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Homebuyers

With many homebuyers priced out, builders try to sweeten the deal

by Samantha Fields
Oct 25, 2023
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 best way to deal with inflation is supply, right?" says Logan Mohtashami of HousingWire. "You want to build as much as you can and get those homes out there for people to live in and bring down the rise of rents."
ANNVIPS/iStock / Getty Images Plu
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Homebuyers face a double whammy: rising mortgage rates and rising prices

by Samantha Fields
Oct 5, 2023
The average monthly payment on a new mortgage rose 46% in 2022, and home prices and mortgage rates have continued to climb in 2023.
With home prices and interest rates so high, people are increasingly having trouble qualifying for a mortgage.
Joe Raedle/Getty Images
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The housing market is a tale of two people: The buyer and the seller

by Kristin Schwab and Matt Levin
Sep 26, 2023
Both the buyer and the seller have unrealistic expectations right now, while prices and mortgage rates are high.
"Sellers don’t want to take anything less than the peak," Daryl Fairweather of Redfin says. "Buyers are hoping it’s 2008,” says Michael Orbino of Compass.
Saul Loeb/AFP via Getty Images
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Mortgage demand is up, but lenders are more cautious

by Justin Ho
Jun 14, 2023
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.
Mortgage demand and mortgage supply are moving in different directions.
Joe Raedle/Getty Images
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More buyers are backing out of housing contracts

by Amy Scott
Jan 26, 2023
They're down about 26% compared to a year ago.
When buyers back out of contracts, that can slow down construction of new homes, said Clint Mitchell, CEO of Estridge Homes in Indianapolis.
Jim Watson/AFP via Getty Images
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Mortgage rates fell slightly. Is that good for homebuyers?

by Justin Ho
Nov 17, 2022
Mortgage rates fell slightly last week, according the Mortgage Bankers Association. But even if rates keep falling, people will still struggle to afford homes.
Descending mortgage rates could move more people into the housing market.
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More homes are sitting in Cleveland's real estate market, this broker says

by Amy Scott and Anais Amin
Nov 10, 2022
"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.
"The market just isn't as robust as it has been," said Cleveland-based broker Amanda Pohlman.
Joe Raedle/Getty Images
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As the housing market cools off, buyers have "room to breathe"

by Meghan McCarty Carino
Oct 24, 2022
Rates are near 7% for a 30-year fixed mortgage, highest in two decades. For buyers who can afford it, shopping is less stressful.
Listings are staying on the market for about 19 days now, according to Zillow. That's much longer than in the spring.
Joe Raedle/Getty Images
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Homebuilder confidence continues to slide as interest rates continue to rise

by Justin Ho
Sep 19, 2022
Materials and labor costs are up. Building costs will climb further if interest rates on construction loans rise.
Rising interest rates are not only causing potential homebuyers to hold off on purchases, but increasing the cost of home construction.
Frederic J. Brown/AFP via Getty Images
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Buyers and sellers are feeling a shift in the housing market

by Savannah Peters
Jul 27, 2022
In some markets, sellers can no longer bet on multiple offers and quick deals, and buyers can afford to be pickier.
Mortgage rates have climbed, and the real estate market has cooled.
Justin Sullivan/Getty Images
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