• WOW! Mortgage refinance demand surged 18% week to week but was still 75% lower than the same week one year ago. Recently, Mortgage Bankers said mortgage home purchase applications rose 3% for the week and were 37% lower than the same week one year ago. The average loan size on a mortgage purchase application increased to $428,500 — the largest average since May 2022.

Median Sales Price: $425,000

Average Days on the Market: 32. (Up 14.3% since December 2021).

Pending Home Sales: 662. (Down 19.3 % Since December 2021).

Closed Home Sales: 1,029. (Down 28.2% Since December 2021).

Wave goodbye to waived contingencies

This time last year, desperate buyers were willing to waive finance contingencies, inspections, and more to snag their dream home. No more.

Realtors are finally in a position to be able to negotiate on the buyer’s behalf one again. No more eliminating contingencies. No more paying $100,000-plus over the asking price. No more having to decide minutes after the max allowable 15-minute showing window to make an offer, knowing that every hour they wait, the competition for that house will increase. The power is in the hands of the buyers once again.

Recession worries have been the talk throughout the second half 2022. And as many dont want to admit, the numbers speak for themselves...

Closed home sales are down 31% compared to 2021

Pending homes are down 24% since 2021

Sales volume is down 17% since 2021

Average days on the market is up 8% since 2021

Sales volume is down 18% since 2021

(If it looks like a duck, if it sounds like a duck.... Its a duck).!

Folks we are in a housing recession and have been for the past 4 months!

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.

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.

• 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

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

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