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Get Ready for Smaller, More Affordable Homes

Have you been trying to buy a home, but higher mortgage rates and home prices are limiting your options? If so, here’s some good news, smaller, more affordable homes are on the way.

In some ways, smaller homes are already here. When the pandemic hit, the meaning of home changed. People needed the space their home provided not only as a place to live, but as a place to work, go to school, exercise, and more. Those who had that space were more likely to keep it. And those that didn’t were in a position where they were trying to sell their smaller house to move up to a larger one. That meant the homes coming to the market during the pandemic were smaller than those on the market before the pandemic – and that trend continues today.

Larger homes tend to come on the market during the summer months when households with children who are out of school are looking to...

Get Ready for Smaller, More Affordable Homes Have you been trying to buy a home, but higher mortgage rates and home prices are limiting your options?

Why It’s Still a Seller’s Market Today

Even though activity in the housing market has slowed from the frenzy that was the ‘unicorn’ years, it’s still a seller’s market because the supply of homes for sale is so low. But what does that really mean for you? And why are conditions today so good if you want to sell your house?

The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Housing inventory is measured by the number of available homes on the market. It’s also measured by months’ supply, meaning the number of months it would take to sell all those available homes based on current demand. In a balanced market, there’s usually about a six-month supply. Today, we have only about 3 months’ supply of homes at the current sales pace

As Lawrence Yun, Chief Economist for NAR, says: “There are simply not enough homes for sale. The market...

www.simplifyingthemarket.com Even though activity in the housing market has slowed from the frenzy that was the ‘unicorn’ years, it’s still a seller’s market because the supply of homes for sale is so low. 

How Inflation Affects Mortgage Rates

When you read about the housing market in the news, you might see something about a recent decision made by the Federal Reserve (the Fed). But how does this decision affect you and your plans to buy a home? Here's what you need to know.

The Fed is trying hard to reduce inflation. And even though there’s been 12 straight months where inflation has cooled, the most recent data shows it’s still higher than the Fed’s target of 2%.

While you may have been hoping the Fed would stop their hikes since they’re making progress on their goal of bringing down inflation, they don’t want to stop too soon, and risk inflation climbing back up as a result. Because of this, the Fed decided to increase the Federal Funds Rate again last week.

Greg McBride, Senior VP, and Chief Financial Analyst at Bankrate, explains how high inflation and a strong economy play into the Fed’s recent decision:...

How Inflation Affects Mortgage Rates When you read about the housing market in the news, you might see something about a recent decision made by the Federal Reserve (the Fed).