Long-term U.S. Mortgage Rates Edge Down to 5.1%
After 7 weeks of increases, the average rate on a 30-year mortgage dipped to 5.1%; a year ago, it was 2.98%. Last week, it was 5.11% – highest since April 2010.
NAR: Pending Home Sales Down 1.2% in March
The index has dropped for 5 straight months; it fell 8.2% year-over-year. Chief Economist Yun: It may signal “calmer and normalized market conditions” soon.
New-Home Sales Fall, Buyers Face ‘Sticker Shock’
New-home sales down 8.6% in March; sales are down nearly 13% from a year ago. Only 14% of March’s new-home sales were below $300K; a year ago, it was 34%.
DeSantis Sets May Session on Property Insurance
Reinsurance, the Office of Insurance Regulation and changes to Fla.’s Building Code to improve insurance affordability are among topics for the May 23-27 session.
Affordability Drives Buyer Activity
Index: North Port and Naples are in top 5 of 1Q 2022 emerging housing markets as Fla. continues to attract migration from other states. They were top 2 in 4Q 2021.
Flippers Now Flopping?
Home flippers in Fla. are feeling the impact of a shortage of for-sale homes, rising median prices, supply chain issues and too few subcontractors available.
Homes with Green Features Gaining Popularity
NAR: Half of agents and brokers surveyed said they helped a client buy or sell a property with green features over the past 12 months, compared to 32% in 2021.
Get More Referrals Without Being Annoying
Ideas: Offer superior customer service, ask for and share client testimonials, regularly express gratitude to clients and build a database to keep in contact.
Home Prices Continue to Rise
20-city price index: A 20.2% year-over-year gain in Feb; up from 18.9% in Jan. Tampa and Miami were in top 3 cities for highest rate of home-price growth.
Multiple Offers Remain Prevalent This Spring
Survey: Buyer traffic continues to outpace supply. Realtors report about 5 offers were made on each home sold in March; 57% of buyers offered above list price.