Home Sales Climb Since Aug. 23′

US. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.

New Listings were up in the Charlotte region by 19.7% to 4,180. Pending Sales increased 4.6% to 3,805. Inventory grew 7.3% to 5,628.

Prices moved higher as the Median Sales Price was up 8.5% to $385,000. Months Supply of Homes for Sale was up 14.3% to 1.6., indicating that supply increased relative to demand.

Who Is Your Go-To Realtor?

The majority of home buyers and sellers rely on real estate agents—nearly 90% of them—but they’re looking for certain types of help. Home buyers, for example, don’t just want help with finding a home, but also with negotiating and with learning about the real estate process, according to NAR’s 2024 Home Buyers and Sellers Generational Trends Report.

What Buyers Are Looking For: A Guide On The “Process”

Younger home buyers are more likely to say that one of the most difficult steps in the homebuying process—behind finding a property and saving for the down payment—is understanding the real estate process and the steps they need to take, the study finds. Older adults, ages 44 and up, tend to feel more confident heading into the purchase process, generally having had previous experience buying a home. Nearly a quarter of older adults cited “no difficult steps” in the homebuying process, the survey says. But they still report struggling with finding the right property and with completing the paperwork in a transaction.

What Sellers Are Looking For: To Make Their Home Stand Out.

More than one-third of home sellers relied on a referral from a friend, neighbor or relative to find their real estate agent, the survey finds. Only 5% relied on internet searches to find one. Sellers reported their top criteria for choosing their real estate agent was the agent’s reputation, their honesty and trustworthiness, and whether the agent was a friend or a family member. This poses the question, how did you connect with your Real Estate Agent?

Instant Reaction: Mortgage Rates April 14th, 2024

Mortgage interest rates continue their now 17-week stay in the mid-6% range. While lower interest rates would improve affordability for potential buyers, knowing that those rates have stayed steady may make for a less fraught home shopping experience. Buyers know what to expect, and walking through potential homes remains a financially viable option. For a home buyer purchasing a $400,000 home at the current 30-year mortgage interest rate of 6.82%, with a 20% down payment, the mortgage payment would be $2,090. Down payments offset the mortgage payment. With a 35% down payment, as Older Baby Boomers had last year, the mortgage payment would be $1,698.

NAR $418 Million Settlement

There’s much the media has gotten wrong about NAR’s settlement, which would require the association to pay $418 million over four years. Some outlets have suggested that NAR previously set or guided commissions to a standard rate of 6%.

You know that is false. NAR does not set commissions, and commissions were negotiable long…continue reading