Tuesday, November 22, 2022 / by Dave Magua
With the holiday season approaching, there’s no better time to create a welcoming atmosphere
The season for gathering is almost here, but those who love to entertain year-round know the enduring importance of the right space for hosting. Whether it’s a dinner-party soirée or an intimate gathering with family, the kitchen inevitably becomes the center of attention — so it’s only natural that kitchen design is top of mind. To stay on top of what buyers are asking for, here are six highly coveted kitchen design features that make hosting a joy.
An open floor plan for ease of movement
Buyers want a kitchen that instantly feels like a room they can entertain in. That means it should be spacious and open, rather than closed off and difficult to navigate when there are lots of guests. A natural flow from kitchen to the dining area to living room makes simultaneous preparation, serving, and entertaining a breeze for any type of e ...
Monday, November 21, 2022 / by Dave Magua
Mortgage rates dropped at the fastest clip in 40 years this week, falling from 7.08 percent to 6.61 percent on recent positive news about inflation, according to a weekly lender survey released Thursday by mortgage giant Freddie Mac.
The drop means homebuyers would save more than $100 a month compared to a week earlier, according to a Redfin analysis.
While the rate remains more than double what they were to start the year, it provided a glimmer of hope for prospective buyers and sellers who have watched as rates skyrocketed for most of the year.
“The historic drop in mortgage rates is a tick in the ‘good news’ box for the housing market, as lower rates deliver an immediate win for prospective buyers’ pocketbooks,” said Redfin Deputy Chief Economist Taylor Marr.
Redfin estimates the dip in rates gave buyers $12,000 more purchasing power, and a weekly survey by the Mortgage Bankers Association showed a 4 percent week ...
Friday, November 18, 2022 / by Dave Magua
Homebuyer demand for mortgages picked up again last week as mortgage rates dipped below 7 percent, but applications remain at levels that would have been considered anemic a year ago, according to a weekly survey of lenders by the Mortgage Bankers Association.
The MBA’s Weekly Mortgage Applications Survey shows requests for purchase loans were up a seasonally adjusted 4 percent last week when compared to the week before but down 46 percent from a year ago.
The dip in mortgage rates, which was driven by an encouraging inflation report, failed to rekindle interest in refinancing. With mortgage rates still more than double what they were a year ago, requests to refinance were down 2 percent week over week and 88 percent from a year ago, the MBA survey showed.
“Mortgage rates decreased last week as signs of slower inflation pushed Treasury yields lower,” said MBA Deputy Chief Economist Joel Kan in a statement. “The 30-year fixed rate saw the largest sinR ...
Thursday, November 17, 2022 / by Dave Magua
Home prices will rise slightly and sales will dip next year before making a comeback in 2024, according to Lawrence Yun, the National Association of Realtors’ chief economist.
Yun spoke Friday at the Residential Economic Issues and Trends Forum of NAR’s annual conference, newly rebranded as NAR NXT, in Orlando. The forum is consistently the event’s most heavily-attended session, NAR President Leslie Rouda Smith noted as she introduced Yun, whom she called “the best chief economist in the world,” prompting cheers from the audience.
At the forum, Yun predicted that 2022 would end with home sales down 15 percent year over year and further decline 7 percent in 2023 before rising 10 percent in 2024.
He also forecast that home prices in 2022 would be up 10 percent year over year, increase a slight 1 percent in 2023 and then jump 5 percent in 2024.
That means a “strong rebound” in 2024, according to Yun.
“The prices will ...
Wednesday, November 16, 2022 / by Dave Magua
Home sale prices charted their smallest annual increase since July 2020 during the four weeks ending Nov. 6, according to a new report, released Thursday by the online brokerage Redfin.
Prices increased by 3.2 percent year over year, a drop of 8.4 percent from their all-time high recorded in June, according to the report.
The drop comes as the rate of inflation has begun to show signs of slowing, with the all-time inflation index charting a 7.7 percent annual increase in October, the lowest increase since January’s record-breaking 7.5 percent increase.
“This morning’s report that the overall inflation rate is finally starting to back off makes it even more likely that the Fed will slow their rate increase to 50 basis points next month,” Redfin Deputy Chief Economist Taylor Marr said in a statement on Thursday. “The inflation news is already helping to bring daily mortgage rates down. However, Chair Powell has indicated that inflation ...