Homebuyers benefit from decreasing mortgage rates and seller concessions

<p>Rising mortgage rates and high home prices have caused a record number of sellers to make concessions in order to get deals done. According to Redfin, in the three-month period ending February 28, 45.5% of transactions conducted by Redfin&#39;s buyer agents involved some form of remuneration back to the purchaser. The Mortgage Bankers Association&#39;s Weekly Mortgage Applications Survey shows that the demand for purchase loans has risen for the fourth week in a row as mortgage rates have begun to retreat from their 2023 highs. Meanwhile, the national median home sale price has fallen 1.8 percent year over year as of the week of March 26th. Sales of newly constructed single-family homes remain mostly flat for the month of February. Despite these challenges, the National Association of Home Builders predicts an increase in demand for newly built homes later in the year if interest rates subside due to a lack of inventory of existing homes. It is clear that the real estate market is still in flux, and buyers and sellers must be wary of the changing market conditions.</p> <p><br></p> --- Send in a voice message: https://podcasters.spotify.com/pod/show/rooparealtor/message