Lower mortgage rates stabilize the housing market

After a waterfall dive, purchase applications data finds its footing for now

Since the weaker CPI data was released in November, bond yields and mortgage rates have been heading lower. The question then was: What would lower mortgage rates do to this data? Now, with five weeks of data in front of us, we can say they have stabilized the market.

Purchase application data came out on Wednesday and the week-to-week data was down 3%, breaking the streak of four straight weeks of growth. The year-over-year data declined 40%, the smallest year-over-year decline since Oct. 19.

For months I have been saying we were going to have challenging comps from October to January because last year at this time mortgage volume was rising — a rare event this late in the year.

Because of that, we should all expect declines of 35%-45% year over year during this period. If things were getting weaker, 53%-57% negative year-over-year declines would be in play. However, mortgage rates have fallen more than 1% since the recent highs, so it’s time to look at the data to explain how to interpret it.

The bleeding has stopped

First and foremost, the bleeding has stopped in this data line, but the context is critical here. We had a waterfall dive in this data line and adjusting to the population, we hit an all-time low, so let’s put the bounce from the lows in context. This isn’t like the COVID-19 recovery where the data was getting noticeably better on a year-over-year metric; the purchase application data just stopped going down.

For now, just think of it as stabilization and we need to see more of this to make a valid premise that the worst is behind us.

As you can see from the chart above, the last several years have not had the FOMO (fear of missing out) housing credit boom we saw from 2002-2005. Accordingly, we also haven’t had a credit bust in the data line.

What I mean by a credit bust is that after the housing bubble burst in 2005 into 2006, we saw a massive increase in supply. These were forced credit sellers, which means these sellers don’t sell to buy a home like a traditional seller does. Since they were distressed forced sellers, inventory skyrocketed in 2006 and stayed very elevated in 2007 and 2008.

As we can see below, none of that is happening today because the seller isn’t stressed.

Total inventory levels

NAR: Total Inventory levels 1.22 million
Historically inventory levels range between 2 million and 2.5 million, the equilibrium balance between a buyer and seller marketplace that has been here for four decades. Only from 2006-2011 did we see this break due to forced sellers who couldn’t buy homes.

Keep reading.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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How to Prepare Your AC Unit For The Winter Months

As winter approaches, you’ll want to get your home’s air conditioner prepared for the cold season.

Even though you likely won’t be turning on your AC anytime during the winter, it’s still important that you perform certain tasks to help ensure that your unit remains up to standard so that it will be ready to use again when the warmer weather returns.

Shut Off Power to the Unit
Even though your air conditioner will be set to the off mode, you should still make sure that no power is being supplied to your unit. If your unit is still able to receive power, your AC might turn on automatically if you have an unusually warm winter day, and this could waste energy along with your hard-earned money. The switch to shut off power to the unit is usually red and may be located either inside or outside of your home.

Remove Dirt and Debris
Your AC unit has likely accumulated a lot of dirt and debris throughout the year and giving your unit a good cleaning can preserve it better. Cleaning brushes can be used to remove much of the dirt and debris from areas that are accessible. A commercial cleaning solution or a mixture of water and mild detergent often works well for cleaning AC coils.

Hire Maintenance Professionals
AC maintenance professionals, such as those from STA SO COOL HVAC, or another company in your area can do the repairs and upgrades that are necessary to ensure that your air conditioner will last through the winter and be ready to use during the warmer months. These professionals can inspect your system for any problems and perform other tasks like adding coolant, replacing filters, and replacing any damaged parts.

Cover the Unit
No matter if you have a window or central AC system, any portions of your unit that are exposed to outdoor elements should be kept covered during the winter. A reliable cover can keep your unit cleaner and prevent damages that are often caused by freezing weather and other outdoor elements. You can choose from different AC unit covers that are made with insulation materials and fit your type of air conditioner.

Even though the hot season may be over, you shouldn’t forget to give your air conditioner the care that it needs to still function when you need it again. Experienced AC contractors can assist you with any preparation work and offer additional services that may benefit your unit when the weather turns chilly.

