David Hirota’s Post

The average and median home price in the Portland Metro both fell over 2% in July. The inventory of homes also rose to 2.8 months so we are now almost in a balanced market. The Portland housing market cooled faster than anticipated last month. One day buyers were walking through open houses and the next day they weren’t. I know of several listings in Beaverton and Tigard that a single buyer didn’t walk through during the first week on market in July. That being said, my team participated in bidding wars but only at price points under $425,000. We had a listing come on in the high $600,000’s in Murrayhill a couple weeks ago. Around 35 groups have walked through so some listings are certainly getting attention even if no offers have come in yet. The 30 year fixed mortgage rate averaged 6.47% across the United States last week after falling dramatically on August 2nd. We could see a very active market in the fall if mortgage rates continue to decrease... https://lnkd.in/gz6r7w6M

As the winter season progresses, challenges like low inventory cast a frosty spell on the Seattle real estate market. Yet, amidst the chill, rays of hope emerge—falling interest rates and an uptick in closings offer optimism for buyers. Understanding the interplay of affordability, mortgage rates, and inventory is key as we head into 2024, paving the way for potential shifts in the real estate landscape. Read more on my blog at https://bit.ly/47nkW9K #SeattleRealEstate #WinterMarket #NavigatingChange #MarketTrends #Seattle #RealEstate

With home prices in the Houston area at an all-time high. The exodus to the outer suburbs continues. The top spot for Houstonians is Porter/New Caney West in Montgomery County, where prices average at $290,456. Elevated home prices and high interest rates are pushing homebuyers towards the outskirts of Houston, further and further away from the city. Mortage rates have been flat hovering around 7 percent. But that may soon change, according to Holden Lewis, Home and Mortgage Expert at Nerdwallet. "The Federal Reserve has been hinting for weeks that it will cut interest rates in September, and mortgage rates have been falling gradually in advance of that welcome development," Lewis said. Read more Chron.com #realestate #houstonrealestate #houstontx https://lnkd.in/gxKpDTEA

Housing inventories remain stubbornly low and mortgage interest rates are not far from multi-decade highs, but deals are still happening as we roll up to the popular Spring market. Here’s what the professionals are saying about what’s in store for this season. Odeta Kushi, Deputy Chief Economist, First American: “. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.” Lisa Sturtevant, Chief Economist, Bright MLS: “There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.” Danielle Hale, Chief Economist, Realtor.com: “Where we are right now is the best of both worlds. Price increases are slowing, which is good for buyers, and prices are still relatively high, which is good for sellers.” Skylar Olsen, Chief Economist, Zillow: “There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses. Buyers should prep their credit scores and sellers should prep their properties now, attractive listings are going pending in less than a month, and time on market will shrink in the weeks ahead.” Jiayi Xu, Economist at Realtor.com: “While mortgage rates remain elevated, home shoppers who are looking to buy this spring could find more affordable homes on the market than they saw at the same time last year. Specifically, there were 20.6% more homes available for sale ranging between $200,000 and $350,000 in February 2024 than a year ago, surpassing growth in other price ranges.” Source: https://lnkd.in/g6e2y9k9 #housingmarket #housingmarketupdates #homebuying #homeselling #homebuyers #homesellers

🏡 **Thinking About Selling Your House? Here Are Answers to Your Top Questions!** 🏡 In today's housing market, mortgage rates are a hot topic, and you might be wondering if it's the right time to sell. Here are three key questions you might have and some insights to help you decide. 💭 1⃣ **Should I Wait To Sell?** If you're waiting for mortgage rates to drop, remember, many others are too! 📉 When rates go down, more buyers and sellers will jump in, increasing competition. As Bright MLS puts it: “Even a modest drop in rates will bring both more buyers and more sellers into the market.” 🏠 Don't wait too long and risk higher prices and multiple-offer scenarios. 2⃣ **Are Buyers Still Out There?** Yes! 📊 Despite higher rates and prices, buyers are still active. The ShowingTime Showing Index shows buyer activity over the past seven years. While demand has dipped since the 'unicorn' years, it's still higher compared to the last normal years (2018-2019). 🗓 There's still a strong market for your house! 3⃣ **Can I Afford To Buy My Next Home?** Worried about affording your next home with today's rates and prices? 🤔 You might have more equity in your current home than you think. Homeowners have gained record amounts of equity recently, and this can make a big difference when buying your next home. You might even be able to buy with all cash! 💵 As Jessica Lautz from NAR says: “Those who have earned housing equity through home price appreciation are the current winners in today's housing market.” **Bottom Line:** If these questions have been holding you back, you're not alone. A recent Realtor.com survey shows over 85% of potential sellers have been considering selling for over a year. 🕒 However, 79% of those who recently sold wish they’d done it sooner. ⏳ Ready to talk more about selling your home? Let's connect! 📞 READ MORE HERE: https://bit.ly/4axW94k #HomeSelling #RealEstate #MortgageRates #HousingMarket #SellYourHouse #HomeEquity #RealEstateTips #HomeBuyers #MoveUp #HousingMarket2024 #SValleyRE #AlstonHomes 📝 *Selling your house in 2024? Get the insights you need to make the best decision for your future. Reach out today!* READ MORE HERE: https://bit.ly/4axW94k

