Area Real Estate News & Market Trends

 

Sept. 2, 2022

In The News-NH Real Estate

In The News- New Hampshire Real Estate News Update.

  • Mortgage demand falls even further, as rates shoot back up to July Highs.
  • Fixed Mortgage rates will fall to 4.5% in 2023, Fannie Mae Estimates.
  • Wild swings in August mortgage rates cause rare surge in refinance demand.
  • Consumer confidence in housing hits the lowest point in over a decade.
  • Pending home sales fell 20% in June year over year as mortgage rates soared.
Posted in Market Updates
July 27, 2022

3 Top Housing Stories of July 2022

 

1. Mortgage demand dropped for a 4th straight week. Mortgage demand hits a 22-year low on high rates and inflation concerns. Prices, rates, the stock market and inflation continue to strain the current the real estate market.
2. Homebuilders are boosting incentives as they suddenly struggle to sell homesAfter two years of not being able to build homes fast enough to keep up with demand, the nation’s homebuilders are now experiencing a slowdown in sales and an increase in supply. In addition, significant segments of the home buying population are still priced out of the market.
 
3.  Home sales fall 5.4% from June, as prices set yet another record! This is the slowest sales pace since the same month in 2020, when sales dropped very briefly at the start of the Covid pandemic.

 

Posted in Market Updates
July 11, 2022

No longer Pending Sales???

 

Americans are canceling deals to buy homes at the highest rate since the start of the Covid pandemic. Pending home sales on existing homes canceled in June 2022, was just under 15% of all homes that went under contract, according to a new report from Redfin, Inc. That goes for Homebuilders and new construction which is also seeing higher cancelation rates than past years. Many experts blame higher mortgage rates and surging inflation as likely causing many potential homebuyers to reconsider their purchases.

June 13, 2022

10 Home improvements with the highest return

Ten home improvement projects with the highest return on investment in 2022.
  • Landscaping, aka your Curb appeal.
  • Updated Kitchen Appliances.
  • New Front Door.
  • Windows.
  • Flooring.
  • Bathroom Remodel.
  • A Fresh Coat of Paint.
  • Garage Door Replacements.
  • Siding Replacements.
  • Patio, Deck

Ben Mercuri - Benchmarq Realty

Posted in Market Updates
May 23, 2022

In the News

5/23/2022- In the News

- Weekly mortgage demand from homebuyers drops 12%.

- Building & Material prices up 36% as inflation continues to surge.

- Tight housing supply continues to fuel housing price increases as median home prices        increase 14% annually compared to last year..

- The month of April '22 has seen homes sales fall to there lowest level since the start of the pandemic.

 

Ben Mercuri

Benchmarq Realty, LLC

Posted in Market Updates
May 6, 2022

What Rising Interest Rates Mean To You

5/5/2022- Federal Reserve has just raised its federal funds rate by a half point, a move that has not been seen in over a decade! What does that mean to consumers? The central bank sets the Federal Funds rate. This is the rate which banks both  local, regional and national borrow and lend to each other. These rates are not the rates consumers like you and I pay, however each time a rate increases or a decrease happens it will affect all of our savings and borrowing interest rates. For example; Home buyers that were qualified for a $300,000 mortgage last week just saw a increase in what that monthly payment would look like. Today, do to the rate increase, a potential buyer could be looking at their buying power diminishing and lowering the amount that they are prequalified in addition to a higher monthly payment!

Ben Mercuri

Posted in Market Updates
April 19, 2022

Mortgage Rates Climb & How Your Credit Will Affect Your Rate!

Mortgage rates are expected to continue climbing higher, consider making moves to lower your credit score so that you to can take advantage of the best rates available. Here’s what you can do.
  1. Check your credit report, this is essentially a history of your credit activity and includes payment histories, credit card balances and other debt. A number of factors on that report help determine your credit score. Traditionally, you are allowed 1 free credit report a year from the three main credit scoring companies: Experian/ Equifax/ TransUnion. You can reach out to each directly or visit there website.
  2. Pay your Bills on time. Late and missed payments can knock down your score. Be consistent in paying your bills on time to improve your credit.
  3. Lower your credit utilization rate; All mortgage lenders will look to see if you have high balances on credit cards. Even if you pay your credit card bills in full each month, you may still have a high utilization rate. Making an extra payment in the middle of the billing cycle can help knock the balance down before the statement comes out.
  4. Consider a credit builder loan; Some community banks and credit unions offer credit-building loans, these are loans designed to help the loan holder establish good credit as they make timely payments.
  5. Watch for credit inquiries; If you are looking to purchase a home, hold off on any other big-ticket items, like a car, furniture and other big price tag items. Also, don’t open new credit cards or new lines of credit, which will result in more inquires for your credit sore. The higher level of inquires the higher the interest rate!
March 29, 2022

2022 Real Estate Trends

2022 Real Estate Trends

 

·         Gray kitchens are becoming less popular & all white kitchens might be starting to date themselves!

·         The mid-century modern furniture trend may finally be over.

·         Barn doors could be replaced by other types of statement entryways.

·         Accent walls likely won't be as trendy this year.

·         Matching furniture sets may start to look dated.

·         Peel-and-stick wallpaper will likely be trendy this year.

·         Green cabinets could be one of the biggest kitchen trends of the year.

·         Industrial styling may be the next big trend.

·         Plaster walls may make a comeback.

·         Wicker and rattan furniture will likely be trending.

·         Natural fabrics may gain popularity over synthetics.

·         Prioritize Storage throughout the home!

·         LOW LOW INVENTORY will continue throughout the year…

·         MULTIPLE OFFER SCENARIOs…

Posted in Market Updates
March 22, 2022

Labor Shortage

Labor shortage

The pandemic cost millions of Americans their jobs. The Bureau of Labor Statistics found that 9.6 million of them are actively seeking work, however businesses are reporting significant labor shortages. Weekly jobless claims are at a pandemic-era low just this past week, but businesses, particularly in the restaurant, service and construction industries, are still struggling to hire.

Experts think that the labor force is unlikely to return to what it was prior to the pandemic and while it's hard to pinpoint a definitive reason for the disconnect between Americans looking to re-enter the labor force and a possible catastrophic labor shortage, the following four main possibilities are leading indicators;

1.     Unemployment benefits are a disincentive – employees have been in a position where they were literally making 4, 5 and sometimes $6 an hour more on UI (unemployment insurance) with the pandemic bonus.

2.     Covid-19 health concerns - 500,000+ people in the US have died from COVID-19, so it's no surprise that the possibility of contracting a deadly disease would discourage people from going back to work.

3.     At home care is still needed - the main reason adults can't return to the workforce is because they still need to stay at home with their kids. Some have not sent their children back to school since the covid-19 outbreak and have since chosen the online class method and many still cannot find the proper child care for there children which will not allow them to return back to the office.

4.     Workers are holding out for higher wages - To account for financial struggles, large US companies have publicly raised their minimum wages during the past 2 years. (But still, many seek to “couch-surf” and collect unemployment vs. re-entering the labor force)!

 

Posted in Market Updates