Get more tips like this on RISMedia.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Open Dining Is Out—It's Time To Welcome Back The Formal Dining Room In 2023

In the fight to idealize our homes, dining rooms have been a devastating casualty.

For many eager to embrace wide, free spaces and opportunities for family time, the dining room fell victim to open floor plans. For others, world events forced the dining room’s transition from a space for family dinners to one meeting newfound homebound needs like home offices, homework stations, or even makeshift home gyms. Before our very eyes, dining rooms have disappeared.

But enough is enough. We miss dining rooms, and we’re not afraid to say it. For too long, they may have been overlooked, but moving into 2023, we’re reclaiming the dining room. In 2022, we leave behind the fad of not having a formal dining area. As luck would have it, the reviews are in and designers agree: Dining rooms are trendy again. Can I get an amen?

Welcoming Back The Formal Dining Room

“For a while, we’ve seen a lot of big, open floor plans where the kitchen, dining, and living fits in one big box, but I think we’re coming back to doing more traditional layouts with separate dining spaces that make things a little more intimate,” says the Louisiana-based principal designer of Thomas Guy Interiors, Lance Thomas. A dining room fan himself, he's noticed an increase in clients requesting formal dining spaces.

Like Thomas, we’re excited about this shift. We’re tired of eating in the kitchen, which is also the living room, and also the family room. And while the open floor concept had the best intentions of bringing family together, we’re tired of just seeing our loved ones more without really having quality time. While an open floor plan gets lost in the hubbub of everyday, a dining room is a place of coming together with loved ones intentionally and focusing on nothing more than a good meal and each other. 

"Bringing people back to more of a communal dining space allows people to reconnect. It’s the only space in the house where you’re not idling or just sitting around,” says Thomas. “Even a casual meal in a formal dining room allows you to reconnect with people and disconnect from technology.”

We don’t always agree with the trends, but this is one we can get behind. We’re firmly on the dining room train because it’s a special place with the power to shift interactions in the home. Plus, the design potential is downright exciting.

Designing A Dining Room

“A lot of people don't realize that keeping rooms separate actually allows for more creativity throughout your home,” reveals Savannah McPartland, design partner at Haddy House Interiors in Houston. “In a dining room, you can really take things to the next level and bring in rich hues, wallpaper, or creative picture frame molding, as opposed to limiting yourself to one color palette like you would if you have an open floor concept. You can do so much more to make a space pop.”

Thomas agrees that separate rooms allow you to personalize your home more and be adventurous in your design. You don’t have to worry about rooms clashing with each other like in an open concept space. Go all out with bold paint choices, textures, wall moldings, and high contrast elements that suit your personal style, no matter what the room over looks like. Have fun with it.

“A lot of times people think the jewel box space—where you can make some bold choices— is the powder room, but I think the dining room is the next jewel box space,” says Thomas.

Creating The Effect In An Open Floor Plan

If you drank the Kool-Aid on the open floor plan fad but crave the intentionality and quality time afforded by a dining room, Thomas recommends doing everything possible to create “a room within a room.”

“It’s important to designate the space for what it is,” he says. “I would start by doing everything you can in your open floor plan space to make it feel special again.” Do this by anchoring that section of the open room with a rug to mark its separation, hanging a unique lighting fixture over the space that’s different from the rest of the room’s lighting, and strategically placing a sideboard or bar cart to section off the dining space. 

With physical barriers created, establish social boundaries as well for your newfound dining area. It’s now a place of connection and quality time to be appreciated. We’ve made the mistake of neglecting the need for a dining room once and we won’t be doing it again.

Get more like this on Southern Living.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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The 9 Mistakes Winter Home Sellers Make in Their Yards

If you’re selling your home in the winter, you might think all you have to do is add some garland and a strand of twinkle lights to that “for sale” sign, and voilà! You’ve got a winter wonderland home buyers will love. 

Not so fast. Even if Mother Nature boosts your curb appeal with freshly fallen snow to adorn your lawn and rooftops, you’ll need to step it up.

“It’s all about first impressions,” says Christa Kenin, a real estate agent with Douglas Elliman in Fairfield County, Connecticut. “Buyers are judging a home before they even step inside.”

