News - The Jenn Pfeiffer Team

June 20, 2024

Mortgage Rates Cool Down as the Summer Housing Markets Kicks Off

By Margaret Heidenry|Realtor.com Mortgage rates continued to fall this week, with the average rate for a 30-year fixed home loan sinking from 6.95% last week to 6.87% for the week ending June 20, according to Freddie Mac. “Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market.” Mortgage rates have hovered around the 7% mark, fluctuating slightly above and below this benchmark for nearly two months, creating a market largely stuck in...

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June 13, 2024

Buying

Home Prices Aren’t Declining, But Headlines Might Make You Think They Are

From our friends at the kcm blog If you’ve seen the news lately about home sellers slashing prices, it’s a great example of how headlines do more to terrify than clarify. Here’s what’s really happening with prices. The bottom line is home prices are higher than they were a year ago at this time, and they’re expected to keep rising, just at a slower pace. But a recent article from Redfin notes, “Price Drops Hit Highest Level in 18 Months As High Rates Dampen Buyer Demand.” And that might make you think prices are declining. Now, while it’s true the latest report from Realtor.com also shows 16.6% of homes on the market had price reductions in May, which is up from...

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June 7, 2024

Buying

Moving back home to save for a house: How to make it work

By Barbara Marquand | NerdWallet After starting a career in engineering in Boynton Beach, Florida, Moisey Abdurakhmanov was renting a home with friends when he decided he wanted his own place. “I realized I was basically paying somebody else’s mortgage every month,” he recalls. So when the lease was up, he moved back home with his parents, saved every dime he could and bought a house five months later in January 2021 — “easily one of the best decisions I’ve made.” Many millennials are taking a similar path to homeownership. About a quarter (24%) of people ages 25 to 33 who bought a home between July 2022 and June 2023 said...

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June 5, 2024

Buying

The Sweet Spot for Buying Luxury Homes

From our friends at the kcm blog If you’ve been looking for a home at the high end of your market, but haven’t found the right one, you may have put your search on hold. But according to recent data, now may be the time to jump back in. Here’s why. There Are More Luxury Homes To Choose From What’s considered the top-end of the market, or a luxury home, will always vary by location. But generally speaking, they’re homes that are valued in the top 5% of any given market. According to a recent report from the Institute for Luxury Home Marketing, the selection of luxury homes is increasing (see graph below):As the graph shows,...

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March 5, 2024

Buying

Buying Houses Before Finding Spouses

By Debra Kim| The New York Times Single men traditionally get a head start in homeownership and reap the benefits faster, but single women are thinking creatively to close the gap. Rachel Rodman always dreamed of owning her own home, but life kept getting in the way. She became a mother at 19, then went through a complicated divorce that left her financially depleted. For many years, she felt resigned to renting with her son, James, now 14. Ms. Rodman, 33, earns a steady income as an events producer for SXSW, the annual festival of creative arts and technology held in her hometown, Austin, Texas. Still, she never felt she had...

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February 15, 2024

Buying

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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February 7, 2024

Living

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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January 30, 2024

Living

What Are HOA Fees—and What Do They Actually Pay For?

Curious about homeowners association fees? Here’s how HOA fees are collected and used. By Kristine Gill | Better Homes There are two major components to a homeowners association (HOA). The first is that the organization oversees a set of rules particular to the residential community. The second component is the associated fee required for living in the community and how the HOA fees benefit the homeowners. “An HOA fee is typically structured per community to enforce rules and regulations so it can set the covenants, conditions, and restrictions,” says Donna Soda, Realtor and global real estate advisor. “The idea is to maintain the community in a beautiful manner.” DEFINITION: What is a homeowners association? A homeowners...

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January 26, 2024

Buying

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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January 18, 2024

Selling

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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News Tag

Mortgage Rates Cool Down as the Summer Housing Markets Kicks Off

Home Prices Aren’t Declining, But Headlines Might Make You Think They Are

Moving back home to save for a house: How to make it work

The Sweet Spot for Buying Luxury Homes

Buying Houses Before Finding Spouses

Don’t Let the Latest Home Price Headlines Confuse You

The Most Undervalued Housing Markets in the U.S.

What Are HOA Fees—and What Do They Actually Pay For?

Experts Project Home Prices Will Increase in 2024

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

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