Building Materials Rise, But Lumber Prices Ease
NAHB: Prices of goods used in residential construction are up 8% since 2022 began and up 20.4% year-over-year; but lumber prices are down over 6% to lowest of year.
Survey: First-Time Buyers Still Want a Bathtub
NAHB: Remodeling trends tend to remove the tub and supersize the shower, but 42% of first-time buyers want a shower-tub combo; 30% say it’s essential.
Bankers Lower Mortgage Demand Outlook for 2022
MBA: Overall mortgage originations will fall 35.5% from 2021 to $2.58T this year but higher home prices will help fuel a smaller 4% annual growth in volume.
Tips to Elevate Your Social Media
First, you need to connect with your audience and build long-term relationships. Post on platforms where your clients are and use content you already have.
Numerous Challenges for Homebuyers This Spring
For-sale inventory is low, the imbalance of supply and demand is pushing up home prices, “home appraisal gaps” are common and mortgage rates are rising.
Sellers May Need to Consider Price Drops
Higher mortgage rates may soften demand this spring. NAR has forecast home sales to slip 10% in 2022, mostly due to rising rates pricing out would-be buyers.