Home Buyers Beat The Horrible Weather & Low Home Supply
Local Real Estate Data Rules For Buyers
There are 80 million homes in the United States.
They vary by number of bedrooms, number of bathrooms, total square footage, and type of construction.
They vary by street location, total acreage, and proximity to public services such as a police station and a fire station department. They vary by condition: is the home move-in ready for a new buyer, or does it need some home repairs.
Every U.S. property comes with its own set of unique traits, which is why active home buyers should always look past national home value reports and get focused on the local.
Local is where real estate happens, after all.
What’s true for California real estate is not the same as what’s true in New England, any more than it’s true for the Midwest.
The break-out gets more distinct as we look at real estate values by state, then by city, then by neighborhood, and, eventually, by state.
Every U.S. home is valued independently.
National real estate data has value to economists and policy-makers, but for everyday buyers and sellers, it’s local data that matters most.
When you’re buying or selling a home, get with a local real estate agent who can help you make sense of the numbers.
Today’s Mortgage Rates & Trends
It’s a good day overall for U.S. mortgage rates. Pricing is improved, and borrowers have access to lower rates.
- Conforming mortgages: Lower
- FHA mortgages: Lower
- VA mortgages: Lower
- USDA mortgages: Lower
- Jumbo mortgages: Lower
Remember that the mortgage rate quote you get from a lender is based on about a dozen factors including your loan size, your credit score, and where you live.
There is also a positive correlation between the number of mortgage lenders you contact for a quote, and your ability to get the best mortgage rates available.
Even getting quotes from two mortgage lenders instead of one will yield savings of up to $2,000, statistically. Talking to three or more lenders is ideal.
So, get multiple mortgage rate quotes and find your preferred combination of rates, fees, and service.
Want A Mortgage Lender’s Contact Info?
Bad Weather Can’t Stop Home Buyers
Home buyers fought past bad weather and put a near-record number of new homes under contract in March.
According to the New Home Sales report, a monthly release from the U.S. Census Bureau, home buyers purchased close to 700,000 homes on an annualized basis in March 2018.
The figure represents an 8 percent increase from the year prior. It marks the second-highest reading for New Home Sales in a decade.
And all those new home sales in March happened despite an objectively awful month for weather.
A total of four nor’easter storms bludgeoned the Northeast, dumping feet of snow at a time. The conditions slowed potential home buyers with heavy flooding, strong winds, and generally terrible conditions.
In the Midwest, snow and cold were factors for home buyers, too. Multiple storms blanketed the region and temperatures hit record-lows repeatedly.
But, when it’s time to buy a house, it’s time to buy a house. So, that’s what buyers did.
Now, new home supply sits at 5.2 months nationwide. At the current pace of sales, the complete stock of new U.S. homes will be sold by October.
Home supply of less than six months suggests a “seller’s market” and that’s what today’s buyers are facing. Talk with a loan officer about getting pre-approved and see how much home you can afford.
Know what fits within your budget.