Category: National Market Update & Mobile County
Have mortgage rates finally hit their peak? Will we see some sort of normalcy come back to the market? While no one can say for sure, we can take a look at what experts are saying about the market. I I know the state of the market will play a huge role in deciding what you want to do with your home.
Now, the first thing that I want to point out to you is that interest rates arising, and it has many buyers concern about entering the market. But the market has also brought in a number of new agents as well, over 150,000 from 2020 to 2021, according to Homelight.
Now I want you to keep in mind that these agents have not worked through markets that have seen higher interest rates. Well here, eXp Realty, we have seen a lot of different kinds of markets, including the crash of 2008. And we are constantly looking at expert advice, analyzing the market and giving the best expert advice that we can to our clients to help them navigate the market.
Now, rates are nowhere near where they have been and normal is kind of an ever changing target, but we are always here to help you navigate through any market we may face.
By: Tamika L. York
Summer is here. And so are your plans for buying or selling a home this summer. But is that a good idea? Well, let's see what the experts have to say about the market, what it currently looks like, and where it's going.
I want to help guide you towards the best decision for your family and your biggest asset: your home. Now, looking at mortgage rates, Sam Khater, chief economics with Freddie Mac, says, "Mortgage rates continue to inch downward this week, but are still significantly higher than last year, affecting affordability and purchase demand.
Now, heading into the summer, the potential home buyer pool has shrunk and supply is on the rise and the housing market is normalizing." After the way the housing market looked these past couple of years, this is a welcome relief to many.
Now, with less buyers and more sellers out there, there is hope out there for the buyers that are staying in the market. In addition to this, data from Freddie Mac suggests that mortgage rates have hit a plateau in the last six weeks, giving even more hope to buyers that fewer people will see themselves being priced out of the current market.
Now, that's where we are right now. Now, keep coming back as we break down the market even more.
By: Tamika L. York
Forbearance was a huge topic two years ago, but what happened to it? Did it actually help homeowners or has it put all of us in a bad situation?
I'm going to share with you how forbearance may have affected the housing market. Two years ago, forbearance was used as a tool to help homeowners with their mortgage, and it caused a lot of unease concerning the long-term effects. The good thing, the numbers concerning forbearance look great. With about 4.2 million people using forbearance at the start, we are now down to 690,000 loans still in forbearance.
Now, according to the black Knight, 92% of those in forbearance have since come out of it. Now, whether they went through modifications or paid it back already, the majority of people are through this bump in their road. Now, for those who have not found a solution yet, there are still options available, a number of them, to help you resolve your situation.
Now, the big takeaway here is that because of the number of people still in these situations and the number of options available leads experts to believe that forbearance will not create a housing bubble or a major downturn in the market.
Now, if you have any questions about the market, reach out to my team and we can help you decide what's best for you and your family in this housing market.
By: Tamika L. York
May 19, 2022.
Interest rates have everyone asking question, how will this affect my ability to buy or sell a home? Well, we are going to turn to the experts to find out what we may be seeing in this market.
I'll help you sort through all the uncertainties in the market and give you the facts so that you can make an informed decision about your home. So let's take a look at the past so that we can better understand the idea of what our future will look like. Now, if we look back at data from October of 1993, provided by Freddie Mac, we see that there was a comparable spike in mortgage rates.
Now, at that time, we saw no negative impacts on home prices, and they still appreciated by 8%. There was also a decrease of 11% in home sales that same year.
Now, so many people were likely priced out of buying a home due to the market conditions. Now, we are looking at a very different environment though, because we are not expected to see the rate increase that we saw from October of '93 to December of '94.
Now, overall, we see about a 2% impact on home sales with a positive or negative. Now, if we take out the outlier of '05 and '06, which led up to the housing crisis, then we see that overall, rising impacts do not have a large impact on the home sales. That's what the experts are seeing.
By: Tamika L. York
Interest rates are rising like crazy. We all knew it was coming, but what does this actually mean for the real estate market and your ability to buy or sell a home? I've sold homes in its market, and I can also help you navigate through this one as well.
Now, rates are expected to continue to rise as we continue to go out this year. Now, we started 2022 with a mortgage rates at about 3.11% for a 30-year fixed loan according to Freddie Mac. Now, as the year has gone on, the most recent data from Freddie Mac shows that rates have risen to 4.76%.
Now, Freddie Mac actually addresses this rise in rates by stating, "Mortgage rates are likely to continue to move higher throughout the balance of 2022." Now, "Although the pace of the rate increases is likely to moderate much of the increase in rates in early 2022, if in anticipation of what will happen later this year, especially with the Federal Reserve interest rate policy."
Now, all the experts have been projecting this. We knew this was going to come, but we are hopeful that the upward climb of interest rates will be slowing down as the year goes on. Now, this month, what we will be focusing on and taking a look at is past markets that reflect what we are currently seeing today, and see what the experts are saying about what this means for us.
By: Tamika L. York
So what's actually happening here locally in a real estate market, everyone wants to know. Are we currently seeing a housing bubble? What should I do with my home? It can be so confusing with all the different headlines that's going on what the best choice to make for you and your family, and I totally understand that.
And I can help you navigate through this market. Let's look the data of what's actually happening so that you can make the best educated decision for you and your family.
Well first off, according to the real estate experts and advisors, anytime you have inventory levels that are at six months of inventory or below, then that means that we're currently in the sellers market.
You have to keep in mind that it's all about supply and demand. And when there is limited supply like there is right now then the prices tend to go up. So let's see what inventory levels are doing here locally, and if it is actually a good time to sell your home here in Mobile, Alabama.