They might indeed be rushing inside your home to escape the cold this winter, but they’ll notice a few things as they do. Try to remedy these nine mistakes before putting your place on the market.

Dirty Siding and Windows

You’re likely all in on a deep clean of your home’s interior prior to the open house, but don’t forget about the outside. “The exterior of the home should always be clean before listing it for sale,” says Jon Sanborn, a licensed real estate agent in San Diego and cofounder of SD House Guys, a homebuying firm. He recommends a pressure wash to peel off months’ worth of dirt, mud, and debris from siding and other outdoor surfaces like walkways, driveways, patios, and decks.

At the very least, wash those windows, advises Kenin. “Shiny, clean windows are always appealing and make a home look clean and fresh,” she says. “Clean windows also help distract buyers from focusing on older windows and molding.”

Burnt-Out Exterior Lighting

Tour your home’s exterior at night and make a note of where you need to replace lightbulbs. “A house with burnt light bulbs immediately sends the wrong message and signals that other parts of the home may not be well maintained,” Kenin says. Many home designers will also recommend using all cool or warm bulbs for a uniform look, so keep that in mind when stocking up on replacements.

Crumbling Hardscape

Now’s the time to replace or regrout any bricks or pavers in disrepair around your home’s exterior, especially if they’re lining walkways, says Kenin. It also goes without saying that if snow or ice has fallen, you’ll want to ensure that all walkable hardscapes are clear.

Discarded Sports Equipment and Outdoor Toys

Stow away any sports equipment taking up yard space, like “monster-sized” soccer or lacrosse nets, says Kenin. And if there’s equipment in disrepair — like a basketball hoop with a chipped backboard or torn net, for example — get rid of it. The same goes for old, rickety swing sets and plastic dollhouses. 

Cluttered or Broken Gutters

No one notices gutters until they’re broken or overflowing. Make sure yours are neither, says Sanborn. “Not cleaning out gutters will create an eyesore for potential buyers, as well as possibly lead to water damage or foundation issues if left unchecked,” he says.

Forrest McCall, a real estate professional and owner of the DIY site MamaNeedsaProject.com, agrees. “Realtors and buyers will quickly spot a leaking gutter from melting snow, which can lead to a reduced offer,” he says. 

Overgrown Trees and Bushes

In the springtime, it’s all about a lush green yard for curb appeal. But in winter, it’s all about mitigating damage to your home, according to McCall. “Trimming trees and bushes before snowfall can help prevent potential damage during snow storms, which buyers are always on the lookout for,” he says.

Neglected Roof Repairs

Sanborn says winter is the best time for roof repairs because materials are usually cheaper and hot weather isn’t a concern. “Failing to make any needed repairs can put buyers off, especially when considering the potential expense of having to replace or repair a roof,” he says.

A Shabby Entry

If you’ve got a peeling stair rail, cracked doorbell button, or rotted-out mailbox, fix or replace them all, says Kenin. None of it says “welcome home” to would-be buyers.

A Dirty Pool

Swimming season might be over, but don’t think buyers will ignore a closed pool covered in dirt or soggy wet leaves. “A dirty pool will be an immediate turn-off to potential buyers, as well as create a hazard for anyone who may be interested in taking a closer look,” says Sanborn.

And you thought yard work was just for the spring and fall! There’s plenty to do besides shovel snow and ice in wintertime, especially if you’re looking to attract home buyers. “During winter, buyers will focus on these elements more because they are not busy admiring green grass, landscaping, and pretty flower beds,” says Kenin. By avoiding these common winter home mistakes, you’ll have a better chance of a “sold” sign in your yard by spring.

Keep reading.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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The Type of Gift You Should Get for Each Zodiac Sign

It’s the most wonderful time of the year — and no, I don’t mean Sagittarius season. With the winter holidays right around the corner, many people are gearing up to purchase gifts for friends, family, and loved ones. 

Don’t know where to start? Astrology actually offers some useful information about the perfect gift for every person. By examining the properties of someone’s zodiac sign, it’s totally possible to hone in on what kind of present will make their heart sing. 

