Signs of housing demand surge after interest rate cut

Mortgage rate locks are up 68% from a month ago, while home tour requests are also on the rise.

The question from the housing industry after the Federal Reserve’s half-point interest rate cut is simple — will this bring buyers back to the stalled housing market?

A new report from Redfin suggests that it is already happening. The company analyzed mortgage rate-lock data from Optimal Blue and found that locks have risen 68% this week compared to one month earlier.

That’s just one signal that demand is increasing. Purchase mortgage applications are up more than 10% compared to last month, while Redfin’s homebuyer demand index — which measures home tours and other agent services — reached its highest level since May with a 1% year-over-year rise.

“News of the Fed’s historic interest-rate cut is the main factor bringing home buyers off the sidelines,” the report reads. “Many house hunters had been waiting for the rate cut to actually happen to get serious about buying, and now they have, even though mortgage rates didn’t fall further after the rate cut than they had in the week leading up to it.”

The rate cut comes at a good time for a housing market that’s been starved for sales. While the new-home sales report for August showed a 9.8% year-over-year rise in transactions, existing-home sales — which make up the bulk of the market — were down 4.2%.

There are also signs that lower rates are contributing to improved housing affordability. A report from Attom compared the median price of a home with the average national wages in the second quarter of 2024, finding that the costs associated with homeownership are taking up a smaller share of wages.

The Mortgage Bankers Association also reported that the national median mortgage payment for applicants fell by 5.2% between July and August.

Read more at HousingWire.com

Related Links

• The Down Payment Assistance You Didn’t Know About

• Why Buying Now May Be Worth It in the Long Run

• 12 Curb Appeal Updates You Can Do Now to Make Spring Maintenance a Breeze

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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12 Curb Appeal Updates You Can Do Now to Make Spring Maintenance a Breeze

Blooming flower bushes, lush hedges, freshly trimmed grass—they’re pillars of curb appeal, and yet, for those of us in cooler climates, fleeting.

Autumn brings brown lawns and lots of raking, but true yard work? Not so much. Well, don’t lock up the garden shed just yet. According to a new report from Thumbtack on the U.S. cities with the best curb appeal of 2024 (and the projects people are booking the most in the fall), there is still plenty to be done. And the projects you tackle now will only help boost your curb appeal in the spring.

Here’s a look at the 12 tasks you can do this season to elevate your outdoor space, plus how much they’ll cost you if you hire them out.

1. Aerating lawn ($242)

2. Overseeding lawn ($277)

3. Fertilizing lawn ($257)

4. Gutter cleaning ($235)

5. Leaf cleanup ($222)

6. Outdoor insect control ($248)

7. Pressure washing ($362)

8. Shrub trimming ($326)

9. Sprinkler system ($152)

10. Tree trimming ($782)

11. Weeding ($209)

12. Window cleaning ($264)

Tally that up and you’ll find that the average cost of a fall exterior revamp comes to $3,756. Of course, you don’t have to take on every last job mentioned above. The first five are the most crucial, says Thumbtack. Overseeding and aerating your lawn allow nutrients to sink into the soil and improve your grass coverage; pruning perennials promotes healthy new growth next year; and getting into those gutters ensures the integrity of your roof stays sound. Luckily, you’re probably familiar with the last one: becoming best friends with your rake to avoid moisture getting trapped in your lawn. Because when 71% of people admit to judging their neighbors’ yards, you don’t want to be that house on the block come March.

Read more at Domino.com

Related Links

• The Down Payment Assistance You Didn’t Know About

• Why Buying Now May Be Worth It in the Long Run

• The Latest Builder Trend: Smaller, Less Expensive Homes

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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Why Buying Now May Be Worth It in the Long Run

Should you buy a home now or should you wait?

That’s a question a lot of people have these days. And while what’s right for you is going to depend on a lot of different factors, here’s something you’ll want to consider as you make your decision.

As soon as you buy, you’ll start gaining equity. And you’d be surprised how quickly that can add up – even with more moderate home price appreciation.

Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over the next five years. In the latest release, experts project prices will continue to rise nationally through at least 2028 (see the graph below):

While home prices are going to vary from one local area to the next, this shows they’re expected to keep going up nationally. The size of the increase varies from year-to-year, but the important takeaway is that prices are forecast to rise every single year – just at a moderate pace.

And while rising home prices may not sound great right now, once you own a home, that growth will be a big bonus for you. Here’s a look at what you stand to gain equity-wise once you buy. The graph below uses a typical home’s value and those HPES projections to show how much equity is at stake:

If you bought a $450,000 home at the beginning of this year, based on that starting value and the expert forecasts from the HPES, you could gain more than $90,000 in household wealth over the next five years. That’s significant.

