Dr. Jessica Lautz’s Post

Home sales pricing is climbing but sales are slightly down. All while interest rates are rising slightly. This is the time for Sellers to sell! The buyers are out there, and many are cash buyers (28% of the market). Homes listed now are selling fast and with multiple offers. Want to list your home? Give me a call and I can let you know all that I can offer you. I will listen to your goals, explain the market, and sell your home with the least amount of stress and disruption. #sellersmarket #realestate2024 #easternTNrealestate #GreaterKnoxvillerealestate #TellicoVillageLoudonTN #SellMyHomeNow

Sales of new homes rose nationally in 2023 for the 1st time in 2 years, up 4.2% from the previous year. However, fluctuating mortgage rates remain a wild card.

Home prices hit record high in May as sales stall - https://lnkd.in/guMy4UFq Sales of previously owned homes are sitting at a 30-year low and didn't move much in May as prices hit a new record and mortgage rates remain high.So-called existing home sales in May were essentially flat, down 0.7% from April to a seasonally adjusted, annualized rate of 4.11 million

Newly Built Home Sales Inched Up In January: -New homes sold at an annual rate of 661,000, a 1.5% increase from December, but below the 680,000 forecasters expected, according to a survey of economists by Dow Jones Newswires and the Wall Street Journal. -The rate was 1.8% higher than a year ago but was 3.5% lower than the average in 2019 pre-pandemic. Like the market for existing homes, sales of newly built houses have been bogged down by high mortgage rates that have put home purchases out of reach for many buyers. -A downtick in mortgage rates earlier this winter could help improve the situation going forward, Ryan Sweet, Chief U.S. economist at Oxford Economics, wrote in a commentary. -The average rate offered for a 30-year mortgage hovered in the high 6% range in January after hitting 7.79% in late October, according to Freddie Mac. Furthermore, the roaring job market has kept potential buyers in good financial shape. Source: Investopedia 02/26/2024

Pending home sales climbed 8.3% in December! A gauge of pending existing-home sales rebounded sharply in December to a five-month high, suggesting the recent drop in mortgage rates is helping to stabilize the resale market. The National Association of Realtors’ index of contract signings increased 8.3% to 77.3 after holding at a record low a month earlier, according to data released last Friday. “The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” Lawrence Yun, NAR’s chief economist, said in a statement. “Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand.” The pending home sales report is a leading indicator of existing-home sales given houses typically go under contract a month or two before they’re sold.

In the latest housing reports, it's revealed that the median U.S. home-sale price reached an all-time high of $383,725 in the four weeks leading up to April 21, marking a 5.2% increase compared to the previous year—one of the most significant surges seen since October 2022. Meanwhile, the average weekly mortgage rate surged to 7.1% this week, hitting its peak since November 2023. This rise comes amidst the Federal Reserve's indication of maintaining high interest rates for a longer period than anticipated. Consequently, the combination of soaring prices and mortgage rates has propelled the median monthly housing payment to an unprecedented $2,843, reflecting a notable 13% rise year over year.

New home sales slump to six-month low High mortgage rates are continuing to deter buyers Sales of new homes across the US plummeted in May, hitting their lowest level since November as high mortgage rates and affordability struggles continued to grip the national housing market. Government data released on Wednesday morning showed an 11.3% drop in new single-family home sales last month, with the annual pace of 619,000 meaning the market performed worse than almost all economists surveyed by Bloomberg had expected. All four major regions across the US saw sales fall in May, with prices also ticking marginally lower. The median sale price of a new home last month was $417,400, down 0.9% from the same time last year, while new listings were up. There were 481,000 available homes on the market in May, data showed, even as many would-be sellers choose to stay in place to keep the record-low mortgage rates they secured at the height of the COVID-19 pandemic when borrowing costs were considerably below their current level. #mortgagereports #newhomesales #realestate #homebuyers #rates #inflation #renovationloans

Mortgage rates continue to increase…. that means home prices will fall, right?! Not exactly, our market is very very different than it was 2 years ago. Inventory (supply) now controls the market almost entirely as last month, inventory levels were at 45% below pre-pandemic levels. With new listings down across the country, especially in high demand areas, it’s highly unlikely we will see a big change in prices in the near future. So, if you are in a position to buy real estate, now might be the best time to jump on the next property that becomes available. Interest rates will eventually come down, and when that happens, prices could increase dramatically. This article does a great job explaining! https://lnkd.in/g24GZxAq

Mortgage rates dipped below 7% to 6.94% for the week ending May 23, potentially boosting the spring housing market amid increasing home inventory and a slight rise in median list prices.

As mortgage rates continue to rise, buyers are facing financial challenges, leading to an uptick in home sellers reducing prices to facilitate deals. With the market experiencing a lack of supply and buyers becoming increasingly price-sensitive, accurate pricing is paramount for sellers looking to close deals in this environment. Read more: