But the latest numbers, provided by OJO Labs, do hint at possible improvements in the ongoing inventory shortage. Approximately half of homes in the U.S. continued to sell for more than their asking prices in July, according to a new analysis from real estate software firm OJO Labs, though there are some hints the inventory situation may be getting a little bit better. The analysis shows that across the entire U.S., 49.6 percent of homes went for higher than their asking prices last month. That’s way up compared to the same time last year, when only 26.8 percent of homes sold above asking. However, it’s veryRead More →

This is what you need to consider about cash offers.   The appeal is there – you can sell your home fast for cash and move into your next home sometimes in a matter of just a couple weeks. But is selling your house for cash any different than the typical home selling process? And will someone actually buy your home with a cash offer? What is a cash offer? A cash offer is when a potential buyer bids with all-cash, meaning there’s no mortgage or other financing involving a mortgage lender.  All-cash offers also tend to have quicker closing dates since there’s no waitingRead More →

National property broker Redfin is reporting this week that the typical condo in the U.S. sold above its asking price in June 2021, for just the second time since at least 2012. Starting in May 2021, this signaled renewed homebuyer competition for condos after a pandemic-fueled slump. Nationwide, the typical condo sold for 0.7% above its asking price in June, following a premium of 0.4% in May. In dollar terms, the typical condo sold for $304,000 in June. If it sold for 0.7% above its asking price, that means it was listed for $301,872. The pattern is somewhat seasonal, as average sale-to-list ratios for condosRead More →

Mortgage rates for a 15-year fixed rate loan hit a new all-time low this week as rates for 30-year loans also dipped by one-tenth of a percentage point, according to Freddie Mac’s weekly lender survey. “Concerns about the Delta variant, and the overall trajectory of the pandemic, are undoubtedly affecting economic growth,” Freddie Mac Chief Economist Sam Khater said. “While the economy continues to mend, Treasury yields have decreased, and mortgage rates have followed suit. Unfortunately, many homebuyers are unable to take advantage of low rates due to low inventory and high prices.” For the week ending July 22, Freddie Mac’s weekly Primary Mortgage MarketRead More →

A Chase survey revealed nearly 4 in 10 potential first-time buyers lost income during the pandemic, setting back their homeownership goals. Last year’s volatile housing market was discouraging for otherwise eager potential first-time homebuyers, according to a new survey. First-time buyers have been budgeting, working on their credit scores and saving toward a down payment even as many have become less confident in their ability to secure their first house, according to the new report from JPMorgan Chase & Co. Notably, 37 percent of hopeful first-time buyers said they lost income during the pandemic, affecting the timing of their planned purchase. “The events of theRead More →