lock-in Effect Crippling the Housing Market in 2024?

Imagine this: while mortgage rates have soared to around 7 percent, the average American household with a mortgage is sitting pretty on a fixed rate that's a staggering three points lower. This significant gap between current market rates and locked-in rates has created a nationwide paralysis in the housing market, trapping homeowners in properties they may be eager to leave.

For those not planning to move anytime soon, the low rates secured during the pandemic offer long-term benefits. However, for many others, these favorable rates have turned into a complication, disrupting household decisions and the broader housing market dynamics.

The Magnitude of the Issue

Research from economists at the Federal Housing Finance Agency (F.H.F.A.) reveals the scale of this lock-in effect. Approximately 1.3 million fewer home sales occurred in America during the period from the spring of 2022 through the end of 2023, directly attributed to this phenomenon.

This stagnation has ripple effects. Locked-in households aren't relocating for better opportunities, downsizing, or opening up homes for first-time buyers, leading to inflated prices and market congestion.

Unprecedented Circumstances

The extent of this dilemma becomes apparent when examining historical data. Never before, between 1998 and 2020, had more than 40 percent of American mortgage holders been locked into rates more than one percentage point below market conditions. By the end of 2023, however, about 70 percent of all mortgage holders found themselves in this predicament.

This situation, characterized by such a high percentage of homeowners being locked into significantly lower rates, is unprecedented and underscores the deep-rooted challenges in the current housing landscape.

The Root of the Problem

The roots of this issue lie in the rapid rise of rates following the pandemic-induced lows. While homeowners initially scored fantastic deals on housing during the pandemic, the abrupt surge in rates made it financially unwise for many to consider selling their homes.

According to Julia Fonseca, a professor at the University of Illinois at Urbana-Champaign, locked-in rates are akin to a valuable asset. She estimates that these rates are worth approximately $50,000 to the average mortgage holder, significantly influencing household decisions.

The Ripple Effects

The repercussions of this housing market paralysis extend beyond real estate. Mobility rates for homeowners with mortgages declined notably in 2022 and 2023, affecting labor market dynamics. Homeowners who are locked into lower rates are less likely to relocate to areas with higher wage growth, creating bottlenecks in talent acquisition and wage escalation.

Seeking Solutions

While the situation appears dire, efforts are underway to alleviate the pressure. President Biden has acknowledged the concerns surrounding interest rates and proposed temporary tax credits for new buyers and sellers. However, for homeowners reluctant to sell, these incentives may fall short compared to the substantial value locked-in rates offer.

In conclusion, the housing market's paralysis, fueled by fixed-rate mortgages and the lock-in effect, presents a formidable challenge with far-reaching implications. Addressing this issue requires innovative solutions that balance the interests of homeowners, prospective buyers, and the broader economy.

ALSO READ:

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Is the Housing Market on the Brink in 2024: Boom or Bust?

Housing Market Predictions Remain Subdued for This Year

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