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🏡 Housing affordability hit a decade low in Q3 2023 due to rising mortgage rates and construction costs. In Q4, just 37.7% of homes sold were affordable to median-income families, despite a slight improvement in mortgage rates. Yet, there's hope for improvement as construction is expected to rise, leading to increased demand for doors and windows. However, challenges like labor shortages and regulatory costs persist. Experts anticipate 5-9% growth in new home production in 2024, with hopes of further expansion by 2026. Key issues include inflation, regulatory costs, and lumber prices, with optimism for policies supporting domestic lumber production.  What are your thoughts on these challenges and predictions? Comment below! 🏠💬  #HousingMarket #Affordability #Construction #HomeBuilding #BlueCollar # https://zurl.co/hg25

🏡 Housing affordability hit a decade low in Q3 2023 due to rising mortgage rates and construction costs. In Q4, just 37.7% of homes sold were affordable to median-income families, despite a slight improvement in mortgage rates. Yet, there's hope for improvement as construction is expected to rise, leading to increased demand for doors and windows. However, challenges like labor shortages and regulatory costs persist. Experts anticipate 5-9% growth in new home production in 2024, with hopes of further expansion by 2026. Key issues include inflation, regulatory costs, and lumber prices, with optimism for policies supporting domestic lumber production.  What are your thoughts on these challenges and predictions? Comment below! 🏠💬  #HousingMarket #Affordability #Construction #HomeBuilding #BlueCollar # https://zurl.co/hg25

🏡 Exciting news in the housing market! February saw a significant rise in both existing and new home sales, hinting at a potential turnaround. However, while sales are up, affordability remains a challenge. Housing prices have surged faster than incomes, making homes 44% less affordable than just two years ago. The key culprit? Limited housing supply. Although there's a slight improvement from last year, it's not enough. Lower mortgage rates are encouraging more supply, but it's not a silver bullet. Builders are offering incentives, but we still have a long way to go. Let's keep an eye on these developments! #HousingMarket #AffordabilityChallenge 📈🏠 Read more here: https://lnkd.in/g3Ddh5uv

🔍📉 January 2023 witnessed a dramatic 14.8% drop in U.S. housing starts, marking the most considerable decline since April 2020. The combination of severe winter weather and escalating mortgage rates has further compounded the housing shortage issue, according to the Census Bureau. This development poses significant questions for the real estate industry and housing policy. #HousingMarket #EconomicImpact #ConstructionIndustry

📉 Housing affordability is finally showing signs of improvement! The latest data from Attom and the Mortgage Bankers Association (MBA) shows that falling mortgage rates, rising wages, and slower home-price growth are making homeownership a bit more affordable. 🏡💰 Key takeaways: 1. Homeownership costs now take up 33.5% of the typical household budget, slightly down from Q2 2. Median mortgage payments dropped 5.2% between July and August. 3. While housing remains historically expensive in many areas, the trend is moving in the right direction! Though affordability challenges persist, especially in the Northeast (places like Chicago and NY) and West, this shift gives hope to buyers struggling to find a home within their budget. #realestate #housingmarket #mortgagerates #affordability #homeownership

MarketNsight was thrilled to talk with Katherine Watt from CNET about the main drivers of the nation's housing shortage - and how it is affecting prices and affordability. Katherine did a great job of reviewing the main issues affecting the housing market today: low inventory, the "lock-in effect" of mortgage rates, and exclusionary zoning. Read more here: https://lnkd.in/eEvRVseF

🔑 Key Reforms Shaping the Canadian Housing Market: What First-Time Homebuyers Need to Know 🏠 30-Year Amortization for First-Time Homebuyers: The Federal Government is expanding amortization periods for first-time homebuyers with insured mortgages from 25 to 30 years. What this means: Lower monthly payments, making homeownership more accessible for Canadians entering the market. A great step toward easing affordability challenges in the current housing climate. Did you know? With a 30-year amortization, a $500,000 mortgage could have a monthly payment that’s 10-15% lower than the current 25-year term. 💵 Insured Mortgages for Properties up to $1.5 Million: The mortgage cap for insured properties has been raised from $1 million to $1.5 million, expanding options for homebuyers in cities where property prices have surged. Impact: This reform could open the door for more buyers in high-demand urban markets like Toronto and Vancouver, where average home prices easily surpass $1 million. Stat to note: The average home price in Toronto is currently around $1.18 million, making this policy highly relevant for today’s buyers. 📈 Bottom line for buyers: These reforms are significant steps toward improving housing affordability in Canada. With extended amortization periods and higher insured mortgage caps, the dream of homeownership just got a little closer for many Canadians. TD BMO Scotiabank EQ Bank | Equitable Bank Remax Century21 Yarina Tsap Faizan T. Anthony Scimeca Sital Widhoun Reaza Ali #CanadianHousingMarket #FirstTimeHomebuyers #MortgageReforms #HomeAffordability #RealEstateCanada #GTAHomeBuyers sHelto Mortgage

We just released our revised projections for #Southeast #Florida's 2024-25 #Housing #Market #Outlook. We expect the 30-year #mortgage rate to fall to 6.6% by year-end 2024 and to further fall to 5.7% by year-end 2025. We also expect single- family #sales to increase 8% in 2025 and the median sales #price to rise nearly 10% while #condo sales stay flat (with downside risk)due to the new condo regulation ( Building Safety Act) that can potentially raise condo fees and assessments. Check out the full- report June updated outlook at: https://lnkd.in/gAgx7uEd

Are we witnessing the early signs of change in the housing market? Pending home sales saw a slight increase of 0.6% in August, reflecting a modest improvement in housing affordability. This uptick aligns with the recent drop in mortgage rates to 6.5%, providing some relief to buyers. However, while the Midwest, South, and West reported gains, the Northeast experienced a decline. The Pending Home Sales Index remains near cyclical lows, highlighting that we still have significant challenges ahead. Home prices continue to reach record highs, raising concerns about long-term affordability. Yet, Chief Economist Lawrence Yun notes potential savings of around $300 per month on typical mortgages due to the favorable rate adjustments. As real estate professionals, we must remain vigilant and adaptive. Understanding these regional trends will empower us to better guide our clients through this fluctuating landscape, addressing both their needs and concerns. Let’s be proactive and optimistic about finding solutions that work for our communities in this evolving market. #HousingMarket #PendingHomeSales #RealEstateTrends #MortgageRates #FloridaRealtor #MarketUpdate

🏡 Housing Affordability Across the UK: How Long It Takes to Buy a Home 🏡 The housing affordability data across the UK provides an insightful snapshot of how long it would take to buy a home in different regions based on average salaries 💰 These figures paint a picture of housing affordability across the country, providing valuable context for Stratford-upon-Avon homeowners and potential buyers. It’s clear that property prices differ significantly depending on where you are, but for those in the local Stratford market, understanding these affordability comparisons helps to shape expectations around property values and potential future trends. 📊 While affordability may seem daunting in certain parts of the country, it's important to remember that today’s mortgage payments, as a percentage of take-home pay, are only slightly above the long-term average. 💸 Despite rising property prices, the affordability landscape is far more balanced than it may appear, especially when considering historical interest rates. This balance ensures that home ownership remains an achievable goal for many, even in more challenging market conditions. Keeping a finger on the pulse of national trends can help inform decisions locally, offering a broader perspective on housing affordability. 📈 If you have any questions about the Stratford-upon-Avon property market, feel free to give us a call on 01789 414222 📞 #HousingAffordability #UKPropertyMarket #StratfordUponAvonHomes #MortgageTrends #HomeBuyingTips #PropertyInvestment #StratfordProperty #RealEstateInsights