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inflation - The Jenn Pfeiffer Team
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inflation Tag

Think Your Property Taxes Are High? See How Much Homeowners Pay in the Cheapest and Most Expensive States

By Clare Trapasso | Realtor.com Homebuyers looking to avoid high property taxes probably shouldn’t move to New Jersey. The Garden State continued to have the dubious honor of having the nation’s highest property taxes, according to a recent report from personal finance website WalletHub. New Jersey homeowners paid a median of $9,345 in 2022, according to the report. That’s compared with the typical homeowner who paid just $2,869 in property taxes a year, according to U.S. Census Bureau data cited in the report. “Americans who are considering moving and want to maximize the amount of money they take home should take into account property tax rates, in addition to other financial factors like the...

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Don’t Wait Until Spring To Sell Your House

From our friends in KCM As you think about the year ahead, one of your big goals may be moving. But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell. Here’s why. 1. Take Advantage of Lower Mortgage Rates Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may not feel as locked-in to your current mortgage rate right now. That downward trend in rates has made moving more affordable now than it was just a few months ago. Another reason today’s rates make now a good...

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The Most Undervalued Housing Markets in the U.S.

By Patrick S. Duffy | US NEWS & WORLD REPORT Monthly costs in these locations start as low as 18% of local per capita incomes, compared with the national average of 39%. Detroit may not be the most undervalued area for long. Its economy will continue to see steady growth in the years ahead with more jobs and higher wages for area residents. Key Takeaways: The most undervalued markets to purchase a home continue to be located predominantly in the Midwest and the East Coast, led by Detroit, Cleveland, Philadelphia, St. Louis and Oklahoma City. The most undervalued markets to rent a home are also concentrated in the Midwest, led...

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6 Reasons Why It Makes Sense To Sell a Home Right Now—Before the Spring Rush

By Jillian Pretzel | Realtor.com Thinking about selling your house in 2024? While many home sellers wait until spring to put their property on the market, there are some distinct advantages to getting ahead of the curve this year and listing sooner rather than later. Generally, the cold weather season causes home sales to be sluggish, but this winter is a bit different. High interest rates kept much of America’s real estate market in a deep freeze for most of 2023. But now that rates have subsided a bit in the new year, there is a whole lot of pent-up demand (and supply) that could burst onto the market at any...

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U.S. Mortgage Demand Falls as Buyers Struggle With Low Number of Home Listings

By Aarthi Swaminathan | REALTOR.COM The numbers: U.S. mortgage applications fell as home buyers struggled with a low number of home listings and rising home prices. Home-buying demand was dampened due to a persistent lack of supply. The overall market composite index—a measure of mortgage application volume—decreased in the last week, according to the Mortgage Bankers Association (MBA) said on Wednesday. The market index fell 7.2% to 202.5 for the week ending January 26 from a week ago. A year ago, the index stood at 233.0. Key details: The purchase index—which measures mortgage applications for the purchase of a home—fell 7.2% from a week ago. The refinance index fell 11.4%, as homeowners saw little...

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Is the Housing Market Bouncing Back—or Bouncing Back and Forth?

By Margaret Heidenry | REALTOR.COM Is the housing market bouncing back in 2024—or just bouncing back and forth? There have been some signs of housing inventory recovering, with the number of homes actively for sale growing by 7.9% year over year in January, according to a recent Realtor.com® report. That’s “notably higher compared to last year,” according to Realtor.com Chief Economist Danielle Hale. Mortgage rates have also subsided from their 23-year high of 7.79% in October to 6.69% in the week ending Jan. 26 for a 30-year fixed-rate loan, according to Freddie Mac. But despite this double dose of promising news, Hale doesn’t expect that America’s housing affordability crisis will improve all that quickly. Rather, she predicts it...

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3 Key Factors Affecting Home Affordability

From our friends in KCM Over the past year, a lot of people have been talking about housing affordability and how tight it’s gotten. But just recently, there’s been a little bit of relief on that front. Mortgage rates have gone down since their most recent peak in October. But there’s more to being able to afford a home than just mortgage rates. To really understand home affordability, you need to look at the combination of three important factors: mortgage rates, home prices, and wages. Let’s dive into the latest data on each one to see why affordability is improving. 1. Mortgage Rates Mortgage rates have come down in recent months. And looking forward, most experts expect...

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Experts Project Home Prices Will Increase in 2024

From our friends in KCM Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent survey from Fannie Mae found that 24% of people think home prices will actually decline over the next 12 months. That means almost one out of every four people are dealing with that fear, and you might be, too. To help ease that concern, here’s what experts forecast will happen with prices this year. Experts Project a Modest Increase Check out the latest home price forecasts from eight different sources (see graph below): The blue bar on the left means, on average, experts think home prices will go up over 2% by the end of this...

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Are More Homeowners Selling as Mortgage Rates Come Down?

By our friends in KCM If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale. The Mortgage Rate Lock-In Effect Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac explains: “The lack of housing supply was partly driven by the rate lock-in effect. . . . With higher rates, the...

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2 Reasons Why Today’s Mortgage Rate Trend Is Good for Sellers

From our friends in KCM If you’ve been holding off on selling your house to make a move because you felt mortgage rates were too high, their recent downward trend is exciting news for you. Mortgage rates have descended since last October when they hit 7.79%. In fact, they’ve been below 7% for over a month now (see graph below): And while they’re not going back to the 3% we saw during the ‘unicorn’ years, they are expected to continue to go down from where they are now in the near future. As Dean Baker, Senior Economist at the Center for Economic Research, explains: “It also appears that mortgage rates are now falling again. They will almost certainly not...

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