The median age of first-time homebuyers is now 35 — up from 29 in 1981. And the median age of all homebuyers is now 49 — up from 31 in 1981.
The jurors found that the National Association of Realtors and a couple of big brokerages conspired to inflate commissions.
A lot of homebuilders are working with lenders to offer lower mortgage rates — or they're offering other incentives like money towards closing costs.
The average monthly payment on a new mortgage rose 46% in 2022, and home prices and mortgage rates have continued to climb in 2023.
Both the buyer and the seller have unrealistic expectations right now, while prices and mortgage rates are high.
Mortgage applications rose last week, thanks in part to a dip in mortgage rates, according to a new report. But credit availability has been falling.
They're down about 26% compared to a year ago.
Mortgage rates fell slightly last week, according the Mortgage Bankers Association. But even if rates keep falling, people will still struggle to afford homes.
"The average days on market has gone from less than a week up to about 89 days," says broker Amanda Pohlman of Keller Williams Living.
Rates are near 7% for a 30-year fixed mortgage, highest in two decades. For buyers who can afford it, shopping is less stressful.