So, hey, consider letting the cosmos steer your holiday shopping this year. Below, read up on which gift best suits each of the 12 signs of the zodiac. If you’re familiar with your full astrological birth chart, read for your Rising sign, which represents your unique perspective, and your Venus sign, which signifies the things you find enjoyable or aesthetically pleasing. 

Happy gifting!

Aries: A bold accessory

Passionate and expressive, Aries placements know how to make a splash. Encourage their trademark boldness by gifting them a fun accessory that complements their personal style. The brighter and more whimsical, the better. (Pro tip: Aries governs the head, so hats, hair clips, or earrings are sure to be a hit.)

Taurus: A handmade item

Ruled by Venus, the planet of love and aesthetics, Taureans gravitate toward anything and everything beautiful. Make this Earth sign feel seen with a luxe, handmade item. You don’t have to make the gift yourself, either. The key here is that it was crafted and chosen with intention.

Gemini: A personalized momento

If there’s one thing those born under the sign of the Twins love, it’s their people. Melt a Gemini’s heart with a personalized memento representative of your relationship. Whether you opt for a framed photo of yourselves together or matching friendship bracelets, you’ll surely appeal to their not-so-secret sentimental side.

Cancer: A self-care kit

As the “mom friend” of the zodiac, Cancer placements often expend a lot of mental and emotional energy tending to the needs of others. Encourage the Cancerian in your life to put themselves first with a tailor-made self-care kit. It can be as simple as some sheet masks and a gift card to their favorite takeout spot or as elaborate as a full-on spa day.

Leo: Tickets to a show or event

It is no secret that Leos love a show. Make their inner Lion roar by taking them to a special event — perhaps a new production of their favorite musical or a stand-up show by a comedian they’re obsessed with. The more intricately you can tailor the evening to their niche interests and preferences, the better.

Virgo: A class or workshop

Consider gifting your favorite Virgo a class, workshop, or Skillshare course about a topic they’ve expressed interest in exploring. Virgos are ruled by Mercury, the planet of communication and learning, so they’ll appreciate any opportunity to broaden their horizons (and as an agile-minded mutable sign, there’s no subject or skill they can’t pick up).

Libra: A book

Those born under this intellectual Air sign love the feeling of losing themselves in a good story. Their perfect gift? A riveting read. Fiction, memoir, poetry — any genre can work so long as it contains a strong narrative element. Bonus points for any book with a beautiful cover, which Venus-ruled Libra is sure to notice.

Scorpio: An ~ experience ~

Stuff comes and goes, but memories are forever. Just ask Scorpio, the sign most closely associated with nature’s death-rebirth cycles. To truly wow your favorite Scorp, give them the gift of an unforgettable one-on-one experience. Whether you opt for an adventurous date night or a once-in-a-lifetime overseas trip, you’re sure to make this guarded Water sign feel special.

Sagittarius: A practical gift

Ruled by outgoing, fun-loving Jupiter, Sags always seem to be doing the absolute most. Help your beloved Archer come back down to earth with a practical present that will bring ease to their everyday life. The more mundane, the better — think a gift card to their favorite local grocery store or a household apparatus they’ll use every single day.

Capricorn: A wall calendar or planner

An ultra-grounded, Saturn-ruled Earth sign, Capricorn placements thrive in the presence of organizational systems. Show them just how much you respect their structure-oriented mind by gifting them a wall calendar, planner, or bullet journal. They’ll feel seen, if a little bit dragged.

Aquarius: A fancy drink or substance

Aquarians love nothing more than being transported to another realm. Gift the Aqua in your life something that will help them get there mentally, be it a fancy natural wine or delicious CBD-infused edibles. And for the sober Aquarians out there — I see you, and I raise you a crisp, non-alcoholic wine paired with a classic sci-fi flick.

Pisces: A piece of art

Nothing speaks to this intuitive Water sign quite like visual art. Pay homage to their creative spirit with a piece of art they can showcase in their home. It can be a photograph, a watercolor painting, a tufted rug — anything, really. The medium doesn’t matter so much as the raw emotion it evokes.

Get more like this on Apartment Therapy.

Related Links

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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