So, if you’re ready and able to buy, and growing your wealth is important to you, you’ve got an opportunity in front of you. And now that mortgage rates have fallen, it may be time to consider making a move.

To talk more about your options and what makes sense, lean on a pro. They’ll be able to tell you what home prices are doing in your area and what that means for your move (and your future equity). The Mortgage Reports says:

“Given the intricacies of the current market, it’s more important than ever to stay informed and up to date about housing market conditions. Whether you’re looking to buy or sell in the remaining months of 2024, having a professional guide you through the process can make all the difference.” 

Bottom Line

The decision to buy now or wait is a very personal one, but it’s valuable to have an expert’s perspective. They won’t push you, but they will explain things you may not have considered, like the equity that’s at stake.

If you want help weighing your options and thinking through how the current market factors in, connect with a local real estate agent.

Read more at KeepingCurrentMatters.com

Related Links

• The Down Payment Assistance You Didn’t Know About

• Creating a Cozy Home: Tips for Transitioning from Summer to Fall

• The Latest Builder Trend: Smaller, Less Expensive Homes

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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Just Listed: Discover Tranquility Near Trails and Lakes!

Imagine living near lots of great trails, a stunning lake, and having a pool you don't have to maintain during the summer.

Well, this is life in Lakecrest. This well kept 2 bed, 3 bath home is just waiting for you to stop by and fall in love. When you walk in you are greeted by vaulted ceilings and ample natural light from the large windows. The upper level of this home has a kitchen and a large dining room perfect for any gathering. The dining room opens onto a deck where you can enjoy a morning cup of coffee or an afternoon BBQ. The main level of the house has a large living room with a gas fireplace where you can cozy up and watch your favorite movies or play games with friends. The living room opens to a patio that connects to the upper deck along with a low maintenance back yard. The main floor also has the primary bedroom with a primary bath featuring a relaxing soaking tub that can be your private oasis after a long day. The lower level of the home comes with a bonus room that can easily be converted into a 3rd bedroom. There's an updated 3/4 bath and bedroom on the lower level as well. Need more space? There's an entire unfinished basement that is a blank canvas for added bedrooms or entertaining space (approx 20 x 40ft). The furnace and AC were replaced about 2 years ago. The HOA has a pool with a cabana & kitchen you can rent, has fun events throughout the year, a basketball and tennis court, and is only $57 per month! This home is located perfectly with dining at Five Parks, beautiful views of Standley Lake as you enter and exit the neighborhood, and easy access to Hwy 36. Standley Lake Regional Park has 3,000 acres for you to explore. Popular activities include paddle boarding, kayaking, rowing, fishing, picnics, walking, bicycling, camping, and wildlife viewing.

SAVE UP TO $400 A MONTH FOR THE FIRST YEAR WITH A 1-0 BUY DOWN USING A $10,000 SELLER CONCESSION BEING OFFERED ON THIS PROPERTY.

Listed by Maggie Fast & Kendra Buck for West + Main Homes. Please contact Maggie for current pricing + availability.

 

Have questions?
West + Main Homes
(303) 935-8787
hello@westandmain.com

Presented by:
Maggie Fast + Kendra Buck
Maggie: 720-819-6677
Kendra: 303-828-8232
maggie@westandmainhomes.com
kendrab@westandmainhomes.com

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Just Listed: A Perfect Blend of Rural Charm and Urban Convenience!

This quintessential farmhouse, nestled on approximately 1.4 acres, perfectly blends rural charm with urban convenience.

From the welcoming front porch to the open floor plan featuring four beds as well as a bonus room, this home was meant to host family and friends. Just in time for the holiday season too! The large living area is open to the kitchen and features a gas fireplace complete with shiplap accent and darling built-ins on each side. The kitchen has a window over the sink for the perfect view of the back yard. A large island, plenty of cabinet space, granite countertops and stainless steel appliances are noteworthy as well. The primary bedroom has a coffered ceiling with recessed lighting and an en suite with a jetted tub, shower with overhead rain head, dual sinks and walk-in closet. The two nicely sized secondary bedrooms are split from the primary and share a full bath. The fourth bedroom is next to the primary and would be a perfect home office or guest room. Upstairs you will find a spacious bonus room as well as a half bath making it the perfect flex space. Step outside to a sprawling, fully fenced yard, ideal for gardening, outdoor activities, or just simply enjoying the beautiful Oklahoma skies. Located just minutes from I-40, commuting is a breeze. Enjoy the beauty of country living while enjoying the conveniences of modern life by making this home yours!

Listed by Autumn Nicole for West + Main Homes. Please contact Autumn for current pricing + availability.

 

Have questions?
West + Main Homes
(405) 652-6635
hello@westandmain.com

Presented by:
Autumn Nicole
405-420-3661
autumn@westandmainok.com

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