News

At the end of the Federal Open Market Committee’s November meeting, Federal Reserve Chairman Jerome Powell indicated ongoing rate hikes will be necessary to tamp inflation down to the target rate of 2%.

As inflation continues to affect Americans nationwide, the Young American Renter Survey from Grubb Properties revealed it is also the main financial concern for young renters, influencing their decision to draw back from buying a home.

The latest NAR Report revealed eSignature, Lockbox, and MLS apps/technology as the three most impactful technology tools on Realtors’ businesses, with cybersecurity, 5G, and drones expected to have the biggest impact on real estate in the next two years.

Mortgage rates exceeding the 7% mark have driven overall mortgage app volume down, with refi apps continuing to run more than 80% below last year’s pace.

While Fannie Mae experts predict prices to moderate in 2023, they note that housing supply issues will persist as inventory remains scarce, with effects felt mostly by low- and moderate-income families. Here are the latest findings.

“It is crucial to utilize professional-grade AVMs that can help identify potential racial bias in home valuations and to flag concerns of potential undervaluation of minority-owned properties,” said Eric Fox, Chief Economist at Veros.

”The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potential local homebuyers,” said Selma Hepp CoreLogic’s Interim Lead, Deputy Chief Economist.

“With a recession looming and household expenses high, many people can’t afford to buy a home in an expensive area and/or want to save money in case of an emergency, which makes relocating somewhere more affordable an attractive option,” said Redfin Economics Research Lead Chen Zhao.

“Surveyed lenders cited personnel expenses as the primary factors driving up loan origination costs over the past two years,” said Doug Duncan, Fannie Mae’s SVP and Chief Economist.

A new study from LendingTree found that mobile homes are much less expensive than single-family homes, offering homebuyers a cheaper alternative in purchasing. However, data revealed that mobile homes appreciated in value almost as quickly as single-family homes nationwide from 2016 to 2021.