The Hot Sheet recap for April 10th – 17th covers home value data from CoreLogic and Zillow, as well as property tax increases across the U.S., cooling inflation amid high housing costs, and first-time homebuyer optimism.
Byron Lazine, Tom Toole, and Lisa Chinatti discuss mortgage rates, the jobs report, the inventory bottom, home prices on the rise, and an Inman writer’s response to Byron’s and Lisa’s comments on her article, “I’m an agent. You can’t tell me what to wear on the job.”
Surprising home features buyers want, home prices rising for the first time in 8 months, the OBN hacker, and an unreal listing video hook are today’s topics as Victoria Velazquez and Sarah Knauer join Captain Dan Oneil and The Broke Agent.
The latest Mortgage Monitor Report from Black Knight, Inc. shows the first monthly increase in home prices after seven straight months of decline.
A new Redfin report for February 2023 shows the first annual drop in home prices since 2012, with sales in San Jose and Austin falling 12 times faster than the national average.
According to Realtor.com, the best time to sell property in 2023 is April 16-22, which offers the best combination of market conditions, as long as sellers prepare for listing with calculated repairs, valuable updates, and effective marketing tactics.
An expert panel of housing economists surveyed by Zillow predict home prices will bottom out in 2023, falling by 1.6%, and then grow by an average 3.5% from 2024 to 2027; 63% expect the 30-year mortgage rate to reach its zenith for the year in Q1 before falling.
The latest Zillow market report shows home prices are stabilizing as home sales have increased, while sellers continue to hold off, limiting inventory and igniting buyer competition for well-priced homes.
Zillow reports buyers can expect competition for well-priced homes. Redfin reports buyer demand has cooled due to rising mortgage rates but is still stronger than last fall. The question is, how strong will buyer demand be this spring?
NAR’s latest quarterly report shows nearly 9 in 10 metro areas experienced home price gains in the fourth quarter of 2022.
High home prices and elevated mortgage rates have taken a toll on consumer perceptions of the housing market. In January, the Fannie Mae Home Purchase Sentiment Index (HPSI) rose for the third consecutive month but fell 10.2 points year-over-year.
The Fannie Mae Home Purchase Sentiment Index® (HPSI) rose 3.7 points in December 2022 to 61.0. While that number is only slightly higher than the all-time low index set in October, for agents on the ground, buyer activity has significantly increased in January 2023.
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