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Home Price Data Shows Slower Annual Gain
According to the latest S&P Case-Shiller Home Price Index, home prices continue to slow, though they remain 7.7 percent above year-before levels.
The S&P Case-Shiller Home Price Index is among the most closely watched measures of U.S. home prices. The index, which tracks both monthly and annual changes in home values, has been collecting data for nearly 30 years. According to the most recent release, home prices continue to slow in metro areas across the country. Craig J. Lazzara, managing director at S&P, says November marked five consecutive month-over-month declines. “November 2022 marked the fifth consecutive month of declining home prices in the U.S.,” Lazzara said. “ These declines, of course, came after very strong price increases in late 2021 and the first half of 2022. Despite its recent weakness, on a year-over-year basis the National Composite gained 7.7 percent, which is in the 74th percentile of historical performance levels.” Regionally, year-over-year gains were not evenly distributed, with West Coast cities seeing smaller increases than cities in the South where prices continue to see double-digit gains from year-before levels
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Ali Shemirani
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NMLS#1885059
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☎️ (818) 484-1490
🌐 www.alishemirani.com
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New Home Sales Increase 2.3% In December
New home sales rose 2.3 percent in December, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development.
New home construction is an important part of balancing the housing market. When inventory is low and prices are rising, building more new homes can help level the imbalance and provide better affordability conditions for buyers of all types of homes. But builders don't build more homes unless there are interested buyers. That's why keeping an eye on new home sales can help buyers get a feel for what's happening in the overall market. If new home sales are rising, builders are more likely to build more homes, which helps inventory and ultimately home buyers. So what's happening now in the new home market? Well, according to the latest numbers released by the U.S. Census Bureau and the Department of Housing and Urban Development, new home sales rose 2.3 percent in December, matching economists' expectations for the month. But while the month-over-month improvement is encouraging, sales are still down significantly from year-before levels, mostly due to the increase in mortgage rates that slowed buyer demand last year.
➡️Call me for your next home loan to find out how to get started! ❗️
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Ali Shemirani
Mortgage Advisor
NMLS#1885059
.
☎️ (818) 484-1490
🌐 www.alishemirani.com
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#mortgage #Finance #realestate #realtor
#loanofficer #loan #lender
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Home Seller Tenure Remains Near 10-Year Low
The typical number of years Americans live in a home before selling has been getting shorter recently. At the end of last year, it fell to just under six years.
Buying a house isn't a short-term living arrangement. Typically, if you're buying, you're planning to stay a while. But how long should home buyers expect to live in the house they purchase? Well, conventional wisdom says you should expect to live in the house you buy for at least five years. Recently, though, Americans have been staying in their homes longer before selling and moving somewhere new. In fact, between 2019 and 2021, the typical homeownership tenure was cited as being somewhere between eight and 13 years. For comparison, in the early 2000s, it got as low as four and a half years. These days, it's getting shorter again. In fact, according to ATTOM Data Solutions, home sellers who sold during the fourth quarter of 2022 had owned their homes an average of 5.85 years. That's the third shortest tenure since 2012 and represents a growing trend, with a majority of metro areas showing tenures down.
➡️Call me for your next home loan to find out how to get started! ❗️
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Ali Shemirani
Mortgage Advisor
NMLS#1885059
.
☎️ (818) 484-1490
🌐 www.alishemirani.com
.
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#mortgage #Finance #realestate #realtor
#loanofficer #loan #lender
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Reach out to learn exactly what you need to become a successful business owner!
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Ali Shemirani
Mortgage Advisor
NMLS#1885059
☎️ (818) 484-1490
🌐 www.alishemirani.com
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#mortgage #finance #financial #Refinance #realestate #realtor
#loanofficer #loan #lender
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Reach out to learn exactly what you need to become a successful Homeowner!
.
