If you’re looking for a home to purchase right now and having trouble finding one, you’re not alone. At a time like this when there are so few houses for sale, it’s normal to wonder if you’ll actually find one to buy. According to the National Association of Realtors (NAR), across the country, inventory of available homes for sale is at an all-time low – the lowest point recorded since NAR began tracking this metric in 1982. There are, however, more homes expected to hit the
‘The market’s outlook seems to suggest that the days of all-time low rates may be a thing of the past’ Mortgage rates flew to the highest level since mid-November this week — a worrying sign for home buyers navigating a market defined by fast-rising home prices. The 30-year fixed-rate mortgage averaged 2.81% for the week ending Feb. 18, up eight basis points from the week prior. The increase comes after three weeks where the 30-year mortgage rate stayed at 2.73%. The 15-year
With mortgage interest rates hitting record lows so many times recently, some are wondering if we’ll see low rates continue throughout 2021, or if they’ll start to rise. Recently, Freddie Mac released their quarterly forecast, noting: “The average 30-year fixed-rate mortgage hit a record low over a dozen times in 2020 and the low interest rate environment is projected to continue through this year. We expect interest rates to average below 3% through the end of 2021. While th
With the way things are forecast to go in the housing market in 2021, buyers might be feeling a little overwhelmed. Home sales are predicted to increase by 21.9% with home values expected to rise 10.5% by December 2021, according to a recent Zillow report. However, while some buyers may think it wise to wait for the market to cool, Zillow’s data shows they may benefit more from simply diving in—of course, if they are financially prepared to do so—as the possibility of rising
As more people continue to identify their changing needs this year, some are turning to the upscale housing sector for more space or finer features. In their most recent Luxury Market Report, the Institute for Luxury Home Marketing (ILHM) shares: “In a snapshot of 2020, despite the devasting effects of the coronavirus pandemic, the luxury real estate market has seen one of its strongest years since 2008. In comparison to experts’ predictions in early 2020, it is remarkable ho
Design trend expert Lisa Seeger explains how to maximize your remodel without breaking the bank. Continuing to spend more time inside, homeowners are taking a closer look at their surroundings and noticing flaws in areas where they spend most of their time. The demand and pursuit of home improvement projects has continued to surge. For most, the kitchen is the heart and central gathering spot of a home, so naturally, it becomes the most common focus for renovation. Kitchen re
In a typical year, the housing market ebbs and flows, with activity usually peaking in the spring and fall, dipping in the summer, and plummeting in the winter. However, in the DC region, every season seems like spring these days. "I think if you look at traditional cycles, those have really gone by the wayside, especially over the last nine months since Covid has been rearing its ugly head," Chris Masters, Executive Vice President of McWilliams|Ballard (MWB), told UrbanTurf.