Keeping it Positive
Positive Vibes Many think the housing market is all doom and gloom because of higher mortgage rates and higher home prices. Yes, these things are happening, but it's not all bad. Let's take a look at the positives! Days on Market National average days on market stood at 14 last month, which is the lowest on record since NAR started collecting this data in 2011. Homes priced correctly are selling quickly. Great news for sellers! There is more inventory to choose from! Great news for buyers! We are seeing fewer bidding wars because listing prices are more accurate and in sync with appraisals, and demand has decreased. It is important to find an expert Realtor® in your market area to help with pricing and marketing strategies that will help you sell your home quickly. First-Time Home Buyers Another trend we see, is that despite the current state of our economy, first-time home buyers are making up around 30% of home purchases. This is super encouraging for the market. Rising rent prices have been driving this trend for first-time buyers. For many, it just makes more sense to buy and with more negotiating room than they've had in a couple years, buyers would rather invest in a home purchase than be subject to more rent hikes. “Based on trends at this stage in the housing and business cycle, I expect affordability to be the bigger driver than availability moving forward,” Danielle Hale, chief economist for Realtor.com said in a statement. Inventory Growth With home sales slowing, inventory is growing. We've desperately needed growth in inventory. The lack of inventory and high demand caused the market to go nuts and prices to rise rapidly. With the market settling down, prices are leveling out and there are more options for buyers. Positivity is good for the soul, and there's still plenty to be optimistic about in this market.
MORTGAGE RATES FALL BACK???
The hot topic every time real estate comes up in conversation lately is the issue of mortgage rates and the market. We don't have a crystal ball, but we do watch the market and what's happening with the rates. The latest news is that it is about 5% cheaper to buy a house now than a week ago. That means home buyers are saving around $100 in monthly mortgage payments. “Mortgage rates decreased for the second week in a row, as growing concerns over an economic slowdown and increased recessionary risks kept Treasury yields lower,” said MBA forecaster Joel Kan, in a statement. Freddie Mac reports the following national averages with mortgage rates for the week ending July 7: 30-year fixed-rate mortgages: averaged 5.30%, with an average 0.8 point, dropping from last week’s 5.70% average. Last year at this time, 30-year rates averaged 2.90%. 15-year fixed-rate mortgages: averaged 4.45%, with an average 0.8 point, dropping from last week’s 4.83% average. A year ago, 15-year rates averaged 2.20%. 5-year hybrid adjustable-rate mortgages: averaged 4.19%, with an average 0.4 point, falling from last week’s 4.50% average. A year ago, 5-year ARMs averaged 2.52%. There are definitely a lot of opinions about where the market is headed, but there is nothing set in stone. What we do know is that the DFW market has cooled off some, but is still a hot market. Homes that were priced super high are now being reduced. We are seeing A LOT of "price improvements", but that doesn't reflect that the demand isn't there. Those prices were overpriced to begin with, and now the market is forcing them to adjust their strategy. The DFW population continues to grow steadily each year. The current population of the metroplex has already grown 1.42% since 2021. So the demand is still there. Inventory is growing at a slow pace, and prices are starting to level out. The market is returning to a more steady and stable state. Yes, interest rates are higher that they've been in the past couple of years. However, let's be REAL! 5-6% rates used to be considered awesome. It's all about perspective. It's still a great time to buy and sell.
Easy Peasy Mac-n-Cheesy
The best mac-n-cheese recipe! It's delicious AND super easy! This is perfect to bring to potluck dinner, and it always receives many compliments.
