Real Estate Espies
espies. / (ɪˈspaɪ ‘s) / verb . (tr) to catch sight of or perceive (something distant or previously unnoticed).
Real Estate Bits & Thoughts from around the US
01/06/2023: “These 10 U.S. cities offer homebuyers the most bang for their buck – The soaring price of homes in the nation’s metropolitan areas is forcing buyers to look elsewhere for cheaper options — particularly in midsize cities in the South and Midwest…Places like Chattanooga, Tennessee; Grand Rapids, Michigan; and Louisville, Kentucky, may soon become the nation’s hottest housing markets as home prices there are expected to climb next year, according to Realtor.com… ” Link Here
01/06/2023: “Annual Home Price Growth Drops to Two-Year Low in November – Nationwide, the recent price deceleration pushed November home values 2.5% below the spring 2022 peak. In 2023, home values will likely move even further from that high point, as CoreLogic expects price growth to begin recording negative year-over-year readings in the second quarter…Although home price growth has been slowing rapidly and will continue to do so in 2023…While the recent decline in mortgage rates may bode well for the housing market, potential homebuyers are grappling with the idea of buying amid possible further price declines and a continued inventory shortage…” Link Here
01/05/2023: “The last week of the calendar year…represented the lowest level of mortgage application activity in 27 years…applications decreased 13.2% on a seasonally adjusted basis from two weeks earlier…refi applications decreased 16.3% for the week ending December 30 compared to two weeks ago…Refinance applications remain less than a third of the market and are 87% lower than a year ago…the Federal Housing Finance Agency (FHFA) announced it will implement targeted increases to the upfront fees for most cash-out refinance loans. The implementation begins February 1, 2023…” Link Here
01/03/2023: How Many Homes DIDN’T sell in 2022?: Collin/Grayson County, Tx. (based on SFR/Farm/ManuHome, Std Owner-no new builds or distressed): 3306 ———–> 2021 same info? 1757. Then 2020 @ 3591, and both 2018 & 2019 had over 5000!
01/01/2023: “…A new Canadian law took effect January 1 that essentially bans foreign buyers from buying residential properties as investments for two years. The law was passed because of a spike in Canadian home prices since the start of the pandemic…“The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors,” said the campaign website of Prime Minister Justin Trudeau’s party this past year. “This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors….” Link Here
12/30/2022: “US housing in 2023 won’t be a buyer’s market or a seller’s market: …Rising mortgage rates kept home purchases out of reach for many, while higher building costs made it difficult for sellers to reduce the prices of new homes….existing house sales, mortgage applications, and single-family starts are each down by a third year-over-year…But in 2023, with the market not yet recovered from two years of supply chain delays…home prices are going to keep going up in 2023…” Link Here
12/29/2022: If you are thinking about selling your house in 2023, NOW is the time to start preparing to put it on the market. Cleaning it up and making it look as enticing as possible are all very important steps, as are these: Find an experienced professional Realtor; do necessary & Realtor suggested repairs prior to sale; spruce up your landscaping; prepare to sell your HOUSE, not your HOME- no personal feelings in the negotiation process. And Number One? Pricing your home right! Don’t fall into the ‘greed trap’.
12/28/2022: “Pending Home Sales Fell More Than Expected in November: … it’s often thought of as a solid predictor for activity in the subsequent Existing Sales numbers. That’s bad because today’s release of November’s sales numbers showed a 4.0% decline versus a consensus forecast of -0.8%. It also brings the index below the lowest levels seen after the Great Financial Crisis. Long story short, this could suggest a similar dip is in store for the next Existing Home Sales report.”… Link Here
12/28/2022: Which Brokerage Sells (or doesn’t) The Most Percentage Wise? – Every major brokerage listed has a very similar rate of properties that either Cancel, Withdraw, or Expire their listing with that brokerage. Why is that? Read for an idea… https://www.yourtexasdream.com/which-brokerage-sells-highest-percentage/
12/23/22: “Rates have calmed down after some unfortunate and unexpected volatility at the beginning of the week. The average lender is offering just slightly higher rates than they were yesterday morning. Other lenders raised rates yesterday and were fairly close to ‘unchanged’ today….the average lender remains in the mid to lower 6’s for top tier conventional 30yr fixed rate quotes.” – Link Here