Ali Shemirani
Mortgage Advisor
NMLS#1885059
☎️ (818) 484-1490
🌐 www.alishemirani.com
-
-
#mortgage #finance #financial #Refinance #realestate #realtor
#loanofficer #loan #lender
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Millennial Buyers Plan For Smaller Down Payments
Sixty-two percent of millennial home buyers say they're planning to put less than 20 percent down on the house they eventually buy.
Saving enough money for a down payment can be a hurdle for some home buyers, especially first-time buyers. After all, unlike move-up buyers who can use the proceeds of their previous home's sale, first-time buyers have to come up with a down payment largely through savings. But saving money's not always easy. In fact, among recently surveyed millennial home buyers, 41 percent said saving for a down payment was the biggest barrier to buying a home – only mortgage rates and home prices ranked higher. The good news, though, is you don't have to have a 20 percent down payment saved before you can buy a house. And, according to the survey, most younger buyers won't. The survey found 62 percent of respondents said they plan to have a smaller down payment when they buy. That's a big change from last year, when just 34 percent of millennial buyers planned to put down less than 20 percent.
➡️Call me for your next home loan to find out how to get started! ❗️
.
Ali Shemirani
Mortgage Advisor
NMLS#1885059
.
☎️ (818) 484-1490
🌐 www.alishemirani.com
.
.
#mortgage #Finance #realestate #realtor
#loanofficer #loan #lender
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Home Sales Slow But Will Pick Up Again Soon
National Association of Realtors' chief economist, Lawrence Yun, says he expects home sales will pick up soon, as mortgage rates have declined significantly since peaking late last year.
Sales of previously owned homes slipped 1.5 percent in December, according to newly released numbers from the National Association of Realtors. The decline is the 11th consecutive monthly decrease and puts sales 34 percent lower than where they were at the same time one year earlier. But while home sales have obviously suffered during a period of rising mortgage rates and high home prices, Lawrence Yun, NAR's chief economist, expects things will pick up soon. “December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates,” Yun said. “However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.” In addition to lower rates, home price increases have also slowed, with the median existing-home price up just 2.3 percent year-over-year. That means improved affordability conditions for buyers as the spring home-buying season approaches, which could mean brighter days – and more sales – ahead.
➡️Call me for your next home loan to find out how to get started! ❗️
.
Ali Shemirani
Mortgage Advisor
NMLS#1885059
.
☎️ (818) 484-1490
🌐 www.alishemirani.com
.
.
#mortgage #Finance #realestate #realtor
#loanofficer #loan #lender
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Has The Housing Market Reached A Turning Point?
Home builders are feeling more optimistic about the market, according to the latest results of the National Association of Home Builders' Housing Market Index.
The National Association of Home Builders conducts a monthly survey of builders to gauge their confidence in the current market and their expectations for the future. The index is a closely watched housing market metric because a builder's business depends on being able to accurately read what home buyers want, and when. In January, the index saw its first improvement after 12 consecutive months of declines. It could signal a turning point for the market. Robert Dietz, NAHB's chief economist, thinks so. “While NAHB is forecasting a decline for single-family starts this year compared to 2022, it appears a turning point for housing lies ahead,” Dietz said. “In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.” Naturally, home builders are focused on the new home market, but rising inventory, lower rates, and improved affordability will benefit buyers of both new and existing homes.
➡️Call me for your next home loan to find out how to get started! ❗️
.
Ali Shemirani
Mortgage Advisor
NMLS#1885059
.
☎️ (818) 484-1490
🌐 www.alishemirani.com
.
.
#mortgage #Refinance #realestate #realtor
#loanofficer #loan #lender
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More Home Sellers Offer Buyers Concessions
During the final three months of 2022, 42 percent of home sellers offered buyers concessions, including mortgage rate buy-downs, and covering closing costs or home repairs.
