Michael Hankerson PLLC’s Post

Metro Phoenix Housing Market Update March 2024 We've incorporated arrows to visually demonstrate the impact of key economic and housing indicators on the market. Green Arrows: Indicators of a Healthy Market, Beneficial for Both Home Buyers and Sellers: The Supply/Demand Ratio remains between 50 – 60%, not favoring either Buyers or Sellers. Increases in the number of homes sold, homes under contract, and total dollar volume signal a thriving market. A decrease in the number of days required to sell a home also indicates a robust market. Dark Grey Arrows: Favorable for One Party, Less So for the Other: A rise in the inventory of homes for sale provides Buyers with more options but introduces greater competition for Sellers. Increases in both the Average Sale Price and Price Per Square Foot benefit Sellers, but pose a disadvantage for Buyers. Red Arrows: Negative for Both Buyers and Sellers: For the third consecutive month, there has been an increase in the 30-year mortgage rates. #PhoenixRealEstate, #HousingMarket, #MarketUpdate, #RealEstateTrends, #HomeBuying, #HomeSelling, #EconomicIndicators, #PropertyInvestment, #MortgageRates, #SupplyDemand, #MichaelHankerson, #HankersonTeam, #RealBroker

Are we approaching a turning point in the housing market? The median U.S. monthly housing payment has dropped to $2,534, the lowest since January. While this decline is encouraging, home sales continue to lag, with pending transactions down 8.4% year-over-year. Many potential buyers remain on the sidelines, unsure if now is the right time to enter the market. With mortgage rates stabilizing at their lowest in a year and a half, we may see renewed interest. However, uncertainty looms regarding future rate cuts from the Federal Reserve. If cuts are smaller than anticipated, it could lead to rising mortgage rates, continuing to pressure buyers. Interestingly, we are witnessing an uptick in home tours and mortgage applications, suggesting readiness among buyers. With new listings increasing—up 3.7% year-over-year—it’s clear that sellers are responding to market changes. As we move forward, it's crucial to stay informed and adapt our strategies accordingly. How do you see these trends affecting buyer behavior in our local market? #HousingMarket #RealEstateTrends #MortgageRates #FloridaRealtor #HomeBuying #MarketInsights

September 2024 - The Greater Toronto Area (GTA) experienced an 8.5% increase in home sales year-over-year, with 4,996 homes sold. New listings also rose by 10.5%, creating a more balanced market and offering buyers greater negotiation power. However, despite higher sales volume, the MLS® Home Price Index Composite benchmark declined by 4.6%, and the average selling price dropped slightly by 1% to $1,107,291, reflecting some downward pressure on prices—especially in the more affordable condo and townhouse segments favored by first-time buyers. As mortgage lending guidelines ease and borrowing costs trend lower, affordability is improving, driving more interest in home ownership. TRREB anticipates that each rate cut will attract more households back into the market. Sellers should focus on strategic pricing in a competitive landscape, while buyers can take advantage of increased flexibility and opportunities for long-term investments. Check out the full Market Report here: https://lnkd.in/g2sZR7mz #Sothebys #MarketReport #RealEstate #TorontoHomes #SeptemberPrices #TorontoRealtor

Key Real Estate Updates 1. Market Trends and Predictions The Federal Reserve cut interest rates by 50 basis points, leading to a surge in mortgage refinance demand by 20% (CNBC). Home prices continue to rise, with a 5.4% annual gain reported, making it the most unaffordable housing market in history (Forbes). Experts predict a slight decline in home prices by late 2024 due to increased inventory, but no substantial drops are expected (Forbes). 2. Inventory and Sales Dynamics Existing-home sales rose 1.3% in July, while new home sales jumped 10.6% compared to June, indicating a potential recovery (Forbes). Despite new listings, inventory remains 33% lower than pre-pandemic levels, with many homeowners reluctant to sell due to low mortgage rates (Forbes). 3. Regulatory Changes Impacting Buyers and Sellers The National Association of Realtors (NAR) has implemented new rules following a $418 million antitrust settlement, changing how commissions are handled (Forbes). Buyers now need written agreements with agents before touring homes, and they can negotiate commissions directly, which may affect affordability (Forbes). Sources: CNBC, Bisnow, Forbes. Always here to help. www.chellerealtor.com #realestate #chellerealtor #realtor #homebuying #homeselling Chelle Maurer NMREC 54483 Sanchez & Sanchez Real Estate Services 505-327-9039

Pending Home Sales made a strong recovery in September, jumping 7.4% from August levels. This surge is largely attributed to buyers capitalizing on lower mortgage rates and an uptick in inventory. With the index reaching 75.8, the highest since March, it’s clear that buyers are sensitive to even minor shifts in rates and supply. This trend underscores the importance of timing in today’s dynamic housing market. Russell McDonald | NMLS 290837 | Broker CA DRE 01150730 Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628 Real Estate Broker - CA Dept of Real Estate #RealEstate #HousingMarket #MortgageRates #HomeSales

