Jenn Pfeiffer
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mortgage - The Jenn Pfeiffer Team
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mortgage Tag

The Top U.S. Cities Immune to the Housing Market Malaise—Where Price Growth Is Surging

By Margaret Heidenry | realtor.com The housing market has been stagnant for several years now, with high home prices and unpredictable mortgage rates sidelining buyers and sellers alike. But some U.S. metros seem to be defying the real estate market malaise. In these places, not only are homes selling at a quicker pace than the rest of the country, but prices are up as well. Indeed, in its latest data analysis, which ranks the nation’s 20 hottest markets, Realtor.com® found that home prices are flat everywhere, seeing only a 2% rise in March—except for the hottest markets, which rose by 5.3% annually. “Prices increased slightly nationwide in March, but the month’s hottest markets saw more substantial price...

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Soaring Insurance Costs Could Force House Prices To Fall—and Some Homeowners To Forgo Coverage

By Clare Trapasso | realtor.com When Palm Beach County Commissioner Gregg Weiss learned his windstorm insurance was doubling to $20,000 a year, his insurance agent had an unexpected solution: Pay off the mortgage on his West Palm Peach, FL, home and drop the insurance entirely. So, two years ago, he did just that. He figured his century-old home had survived “numerous” hurricanes. The money he saved on the insurance was used instead for a new roof. He also installed impact windows in the three-bedroom home, which is located about a mile from the shore. “It felt terrible. … [But] it just didn’t make sense anymore,” says Weiss, who is also a...

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Why Overpricing Your House Can Cost You

From our friends in KCM If you’re trying to sell your house, you may be looking at this spring season as the sweet spot – and you’re not wrong. We’re still in a seller’s market because there are so few homes for sale right now. And historically, this is the time of year when more buyers move, and competition ticks up. That makes this an exciting time to put up that for sale sign. But while conditions are great for sellers like you, you’ll still want to be strategic when it comes time to set your asking price. That’s because pricing your house too high may actually cost you in the long run. The Downside of Overpricing Your House The asking...

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What Are Experts Saying About the Spring Housing Market?

From our friends in KCM If you’re planning to move soon, you might be wondering if there’ll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here’s what the professionals are saying about what’s in store for this season. Odeta Kushi, Deputy Chief Economist, First American: “. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.” Lisa Sturtevant, Chief Economist, Bright MLS: “There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.” Danielle Hale, Chief...

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Housing Starts Rebound in February by Largest Amount in Nine Months

By Greg Robb | Realtor.com The numbers: Construction of new U.S. homes rebounded 10.7% in February to an annual pace of 1.52 million units, the Commerce Department said Tuesday. That is the biggest gain in nine months. Despite the increase, starts are still below December’s level. Economists on Wall Street were expecting a 7.4% rise in housing starts in February to 1.43 million. All numbers are seasonally adjusted. The number of housing starts in January was revised slightly higher, to a drop of 12.3% to 1.37 million, from an initial reading of a 14.8% drop to 1.33 million. It is still the biggest drop since May 2022. Building permits, a sign of future construction, rose...

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The Housing Market’s Unhappy New Year: Fewer Homes Go Under Contract as Mortgage Rates Rise

By Clare Trapasso | Realtor.com The housing market isn’t off to a good start this year. The number of homes under contract that haven’t closed yet dropped 4.9% from December to January, according to a recent report from the National Association of Realtors®. Year-over-year pending home sales were down 8.8% in January. The culprit? Rising mortgage rates that make it more expensive for folks to purchase homes. “Consumers are showing extra sensitivity to changes in mortgage rates in the current cycle, and that’s impacting home sales,” said NAR Chief Economist Lawrence Yun in a statement. Mortgage rates had dropped to a low of 6.61% in late December but ticked up slightly in January, according to Freddie Mac data. “Buyer demand...

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The Benefits of Downsizing When You Retire

From our friends in KCM If you’re taking a look at your expenses as you retire, saving money where you can has a lot of appeal. One long-standing, popular way to do that is by downsizing to a smaller home. When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares: “A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something...

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Sales of New Homes Tick Up in January

By Aarthi Swaminathan | Realtor.com The numbers: Sales of newly built homes in the U.S. inched up in January, even as mortgage rates rose. U.S. new-home sales rose 1.5% to an annual rate of 661,000 in January, from a revised 651,000 in the prior month, the Commerce Department reported Monday. The number is seasonally adjusted and refers to how many homes would be built over an entire year if builders continued at the same pace every month. The pace fell short of expectations on Wall Street. Economists had forecast new-home sales to total 680,000 in January. Mortgage rates rose to a six-week high at the end of January, according to data from Freddie Mac, which might...

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Don’t Let the Latest Home Price Headlines Confuse You

From our friends KCM Based on what you’re hearing in the news about home prices, you may be worried they’re falling. But here’s the thing. The headlines aren’t giving you the full picture. If you look at the national data for 2023, home prices actually showed positive growth for the year. While this varies by market, and while there were some months with slight declines nationally, those were the exception, not the rule. The overarching story is that prices went up last year, not down. Let’s dive into the data to set the record straight.  2023 Was the Return to More Normal Home Price Growth If anything, last year marked a return to more normal home price...

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Houses Are Still Selling Fast

From our friends in KCM Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn’t as frenzied as it was during the ‘unicorn’ years when houses were selling quicker than ever, they’re still selling faster than normal. The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. This metric can help give you an idea of just how quickly homes...

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