Well, let's look at what happened in the month of March. Now in Mobile, we currently have, at the time of this video, 671 homes active and available on market. The average time to sell is 33 days on market. And the average sale price is $243,702 of listing price. So which shows that we are still in a strong seller's market. And it is a great time to sell as we are consistently ex bidding wars and homes being sold above list price.
Now, feel free to reach out at no cost, risk for a hassle-free strategy session. I'll be looking forward to hearing from you. And as always, I'm Tamika York with your dream home matchmaker, where I love where I live and I want you to love where you live too, guys. Have a great day.
By: Tamika L. York
Where's the market heading?
What's happening with mortgage rates?
What's going on with the fed?
What's inflation doing?
There are so many things speculating in today's market. So let's see what the experts have to say. Let me put all of this information into a better perspective for you. Our biggest factor right now to look at is that listings are harder than ever to find right now. And according to realtor.com, the national average number of home on the market we saw from December, 2020 to December, 2021 was almost 27% down year over year. And even with how difficult it has been to a snag home, it has not slowed down buyers. According to the ShowingTime monthly index, the numbers of showing that happened in November of 2021 is greater than in November of 2020.
The president of ShowingTime says, and I quote, "Traditionally showings during the holiday season. But the data we're seeing shows that buyers demand is still strong." The fact that every reason showed a year over year increase indicates that buyers are undeterred and it speaks to their desire to find their next dream home. And these numbers are absolutely crushing the showing numbers from before the world went upside down. Now buyers are out there. They are ready.
By: Tamika York
It feels like everywhere we look, prices are on the rise. From food to gas, we are paying more. Well, rent and housing prices are not immune to this phenomenon, but there are huge benefits to owning a home during the time when prices are so uncertain. Hi guys, I'm Tamika York with EXP Realty. Now let's talk about the benefits of home ownership during a time when we see so much high inflation.
Now inflation gives homeowners a buffer zone when inflation is on the rise, and as inflation goes up, home price appreciation rises faster according to the National Association of Realtors. Now Investopia says real estate is one of the time honored inflation hedges. It's a tangible asset, and those tend to hold their value when inflation reigns, unlike paper assets. More specifically, as prices rise, so do property values.
Homes are consistently increasing in value right now. Forbes put it simply when they said, "Homeowners are shielded from mounting rental prices because their cost is fixed, regardless of what's going on in the market." They're locking in their payment at today's rate. Now let's take a look at foreclosures for a moment, since we always get asked a question to compare it to 2008. Now this last year, we have had 442,360 fewer foreclosures over the past two years, according to the NY Fed. Now we had over 9 million in 2008.
So things are looking very different. Now we are also having the slowest refinance rate since March of 2020. Now with all of these questions that you may have about the market, it's going to be really important that you partner with the best agent before buying or selling your home.
Local Market Update October 2021 Market Update Mobile County. The seasons are changing, but we are still in a global pandemic. What does this mean for the market? Get my advice with the latest reports on what is happening in the real estate world and what it means for your home!
What is the best way to sell my house! The best way is to use my disruptive strategic digital marketing plan!
Are you constantly on Amazon or any other stores shopping online? Listen, this past year, I bet everyone has been doing some online shopping. Let's face it, being placed on lockdown for the last past year, what else are we supposed to do besides eat and shop. Right?
Well, guess what? Real estate is no different. When selling your home, placing a yard sign in the front lawn and putting on a MLS is very basic and old school. But I want you to ask yourself a question.
Are you missing out on social media platforms with the most traffic? Well, I'm Tamika York, and I'm with EXP Realty, and what you need is maximize exposure to get your home in front of the most potential buyers. Did you know that 95% of buyers search for homes online, and 77% use social media to do so, yet only 16% of agents use social media in their marketing strategy?
And only 1% are doing it correctly. As a real estate professional, I want to offer you more and better. So I came up with a disruptive strategic digital marketing plan that places your home in front of the thousands of potential buyers weekly.
Now, you probably are looking at this video as a result of all those
efforts. Now, if you would like to learn more about how I use tools of the fortune 500 companies to get your home in front of more buyers, give me a call.
By: Tamika L. York
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January 18, 2021
By Tamika L. York
Well that was quite a summer real estate market! Huge year over year valuations gains, bidding wars and lower than low levels of inventory. At one point there were even more NAR members than listings. However, things do appear to be cooling off a bit, and leveling out in many areas. But that doesn't mean that the inventory shortage will just disappear. It will most likely be more of a slow fade. Then again, maybe not. Predicting and timing markets is a tricky business, and hardly and exact science.
October 18, 2019
By Tamika L. York
The housing market is doing remarkably well this year compared to last year. We are seeing an increase in buyers as well as prices. Prices are expected to normalize and we are hoping to see stabilization in the Real Estate market soon. So it’s a great time to buy!
September 16, 2019
By Tamika L. York
I have really good news! This has been the best spring in over a decade. This is because even though the economy isn’t doing the best, interest rates are super low. Which is making the housing market really really good. The shortage of inventory is also keeping the housing market strong.
Dream Homes By Tamika
11 N. Water Street, Suite 10290
Mobile, Al 36602
Phone: (251) 654.1648
Dream Homes By Tamika is a licensed Realtor in the state of Mobile. My love for the community I live and work in are why I do what I do. Stop by the office and experience the Dream Homes By Tamika way of Mobile County area real estate.
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Mobile County (c)2021.MAAR (c)2021. MLS (c)2021. Information Deemed Reliable But Not Guaranteed. This information is
being provided by the Mobile MLS, or MAAR MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Data last updated at (2021).
Mobile-MAAR-Mobile County data last updated at May 7, 2021 6:59 PM PT
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Call Us! (251) 654-1648