When the housing market was at its peak, home sellers had the advantage. It wasn't uncommon for a homeowner with an attractive listing to receive multiple offers from interested buyers. Put simply, it was a sellers' market. These days, things have obviously changed. Higher mortgage rates and more challenging affordability conditions mean home sellers have to work a little harder to entice potential buyers. It's leading more of them to offer buyers concessions. But what are concessions? Well, they can be a lot of things, including mortgage rate buy-downs and covering closing costs or the cost of home repairs. They're becoming more common as the market begins to find better balance. In fact, according to one recent analysis, 42 percent of home sellers who sold a home during the final three months of 2022 gave buyers concessions. That's a high number and further proof that the housing market is beginning to tilt back toward buyers after many years of favoring sellers.
➡️Call me for your next home loan to find out how to get started! ❗️
.
Ali Shemirani
Mortgage Advisor
NMLS#1885059
.
☎️ (818) 484-1490
🌐 www.alishemirani.com
.
.
#mortgage #Refinance #realestate #realtor
#loanofficer #loan #lender
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Reach out to learn exactly what you need to become a successful Homeowner!
.
Ali Shemirani
Mortgage Advisor
NMLS#1885059
☎️ (818) 484-1490
🌐 www.alishemirani.com
-
-
#mortgage #finance #financial #Refinance #realestate #realtor
#loanofficer #loan #lender
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On the opportunity to buy a home in a Less COMPETITIVE market:
You will never be able to change your Purchase PRICE
but
Always be able to CHANGE and Refinance your Rate
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Reach out to learn exactly what you need to become a successful Homeowner!
.
Ali Shemirani
Mortgage Advisor
NMLS#1885059
☎️ (818) 484-1490
🌐 www.alishemirani.com
-
-
#mortgage #finance #financial #Refinance #realestate #realtor
#loanofficer #loan #lender
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What Motivates Americans To Make A Move?
Among recent movers, the top motivation for relocating was to live closer to family, according to a recently released survey.
Where you live is a reflection of what's important to you. Which is to say, when making a move, you're generally looking at areas that have, or are close to, things you value. That's what one recent survey of movers found when asking participants what motivated their move. The survey found that the top motivation was a desire to live closer to family, with 35 percent of respondents naming it as the reason behind relocating. The second most popular answer was a new job or company transfer, which was cited by 33 percent of survey participants. Retirement rounded out the top three. Michael A. Stoll, an economist and professor at the University of California, Los Angeles, says there are a few common factors behind most moves. “Key factors like retirement, wanting to be closer to family, and lifestyle changes influenced by the pandemic, along with current housing prices, drove moving patterns in 2022,” Stoll said. He's right. Affordability was also a main motivator, as Americans – especially remote workers – continue to seek out areas to live where they can get more bang for their buck.
➡️Call me for your next home loan to find out how to get started! ❗️
.
Ali Shemirani
Mortgage Advisor
NMLS#1885059
.
☎️ (818) 484-1490
🌐 www.alishemirani.com
.
.
#mortgage #Refinance #realestate #realtor
#loanofficer #loan #lender
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Hot Housing Markets To Turn For Buyers
Markets that saw the biggest price increases during the pandemic are now most likely to favor buyers by the end of 2023.
During the pandemic, the housing market favored home sellers. Prices spiked as demand from buyers soared. Hopeful home shoppers faced competition, bidding wars, and the likelihood that the home they wanted would receive multiple offers and sell to a competing buyer. Last year, though, things changed. Now, many of the hottest pandemic housing markets are turning for buyers, with the number of homes available for sale growing significantly in 80 of the 100 largest markets, according to one recent analysis. With fewer home shoppers and more homes for sale, buyers will find conditions becoming more favorable in the days ahead – a trend that's expected to continue. In fact, by the end of this year, 36 markets are forecast to be buyers' markets, while 41 will remain sellers' markets and 23 will be neutral. The top buyers' markets will mostly be found in the West, where prices rose fastest during the pandemic.
➡️Call me for your next home loan to find out how to get started! ❗️
.
Ali Shemirani
Mortgage Advisor
NMLS#1885059
.
☎️ (818) 484-1490
🌐 www.alishemirani.com
.
.
