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Boca Raton Real Estate | Barbara's Corner Blog

Thursday, February 2, 2023   /   by Barbara Oleska

Lower Mortgage Rates Are Bringing Buyers Back to the Market

 

As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling.

Now, however, rates are beginning to come down—and buyers are starting to reenter the market. In fact, the latest data from the Mortgage Bankers Association (MBA) shows mortgage applications increased last week by 7% compared to the week before.

So, if you’ve been planning to sell your house but you’re unsure if there will be anyone to buy it, this shift in the market could be your chance. Here’s what experts are saying about buyers returning to the market as we approach spring.

Mike Fratantoni, SVP and Chief Economist, MBA:


“Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall. As we ent. ...

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Thursday, January 12, 2023   /   by Barbara Oleska

Housing Outlook For 2023

Well, here we are in 2023! I hope your year has gotten off to a happy and healthy start!
Everybody is wondering where the real estate market is going for 2023. Below is the Housing Outlook For 2023, provided by Brian S Wesbury, Chief Economist Of First Trust Investments, along with Robert Stein, Deputy Chief Economist, that I thought you might find interesting. I am always here to answer any questions you might have whether it's about buying, selling, or investing in properties.








The Housing Outlook for 2023
















The housing sector was a huge and early beneficiary of the super-loose monetary policy of 2020-21. But, once the Fed started tightening, housing took the lead downward, as well.  This isn’t a repeat of the 2006-11 housing bust, but it will drag on.  Don’t expect any real recovery in housing until at least late 2023 or early 2024.  Home sales and prices will continue to drag in 2 ...

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Friday, January 6, 2023   /   by Barbara Oleska

3 Best Practices for Selling Your House This Year

A new year brings with it the opportunity for new experiences. If that resonates with you because you’re considering making a move, you’re likely juggling a mix of excitement over your next home and a sense of attachment to your current one.

A great way to ease some of those emotions and ensure you’re feeling confident in your decision is to keep these three best practices in mind.

1. Price Your Home Right

The housing market shifted in 2022 as mortgage rates rose, buyer demand eased, and the number of homes for sale grew. As a seller, you’ll want to recognize things are different now and price your house appropriately based on where the market is today. Greg McBride, Chief Financial Analyst at Bankrate, explains:


“Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still . ...

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Thursday, December 15, 2022   /   by Barbara Oleska

What Every Seller Should Know About Home Prices

 
If you’re trying to decide whether or not to sell your house, recent headlines about home prices may be top of mind. And if those stories have you wondering what that means for your home’s value, here’s what you really need to know.
What’s Really Happening with Home Prices?
It’s possible you’ve seen news stories mentioning a drop in home values or home price depreciation, but it’s important to remember those headlines are designed to make a big impression in just a few words. But what headlines aren’t always great at is painting the full picture.
While home prices are down slightly month-over-month in some markets, it’s also true that home values are up nationally on a year-over-year basis. The graph below uses the latest data from S&P Case-Shiller to help tell the story of what’s actually happening in the housing market today:

As the graph shows, it’s true home. ...

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Thursday, October 20, 2022   /   by Barbara Oleska

The Latest on Supply and Demand in Housing

Over the past two years, the substantial imbalance of low housing supply and high buyer demand pushed home sales and buyer competition to new heights. But this year, things are shifting as supply and demand reach an inflection point.
The graph below helps tell the story of just how different things are today.

This year, buyer demand has eased as higher mortgage rates and mounting economic uncertainty moderated the market. This slowdown in demand is clear when you look at the red bar on the graph. It uses the latest data from ShowingTime to illustrate how showings (an indicator of buyer demand) have softened by just over 12% compared to the same time last year.
Now for a look at how housing supply has changed, turn to the green bar. It uses data from realtor.com to show active listings are up nearly 27% compared to last year. That’s because the moderation of demand allowed housing inventory to increase in 2022.
What Does. ...

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