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.
Rising Rates: Mortgage rates are climbing due to Federal Reserve actions. Historical Context: Rates are high compared to recent lows (~ 3% in 2021) but not historically.
Acceptance of stable interest rates drives homebuying trends in 2024. Waiting for lower rates may mean renters are building equity for landlords.
Homeownership is a valuable investment for many Americans, but the Black homeownership rate in the U.S. is just 44%, the lowest among racial groups. To overcome barriers, it's crucial to understand the homebuying process and explore resources. Consider factors like financial readiness, saving for a down payment, evaluating loan options, using available tools like grants … Continued
The US faces a housing shortage of up to 7.2M homes due to decades of underbuilding. Household formations outpace single-family home construction, widening the gap.
To all great Americans around the world, a very Happy Fourth of July to you all. This day is incredibly significant as the day the United States officially became its own nation. Let’s celebrate America’s birthday with festivals, parades, fireworks and other festive activities.The 4th of July marks the day America became a country where … Continued
The housing crisis disproportionately affects the poor and minorities. Critics argue new units are often expensive luxury apartments.
US home sales dropped significantly in 2023, compared to 2021, ↓ from 6.12M to 4M transactions. However, the forecast suggests a rebound by 2025, with the number of sales reaching 5.6M units.