Welcome to your go-to guide for all things real estate, housing market, and home decor! Tired of scouring the internet for hours to keep up with industry trends? Look no further – here’s everything you need to know, all in one place and in a fraction of the time!
Recommended Reads
Buyers catch a break: Home prices just fell the most in 2 years
Business Insider | Jennifer Sor, Real Estate | August 7 | Tags: Housing Market, Home Prices
Hold on to your hats, homebuyers! July saw a whirlwind of price cuts in the housing market, with 18.9% of listings getting slashed. It’s the biggest rate drop in two years! Why, you ask? Buyers are playing the waiting game, holding out for lower mortgage rates. The cuts have helped nudge the median US home price down from $445,000 to $439,950. So, if you’re house hunting, keep an eye out for those falling prices!
High Rates Have Been Good for One Corner of the Mortgage Industry. Now What?
Wall Street Journal | Telis Demos, Real Estate | July 30 | Tags: The Fed, Mortgage Rates
High interest rates have given the mortgage servicing sector a nice profit boost. But the crystal ball is a bit foggy, as the Fed is hearing up to cut interest rates. Falling rates could spark a flurry of refinancing and moving, hitting servicing rights and shrinking interest earned on escrow cash. Hold on tight, it’s going to be an interesting ride!
Headlines
Real Estate News
Weekly mortgage refinance demand soars 16% as rates sink to lowest level in over a year
CNBC | Diana Olick, Mortgage | August 7 | Tags: Mortgage, Housing Market
Great news, future homeowners and refinancers! The average interest rate for 30-year mortgages just took a nosedive to 6.55% from 6.82%. This drop sparked a 16% increase in refinance applications, making them 59% higher than last year. Meanwhile, home purchase applications tiptoed up by 1% for the week…. happy mortgage mayhem!
Mortgage Rates Drop To 2024 Low—Small Bright Spot Amid Economy Angst
Forbes | Derek Saul, Real Estate | August 8 | Tags: Mortgage, Economy
Mortgage rates just dropped to their lowest level in 15 months, hitting 6.47%. This dip offers a bit of relief amid economic worries and high borrowing costs. However, the rates might climb again if recession fears ease and borrowing costs rise. Enjoy the lower rates while they last!
Economic and Housing Trends
More housing markets are shifting—just look at these 2 maps
FastCompany | Lance Lambert, Housing Market | August 8 | Tags: Housing Markets, Inventory
Interesting trend alert! In some areas where the number of homes for sale are back to pre-pandemic levels, prices have been relatively stagnant or even dropped over the past two years. However, in places where there’s still a shortage of homes for sale, prices have been climbing. So, depending on where you’re looking, you might find a great deal or face a bidding war!
The mortgage lock-in effect shaved $20 billion off the US economy in a year
Business insider | Jennifer Dor, Real Estate | Aug 8 | Tags: Lock-in Effect, Mortgage Rates
High mortgage rates cost the U.S. economy $20 billion last year due to fewer people moving. This “lock-in” effect slowed the market, but with rates possibly dropping soon, things could get exciting again!
Home Aesthetics
12 Home Trends That Will Be Everywhere Soon
Forbes | Kristin Salaky, Real Estate | Aug 1 | Tags: Home Trends, Decor
Say goodbye to those all-white, minimalist spaces! The new trend is all about cozy, warm vibes. Neutrals are getting a makeover with creams, clay, and putty colors, making homes feel more inviting. Bold reds, pinks, and greens are also in the spotlight, perfect for accent walls or trim. Embrace the warmth and make your home a cozy haven!
Eco-Friendly Home Renovations Are Popular but Pricey. Here’s Where to Start.
Wall Street Journal Robyn A. Friedman, Real Estate | Aug 7 | Tags: Home Renovations, Affordability
Here are some fun and light eco-friendly home renovation tips for you! Make your home greener by using sustainable materials like bamboo and reclaimed wood. Upgrade to energy-efficient appliances and install solar panels to save on energy costs. Try low-VOC paints for a healthier indoor environment and consider rainwater harvesting systems for your garden. Small changes can make a big difference!
