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Builders Confident Despite Supply Side Issues

Builders Confident Despite Supply Side Issues

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Home builders are facing many challenges these days. From the supply chain to labor and lot shortages, it’s a difficult time to be in the home-building business. But despite all of those issues, the National Association of Home Builders’ (NAHB) Housing Market Index – which measures how confident home builders are feeling on a scale where any number above 50 indicates more of them view conditions as good than poor – scored an 83 in November, up three points from the month before.

So, what explains the high level of optimism among home builders? Put simply, it’s buyer demand. “The solid market for home building continued in November despite ongoing supply-side challenges,” Chuck Fowke, NAHB’s chairman, said. “Lack of resale inventory combined with strong consumer demand continues to boost single-family home building.” In other words, buyer demand for homes remains elevated and the number of homes for sale remains lower than historically normal. That means, homes are in high demand and, despite current conditions, builders are feeling good about the market.

Source: nahb.org

Texas

Real Estate Commission Information About Brokerage Services

Texas Real Estate Commission Consumer Protection Notice

mortgage

What Fall Showings Can Tell Us About Spring

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For a lot of us, it’s still hard to believe summer’s over and the clocks have already rolled back. But it is November and the holidays are just around the corner. So maybe it isn’t too soon to start thinking about spring. If you’re a potential home buyer looking to make a move in the next six months, it’s definitely not too early. In fact, it may be the perfect time to get a feel for what you might expect when the housing market starts to heat up again.

One good indicator for where the market is headed is how many showings are being scheduled for the homes currently listed for sale. And, if the past is any indicator, you can tell a lot about what spring will look like based on what happens the previous fall.

For example, last year’s fall market was atypically competitive – which could’ve tipped you off that the following spring would be among the hottest in recent memory. So how’s this fall been looking so far? Well, according to recently released data, the number of scheduled showings has been around 5 percent lower than it was at the same time in 2020. That’s a pretty good indication that the spring market will be less hectic than this year’s was, with price increases slowing and a higher number of homes for sale.

Source: prnewswire.com

finance

Demand for Home Purchase Loans Rises Again

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According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, demand for loans to buy homes saw its second-consecutive weekly increase, rising 2 percent from the week before. The improvement came

during a week when average mortgage rates increased for fixed-rate loans with conforming loan balances, loans backed by the Federal Housing Administration.

Joel Kan, MBA’s associate vice president of economic and industry forecasting, says the gains are a sign that buying activity will likely remain strong in the weeks ahead. “Purchase applications increased for both conventional and government loan segments,

as housing demand continues to show resiliency at a time – late fall – when home buying activity typically slows,” Kan said. “The second straight increase in purchase applications suggests that stronger sales activity may continue in the weeks to come.” The

MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.

Source: mba.org

housing

Inventory of Available Homes to Rebound in 2022

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Typically, home buyers have a wish list of features they’re looking for in their next house. Whether it’s a bigger yard, more storage, extra bedrooms, or a great location, buyers always have a reason they’re ready to move. After all, why bother moving if your current home has everything you want and need?

But when the number of homes for sale is low – as it’s been for the past few years – finding all the things you want in your next house can become more difficult. Fewer options means buyers are more likely to have to compromise on a few or do without some of them altogether. That’s why the early forecasts for next year’s housing market should be encouraging for prospective home buyers. For example, according to one recently released forecast for the year ahead, new listings are expected to reach a 10-year high

in 2022, surpassing their most recent high of 7.6 million in 2018. If the prediction comes true, it’ll lead to a better balanced market and more options for home buyers. It’ll also make it more likely that you won’t have to abandon your wish list and settle

for a home that has few of the features that had you ready to move in the first place.

Source: prnewswire.com

home for sale

4 Things People Say About Selling a Home Today That Just Aren’t True

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Knowing how to set your expectations can save you untold time and heartache in life. It’s especially true when selling your home in our current wild and competitive market.

Sensational stories of cash offers and fixer uppers selling for well over asking price can be found everywhere. Dollar signs in your eyes can get in the way of a good experience.

“The biggest issue I’m having when I talk to sellers is, they’re seeing stuff in the papers or hearing from their neighbors, ‘Oh, this house just got this absolutely crazy price, or this guy flipped a property for a huge profit,'” says Liz Hogan, vice president of luxury sales at Compass in South Florida. “Those stories are circulating because they’re the anomalies. Nonetheless, a lot of that chatter has made sellers think that even their home – which may just be a regular home and not a super spectacular listing – is going to get some crazy price. That’s not necessarily going to happen.”

We took on 4 of the most popular home selling myths today.

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house key

Inflation Moderates, Though Wage Pressures Continue Amid Tight Labor Market

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Inflation related to supply chain difficulties and consumer demand eased significantly in July.

Supply constraints continue to ease, and spending appears to be shifting from goods to services, allowing businesses to replenish without high demand. While inflation pressure is receding in those areas, the tight labor market posted more openings than unemployed, spurred by upward wage pressure from employers competing for workers. A higher wage market may support increased consumption but may also drive higher prices to consumers.

The Delta variant continues to pose the risk of setting back supply chains once again and sending consumers back to purchasing goods at home instead of services.

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america town

Where is America Diversifying the Fastest? Small Midwestern Towns

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The nation’s ever growing ethnic and racial diversity has been gaining in the Midwest.

While this is commonplace and has been growing for decades in coastal and border locations, the Midwest and northern Great Plains are catching up.

This comes into focus in some of the early detailed data released from the 2020 Census. It shows the non-Hispanic white population declined for the first time in our history. The latest numbers show that 4 out of 10 people now identify as a minority.

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