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Homebuyer Alert: Rising Prices, Falling Rates & Best States for Real Estate in 2024!
Manage episode 429381098 series 3067234
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Join us on this week’s podcast as we dive into the latest real estate headlines making waves across the nation! We’ll discuss the DOJ’s reopening of its investigation into the National Association of Realtors and the new criteria released by the Consumer Watchdog CFA for evaluating home buyer contract forms.
In swing states, the typical homebuyer’s monthly payment has nearly doubled since the last presidential election. Home-sale prices have hit record highs for the ninth straight week, but with rising supply and slow demand, we might see a cooling effect soon. San Francisco's downtown has become a 'ghost town,' according to a mayoral candidate, who calls for its revival.
We’ll also explain the housing market using six insightful charts, and talk about how falling mortgage rates and rising supply are creating opportunities for homebuyers this summer, even amidst record-high prices. Mortgage refinance demand has surged to a two-year high as interest rates drop, yet high rates continue to hold back builder confidence. June marked the highest yearly increase in building material prices since February 2023, adding another layer of complexity to the market.
Additionally, we’ll cover President Biden’s plan to cap rents at 5%, which some argue would deter production and harm affordability. Finally, we’ll reveal America’s 10 best states for buying and selling a home in 2024, with a surprising caveat at the top spot.
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