I hope your week is off to a wonderful start! I’ve got lots to cover in this update, so let’s dive in. My goal here is always to cut through the noise and share what actually matters for your home, your goals, and your wallet.
A Tug-of-War in the Markets
It’s been a volatile week for mortgage rates. On one hand, geopolitical tensions in the Middle East have pushed oil prices higher, which generally puts upward pressure on rates. On the other hand, we saw a meaningful recovery over the weekend following optimistic headlines regarding a potential resolution to the conflict. While rates have edged up compared to last week, the “big picture” remains encouraging: they are still lower than they were at this time last year.
The Affordability Silver Lining
Despite the headlines, there is some truly fantastic news. Affordability hit its strongest level in nearly four years this quarter. Why? Because for 19 consecutive months, household income growth has actually outpaced home price growth. In many markets, we are seeing the best buying power since 2022. It’s a reminder that while we can’t control the daily fluctuations of the bond market, the underlying fundamentals for buyers are steadily improving.
A Shift in Power
If you’ve noticed more “For Sale” signs lingering in your neighborhood, you aren’t imagining it. More than half of all home listings nationwide are now considered “stale,” meaning they’ve been on the market for over 60 days. This is the highest level we’ve seen since 2019.
For my buyers, this means you have more negotiating power than you’ve had in years. For my sellers, it’s a sign that realistic pricing is the key to a successful move.
Looking Ahead
We have a heavy slate of economic data coming this week, including the March Jobs Report. These reports often dictate the market’s next move, and I’ll be watching them closely.
Whether you’re looking to make a move or just want to chat about your home’s value in this changing landscape, I am always here to help.
