High inflation puts a strain on household budgets, so the Fed uses rate hikes to slow down spending and cool the economy.Recent data suggests inflation might be easing, prompting the Fed to consider lowering rates later in 2024.
Analysts predict rate cuts, potentially down to 1.75%-2% by end of 2026. Expected economic conditions in 2024: Cooling inflation and slight increase in unemployment.
New-home sales ↓ 4.7% MoM, and ↓ 7.7% yearly in April, reaching a seasonally adjusted annual rate of 634K units. The inventory of new homes ↑ 12.1% yearly, with 480K new homes available for sale by the end of April.
AI platforms are increasingly being used to connect potential buyers with off-market property listings.AI predicts potential home sales by analyzing detailed data on homeowner habits and property characteristics.
You can skip the wait time required to save for a down payment and become a homeowner sooner. You'll face higher monthly payments and interest rates due to the lack of a down payment.
Assumable mortgages require down payments as low as 15%. A new feature offers purchasing homes with a 2% mortgage rate.
Rates are rising: To fight inflation, the Fed raised rates in 2023, causing mortgage rates to climb above 7%. Expert predictions vary: Some see rates staying high in 2024 with a gradual decline, while others predict Fed cuts later in 2024 and 2025.
Economists expected Fed rate cuts in early 2024, but high inflation data changed the outlook. Debate centers on when (or if) the Fed will lower rates: later this year or not at all.
Typically, 5-6% of the home's sale price is split between buyer's and seller's agents. Traditionally, the seller pays both agents from the sale proceeds, not out-of-pocket for the buyer.