We’ll have to wait and see, but Redfin published a recent report declaring that, according to their data, the housing market has bottomed out and the recovery has begun. The report points to the number of customers requesting first tours of homes rose 17 percentage points from its low in November. Also, the number of people contacting real estate agents has improved by 13 percentage points.
The Redfin report also pointed out that in some popular markets, like Seattle and central Florida, even bidding wars have resumed with well-priced homes selling quickly.
I’m seeing buyers acclimating to the current mortgage rate environment even as rates continue to tick lower, according to Freddie Mac’s latest survey of average rates.
So, even though these minor improvements are not major headlines yet, I like to keep my eyes on trends and make sure you’re aware of what the trends are pointing toward so you can take advantage when the market moves in your favor!
If you have been waiting for better rates and favorable buying conditions, this might be the time! Reach out to me if you’re interested in exploring your best scenario. You can reply to this email now or text/call me at 818.307.6072.
As for what else I’m seeing this week…
Home affordability has improved, according to a report released by the Mortgage Bankers Association. New data shows that the median mortgage payment has fallen, making homeownership more affordable for many buyers.
The Pending Home Sales numbers improved for the first time since May, rising 2.5 percent, also showing a housing market turnaround, according to the National Association of Realtors.
Since we’re starting a new month, there will be a new Jobs Report out on Friday. Predictions are for a 185,000 rise in new job creation for January versus 223,000 in December which, for the third month in a row, was at the top of the consensus range. December, in fact, was the eighth straight month and tenth of the last eleven that payroll growth exceeded economists’ consensus. January’s unemployment rate is seen edging 1 tenth higher to a still healthy 3.6 percent.
So, if these trends continue, we could be looking at a robust Spring homebuying season. If you want to consider buying or selling a home, let’s create a financing strategy for you now, so you can achieve your goals!