An interesting trend is emerging... #new #home #listings have been ticking up since August, an opposing trend to the expectation/theory that falling mortgage rates will keep homeowners from listing their homes. The #rate-#lock effect seemed to have been in effect in 2022 (blue line), but in the second half of 2023, that effect seems to have reversed, with listings rising in line with the normal trend (green line, 2019). The uptick in new listings in the second half of 2023 is all the more interesting because mortgage rates started to rise during the second half, from 6.34% in April to a peak of 7.62% in October (average), and yet new listings rose. The uptick in new listings means that other factors are trumping the rate-lock effect. 1. One reason could be that homeowners are liquidating their #home #equity gains, especially older homeowners who might be opting to live in a senior community or retirement home. In Miami-Dade, the median single-family home price has quadrupled, from $169,000 in January 2012 to $618,217 in October 2023, a gain of about $450,000. 2. Another reason is that homeowners are finding it attractive to sell their homes for #cash. About 80% of Miami-Dade County's condo homes $1Million or more are all-cash sales. 3. There's also the possibility that homeowners are selling their homes to avoid the rising cost of #property #insurance or expected higher #condo fees/assessments. 4. The homes that homeowners are selling could be #second homes/#vacation homes, so the homeowner is not trading off a lower mortgage for a higher mortgage on a primary residence. Whatever the reasons are, a rising share of new listings is bringing more #supply to the housing market, especially in the condo market, which has now become a balanced market, with 6 months' supply of inventory. Other reasons? Read more at: https://lnkd.in/gBGsyx_G #Economic #Insights Miami Association of Realtors #MiamiForwardThinking

What's your Seattle Housing market prediction? I'll start: Currently mortgage rates are around 6.75%, I could see them go down to 6%, and see a high of around 7.125%. I believe there is pent up demand to purchase a home, so if rates are in the lower 6's around spring/summertime, we may see prices move higher as more buyers jump in causing more bidding wars. I wouldn't be shocked to home prices increase 3% - 5% in 2024, a lot will depend on how much inventory becomes available. Overall, not a gangbuster year but decent year in Seattle.

"2024 Chicago Housing Market Forecast: Key Insights for Buyers in the Second Half of the Year" 🏠 2024 Chicago Housing Market Forecast: Key Insights for Buyers in the Second Half of the Year 🏡 As we move into the second half of 2024, many potential homebuyers in Chicago and the surrounding suburbs are curious about what to expect from the housing market. Here’s a breakdown of expert forecasts to help you make informed decisions. 1. Moderate Increase in Home Prices 📈 Home prices in Chicago and the suburbs are expected to climb moderately. This means that while we won’t see sky-high appreciation, prices are still on an upward trend. For those considering buying, acting now could save you from higher costs later, and your new home is likely to grow in value. 2. Slight Dip in Mortgage Rates 📉 Experts predict a slight decrease in mortgage rates. Even a small reduction can significantly impact your mortgage payment, making it more affordable to purchase your next home. Lower rates can also enhance your buying power, allowing you to consider higher-priced homes within your budget. 3. Steady Home Sales 🏡 Home sales are projected to remain stable throughout the rest of the year. This stability indicates a healthy market where buyers and sellers are actively engaging. It’s an excellent time to explore your options and find a property that meets your needs. If you’re contemplating a move or have questions about how these forecasts affect your plans, let’s connect. With the right information and guidance, you can make the best decisions for your future home. --------------------------- 👉 Let's Connect! 👇 👉 FB Page: Homes Of Chicago By Hugo Group - CB 👉 Instagram: @homesofchicagobyhugogroup 👉 Website: https://lnkd.in/gkZ5m4c3 👉 YouTube: https://loom.ly/eLDK7Fs 👉 LinkedIn: https://loom.ly/SvLSzu4 👉 Pinterest: https://loom.ly/DAhJLSM 👉 TikTok: https://loom.ly/dpCGLHU #LakeviewChicago #LocalRealtor #homesofchicagobyhugo #hugoaraujo #chicagorealestate #ExpertRealtor #lakeviewchicagorealtor #locallakeviewchicagorealtor #localexpertrealtor #localexpertlakeviewchicagorealtor #LocalGuide #LakeviewRealEstate #LakeviewLiving #HomeBuying #LakeviewHomes #MarketTrends #RealEstate #ChicagoRealEstate #HousingMarket #2024Forecast #HomeBuying #MortgageRates #ChicagoSuburbs #PropertyMarket #HomeInvestment #RealEstateTrends #HouseHunting

🌷🌎 ‘The Best of Both Worlds’: The Spring Housing Market Might Just Change Everything for Homebuyers and Sellers It’s not just the temperatures that are warming up right now. If you didn’t already know, spring is the start of the busiest homebuying period of the year. Houses ooze curb appeal with early flowers in full bloom. Buyers don’t mind trudging to open houses in nicer weather. And families start scouring home listings, hoping to move in just a few short months when the kids are out of school. This spring is also the housing market’s make-or-break moment, coming a year after high list prices and mortgage rates—and a lack of available properties—stalled home sales. So what should homebuyers and sellers expect this season? Will asking prices and mortgage rates finally ebb? Will more homes come onto the market? Will sellers have to—gasp—negotiate? Or will a proposal by President Joe Biden to make housing more affordable nip the spring market in the bud? Get all the details at https://lnkd.in/gTK--Dgd