NAR: Mortgage rates, March 4, 2021

Senior Economist and Director of Forecasting Nadia Evangelou of National Association of Realtors reports that mortgage rates are still near historic lows despite them increasing this week. NAR is forecasting that the 30-year fixed rate to average 3.0% in the first half of this year. The economy is recovering with more Americans getting vaccinated against coronavirus.

The demand for new homes have also increased to 4.3% in January indicating that the housing market still remains a strong sector of the U.S. economy amidst the pandemic. However, the housing inventory remains at record lows, continually pushing the home prices to go up. According to NAR, home prices rose 97% while inventory dropped 55% since 2012 showing that even before the pandemic hit last year, there has already been a housing shortage.

See full article here – https://www.nar.realtor/blogs/economists-outlook/instant-reaction-mortgage-rates-march-04-2021

If you are thinking of selling, you can call David Yudell at 917-817-9701 for any questions you have.

Don’t miss our open house at 822 Dean Ave in Bronx this Sunday, March 7, 1 PM – 4 PM!

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We invite everyone to visit our open house at 822 Dean Avenue on Sunday, March 7, from 1 PM – 4PM.

You can call David Yudell at 917-817-9701 for any questions you have. See you there!

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Pending home sales decreased 2.8% in January but went up from last year

National Association of Realtors reports that in the month of January, pending home sales fell 2.8% due to housing inventory constraints that hinder prospective buyers. The report highlights that:

• Nationally, pending home sales decreased 2.8% in January from the prior month.
• Pending home sales were 13% higher from one year ago with all regions showing sales gains.
• The Pending Home Sales Index hit 122.8, an all-time high for January.

NAR’s Chief Economist Lawrence Yun said “Pending home sales fell in January because there are simply not enough homes to match the demand on the market. That said, there has been an increase in permits and requests to build new homes.” He further added that due consistent rise in housing permits for single-family homes for eight straight months is a good sign that the imbalance between supply and demand could be easing as soon as mid-2021.

See full report here – https://www.nar.realtor/newsroom/pending-home-sales-retreat-2-8-in-january-but-climb-from-last-year

For any questions about the market in your area, call David Yudell at 917-817-9701.

What to do when selling your home…

Realtors do a lot more than just put the property on the MLS. From pricing the home right, staging it, negotiating the price up to closing, there’s so much value a real estate agent can offer. To get more details about all the steps that go into the whole home selling process, call David Yudell at 917-817-9701. You getting your home sold for top dollar is just one call away!

 

Top 10 Agents in February 2021

I’m truly and extremely grateful to my clients for putting their trust in me in representing them with the sale of their properties! It’s an honor to be in the TOP 10 Agents for the month of February!

If you have any questions about real estate, please feel free to call David Yudell at 917-817-9701.


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MBA forecasts mortgage rates to rise to 3.4% by the end of the year – CNBC

Mortgage rates are still at historically-low levels despite an increase in the last few weeks making a 30-year mortgage still affordable and even a 15-year mortgage even more affordable. Because of this, refinance applications this week are still 50% higher than the same week last year. In terms of inventory, there’s still a lack of existing homes for sale. New constructions are being built at a higher rate and this is poised to tackle this issue but despite that, there’s still a tight supply of homes to meet the buyer demand.
 
See full video below where Mortgage Bankers Association CEO Bob Broeksmit discussed mortgage rates and the state of the housing market in 2021. 
If you are someone that has been thinking of buying or selling but just not sure where to start, call David Yudell at 917-817-9701 to get your questions answered.

Mortgage Interests Rose Sharply This Week to 2.97%

Realtor.com reports that mortgage rates rose sharply this week to 2.97% as the 10-year Treasury yield hit its highest level in the past year.

Layoffs have plummeted significantly last week and consumers are now more confident about the economy’s recovery. While it’s expected that mortgage rates are going to rise further, the Federal Reserve has given assurance that it would keep interest rates unchanged for a long time.

See full report here – https://www.nar.realtor/blogs/economists-outlook/instant-reaction-mortgage-rates-february-25-2021

If you need help buying or selling, call David Yudell at 917-817-9701.

Realtor.com’s Housing Market Update

According to Realtor.com’s report, home buyers are starting to emerge for the spring season. However, they are finding a tough market. The buyer demand component remains high while housing inventory remains low. Watch the video for complete details on the current housing and economic landscape.

If you have any questions about real estate in your area, or if you are thinking of buying or selling a home, feel free to reach out to David Yudell at 917-817-9701.

9 Reasons Why Some Homes Sell Faster

Some homes get sold as quickly as they get on the market. Some stay on the market for a longer period of time compared to others. Beyond the obvious elements such as location and size, here are nine factors that can affect how quickly your home sells.

The most important element that plays a huge factor in successfully getting your home sold and getting top dollar for it is getting the right realtor to help you. An experienced realtor who has a wide network of contacts and a proven-and-tested marketing system will help you sell your home without leaving any money on the table.

For any questions about real estate, you can call David Yudell at 917-817-9701

Reasons Why You Need A Realtor When Selling or Buying

Buying or selling a home is probably one of the biggest financial and emotional transactions you’ll do in your life. You may think that you can manage it on your own, but the reality is, there’s so much more involved in the process of acquiring a property or getting one sold. A real estate agent can help you deal with all of the things involved in the process and can make the experience a pleasant one instead of having to shoulder the stress on your own. Below are things that your real estate agent can do for you. Check them out!
David Yudell is a seasoned real estate agent who has served both sellers and buyers for over 25 years. If you are thinking of selling or buying, and you don’t know where to start, call 917-817-9701 to get a free consultation.