The latest statistics for January are in, and the real estate market is showing significant momentum! Home sales have surged nearly 20% compared to the same period last year, indicating a robust response from buyers buoyed by the lower rates observed in December 2023. Despite this surge, the market grapples with a persistently tight inventory, which remains 31.8% lower than the level seen a year ago. We are seeing multiple offers on homes going as much as 20% over the asking price. That suggests strong demand but still not enough homes on the market. The current 30-year fixed mortgage rate hovers around the high 6% range. Notably, it appears unlikely that the Federal Reserve will consider a rate cut in March, given that inflation has not receded to the targeted 2.9% level. Santa Clara County covers 25 cities Alviso Campbell Coyote Cupertino Gilroy Hollister Los Altos Los Gatos Milpitas Monte Sereno Morgan Hill Mountain Hamilton Mountain View Palo Alto, Portola Silicon Valley Redwood Estates San Jose San Martin Santa Clara Saratoga Stanford Watsonville

Had some data out of the Fed on their balance sheet along with home builders commenting on interest rates and what that means for them. The release of the Fed minutes didn’t surprise the market. Having said that, the Fed balance sheet runoff was noted – hopeful a slowing the runoff could in turn help ease mortgage rates – we’ll see.   We had data from home builders for March. NAHB noted overall housing starts decreased 14.7% in March.   Carl Harris, chairman of NAHB comments on interest rates and home builders:   “Higher interest rates are increasing the cost of housing for prospective home buyers and raising the development and construction cost for builders of homes and apartments.”   Corelogic posted US single family rents increased 3.45 YOY in February. Leading the way were more expensive coastal metros like New York and Seattle.   Later this week we’ll have a check on existing home sales and see how the market is holding with our higher mortgage rates. We’ll stay tuned.   #knowin90seconds #fedminutes #nahb #homebuilders #newhomes #corelogic #rents #rentals #seattle #newyork #coastal

📈 Housing Market Update: Central Pennsylvania on the Rise! 🏡 Great news for the Central PA housing market! Falling mortgage rates and growing inventory are creating new opportunities for both buyers and sellers in 2024. Here’s what you need to know: ✅ Sales Up: Closed sales jumped 4.5% in September, and we're seeing 7.1% more new pending sales year-over-year — the strongest increase this year! 🏡 More Listings: With 3,808 active listings in September (the highest all year), buyers have more options than ever. Inventory is 18.4% higher than last year, giving the market a much-needed boost. ⏳ Homes Still Moving Fast: Even with more supply, half of the homes sold in September were off the market in just 9 days (compared to 7 days in 2023). The market is competitive but manageable! 💼 Looking Ahead: Expect continued momentum in Q4 as favorable mortgage rates encourage even more activity. The Central PA market is poised to outperform 2023, so now is the time to get involved! Bright MLS is proud to provide the data that keeps the Mid-Atlantic housing market transparent and thriving. 🌟 What trends are you seeing in your market? Let’s discuss in the comments!👇 #RealEstate #HousingMarket #BrightMLS #CentralPA #MarketTrends #HomeSales #Inventory #MidAtlantic #RealEstateInvesting #MortgageRates #RealEstateTips #BuyersMarket #SellersMarket #RealEstateNews #Homebuyers #Realtors #PropertyInvestment #Q42024 #RealEstateData

*HOUSING MARKET UPDATE* Realtors® are seeing multiple-offer scenarios as the housing market heats up statewide. Despite 30-year fixed mortgage rates averaging above 6.5% this spring, sales are increasing along with new listings. This suggests that buyers are adjusting to the new normal. We’re returning to pre-pandemic levels in sales and listings—even though inventory remains tight. What’s the biggest difference between today’s market vs. 2019? Higher home prices. Rising prices continue to impact affordability, particularly for first-time buyers—so it’s important for shoppers to get their finances in order when entering the spring market. Minneapolis Area REALTORS® President Jamar Hardy told Axios, “Any well-priced, entry-level home in the metro is getting a lot of showings right out the gate.” It’s better to be over-prepared, say experts. Realtors® can guide buyers through this complex emotional and financial process. Read more here: https://bit.ly/4990g6w #MNRMarketMonday #MNRealEstate

Are we witnessing a shift in the housing market, or is it just a temporary reprieve? The median U.S. monthly housing payment has dropped to $2,534, the lowest since January. This decrease comes as mortgage rates reach their lowest level in a year and a half, even while home prices remain high. However, despite more favorable payment conditions, pending home sales have fallen by 8.4% year-over-year. Many potential buyers find themselves sidelined, waiting for even lower mortgage rates. The future remains uncertain. While there’s potential for demand to increase if rates drop further, a slower-than-expected cut from the Federal Reserve could push rates back up. Interestingly, we’re starting to see more prospective buyers touring homes, with mortgage-purchase applications increasing 3% week-over-week. New listings also reflect a 3.7% year-over-year rise, signaling that those previously locked into lower rates are beginning to sell. As real estate professionals, staying vigilant is crucial. Understanding these market dynamics will help us guide our clients more effectively. What should buyers be thinking about in this evolving landscape? #HousingMarket #RealEstateTrends #BuyerDemand #MortgageRates #FloridaRealEstate #MarketAnalysis