#mortgage #Refinance #realestate #realtor
#loanofficer #loan #lender
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Loan Change Affects High-End Home Shoppers
Conforming loan limits have changed, opening up new financing options on millions of homes across the country
If you're shopping for a home over a certain price, you may need to get a jumbo loan. Jumbo loans cover larger loan balances and often have stricter standards, including requiring a higher credit score and a bigger down payment. But what is the amount over which you'll need a jumbo loan? Well, it changes. At the end of 2022, it was $647,200. Any loan balance below that was considered conforming and balances above that required a jumbo loan. But the Federal Housing Finance Agency – the agency that sets conforming loan limits – recently announced the limits were rising, including to over $1 million in some high-cost markets. The change, according to one analysis, means more than two million homes across the country can now be purchased using a more accessible financing option, potentially opening up additional inventory for some high-end home shoppers.
➡️Call me for your next home loan to find out how to get started! ❗️
.
Ali Shemirani
Mortgage Advisor
NMLS#1885059
.
☎️ (818) 484-1490
🌐 www.alishemirani.com
.
.
#mortgage #Refinance #realestate #realtor
#loanofficer #loan #lender
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Do you want to know a secret? Now is still a good time to buy a house. Instead of paying someone else's mortgage, you can pay your own 😉
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Reach out to learn exactly what you need to become a successful Homeowner!
.
Ali Shemirani
Mortgage Advisor
NMLS#1885059
☎️ (818) 484-1490
🌐 www.alishemirani.com
-
-
#mortgage #finance #financial #Refinance #realestate #realtor
#loanofficer #loan #lender
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What's Ahead For Home Buyers In 2023?
One new 2023 housing market forecast sees stability ahead, with both home prices and mortgage rates calming after two years of increases.
The beginning of a new year always brings with it a sense that change is on the way. After all, this year won't be the same as last year. Things will be different. But how? Well, if you're a prospective home buyer, one recent forecast has some ideas. Released by a popular online real-estate portal, the forecast says 2023 should be an easier year for buyers, after two years of rapidly changing affordability conditions. Put simply, the housing market should begin to stabilize. Home price increases have slowed and values are expected to remain relatively flat in 2023. Prices may even fall slightly in markets where they skyrocketed over the past two years. Similarly, mortgage rates, after spiking in 2022, may also begin to calm – especially if inflation and labor market tightness continue to ease. With rates and prices more stable, home buyers should have an easier time determining how much they can afford and what to expect when house shopping this year.
➡️Call me for your next home loan to find out how to get started! ❗️
.
Ali Shemirani
Mortgage Advisor
NMLS#1885059
.
☎️ (818) 484-1490
🌐 www.alishemirani.com
.
.
#mortgage #Refinance #realestate #realtor
#loanofficer #loan #lender
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Home Price Appreciation Slows Year Over Year
Home price appreciation continues to slow. A new analysis found prices 6.7 percent higher year-over-year in November, after being closer to 20 percent higher last March.
Home prices have been climbing for a long time. In fact, prices began increasing just a few years after the housing crash in 2008. But according to a new analysis from the American Enterprise Institute's Housing Center, the price boom that began over 10 years ago may have finally ended. The analysis found that home price appreciation was up 6.7 percent year-over-year in November. That's a smaller increase than in October when prices were up 8.6 percent year-over-year. It's also much lower than in March 2022 when prices were 18.3 percent higher than year-before levels. In other words, home prices have softened significantly from their post-pandemic peak reached last spring. How much they've softened, though, depends on a number of factors. Location is one. For example, homes on the west coast have seen sharper declines than other areas of the country. It also depends on the price tier, with high-end homes seeing bigger declines than more affordable homes.
➡️Call me for your next home loan to find out how to get started! ❗️
.
Ali Shemirani
Mortgage Advisor
NMLS#1885059
.
☎️ (818) 484-1490
🌐 www.alishemirani.com
.
.
#mortgage #Refinance #realestate #realtor
#loanofficer #loan #lender
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