What’s the latest in home sales data & Fall market predictions?
Altos Research provided their weekly update on home sales data, and it indicates a slow market, but not a frozen one. U.S. available home inventory is over 500,000 units nationally, and that’s about as high as the numbers have been all year. Inventory is still lower than it’s been in year’s past but appears to be thawing a little.
The most interesting observation is that the research from Altos shows that consumers are more sensitive to rate changes than they are to high rates, and it shows in the data. Whenever there’s been a spike in mortgage rates to the upside or downside, there’s been a reaction in inventory. When rates stay within a standard deviation or two, there isn’t nearly as much volatility in market inventory.
When it comes to home sales, Altos believes that we may see growth in year-over-year data in October. The reasoning is that the market conditions last year were so poor that this year’s should be higher if they just hold steady.
When it comes to home price data, Altos is predicting that, based on current data, home prices in 2024 are likely to stay flat. Certain metro areas may see increases and decreases, but the national average should be comparable to the 2023 metrics.
How does the U.S. housing market compare to Canada?
Do you think the housing market is a bit unpredictable in the U.S.? Ben Carlson from A Wealth of Common Sense compared home prices in the two neighboring countries, and the Canadians have a housing market that is far tougher than the market in the U.S.
Canadian housing prices have dropped a bit from their peak in 2021, but they would still have to fall an additional 40% from current levels to get back in line with the growth in the U.S. housing market.
While the current U.S. housing market may be a challenge to navigate, it looks like a picnic compared to what our neighbors in the north have to deal with.
How can I upgrade my bathroom to the next level?
Realtor.com took a look at a few wild bathroom upgrades from TikTok that may be features you didn’t know you needed….or that these were even possible.
The first trend on their list was the ‘Everything Shower’. A shower with multiple showerheads, handhelds, and body sprayers to take comfort and cleanliness to a higher level. You can even take it a step further with a full ‘wet room’ where the whole bathroom becomes your shower.
Other trends included towel warmers, extra shelves, makeup tables, and built-in benches to turn a shower into a sanctuary.
Do you have a bathroom upgrade already in mind? Check out the latest HELOC* options to see how Guaranteed Rate can help you get the bathroom you deserve.
* Guaranteed Rate, Inc. home equity line of credit (HELOC) is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw. This product is currently not offered in the states of New York, Utah, Kentucky, South Carolina, Hawaii, Texas, West Virginia, Delaware and Maryland. The HELOC requires you to pledge your home as collateral, and you could lose your home if you fail to repay. Borrowers must meet minimum lender requirements in order to be eligible for financing. Available for primary, second homes and investment properties only. Dependent on minimum credit score and debt-to-income requirements. Occupancy status, lien position and credit score are all factors to determine your rate and max available loan amount. Not all applicants will be approved. Applicants subject to credit and underwriting approval. Contact Guaranteed Rate for more information and to discuss your individual circumstances. Restrictions Apply.
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in under 10 minutes. Grab a few important documents to get started.
- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- Loan obligation info (student loans,
auto loans and credit cards)
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
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