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Builders

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real-estate2 years ago•4 min saved

Divergent Mortgage Rates Fuel Surprising Spike in Home Sales

Despite high mortgage rates and rising home prices, new residential home sales surged in September while existing home sales stagnated. The lack of existing homes on the market has forced buyers to turn to new construction, where builders are offering discounted mortgages and other incentives such as covering closing costs. Mortgage rate buydowns, where builders lower the mortgage rate for the entire life of the loan, are particularly popular. Builders are also constructing more speculative homes to provide buyers with a better idea of their mortgage rate at the time of purchase. The surge in new home sales is attributed to a combination of limited options in the existing home market and attractive incentives offered by builders.

via Yahoo Finance|

#builders #homebuyers #incentives

real-estate2 years ago•4 min saved

Homebuyers Experience Diverse Mortgage Rates, Fueling Surprising Surge in New Home Sales

New residential home sales in the US surged in September, while existing home sales stagnated due to owners being reluctant to move and buy another home at higher mortgage rates. The lack of existing homes on the market has forced buyers to opt for new construction, and builders are sweetening the deal by offering discounted mortgages and other incentives. Mortgage rate buydowns, where builders pay the difference between market rates and the rates offered, are the most desired incentive. Builders are also covering closing costs and constructing more speculative homes to provide buyers with a clearer idea of their mortgage rates. The surge in new home sales is attributed to a combination of incentives and low existing home inventory.

via Fortune|

#builders #existing-home-inventory #incentives

real-estate2 years ago•4 min saved

Summer 2023 Housing Market Forecast: Mortgage Rates and Trends.

The recent FOMC statement does not directly affect mortgage rates, but inflation will have a bigger impact on them. High mortgage rates mean that existing homeowners will continue to hold onto properties, resulting in low inventory. However, there are positive signs in the housing market, with builder confidence up and an increase in housing starts. Potential buyers should not try to time the mortgage rates and should feel confident in their decision to purchase a home they can afford. Sellers should work with an agent, price their home correctly, and embrace technology to improve online curb appeal.

via Yahoo Finance|

#builders #fomc-statement #homeowners

real-estate2 years ago•4 min saved

Mixed Signals in the US Housing Market

Housing market data suggests that the sector's downturn is coming to an end as mortgage rates continue to drop, with the average 30-year fixed mortgage dipping to 6.28% from 6.32% the week prior. Pending home sales rose in February, and confidence among US home builders rose slightly in March. Housing starts rose 9.8% in February to an annualized rate of 1.45 million homes, and existing home sales in February jumped 14.5% to an annualized rate of 4.58 million. However, the S&P CoreLogic Case-Shiller US National Home Price index fell 0.5% in January compared to the previous month.

via AOL|

#builders #home-prices #home-sales