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There's been a noticeable increase in purchases in CT alone with multiple bids and less homes for sale..
This just came out for entire U.S confirming that's been happening on average everywhere else.
Less are refinancing, More are buying.
More demand than supply = Sellers market(but prices wont reflect it since that's a lagging indicator and the label of being a sellers market wont be known until it continues for a longer period of time. It could reverse just as fast)
Homebuyers fuel jump in mortgage applications, as more listings finally emerge
After falling for two straight weeks, mortgage application volume rose 2.5 percent last week, seasonally adjusted, compared to the previous week. The increase was driven entirely by purchase applications.
“The strong job market continues to bolster demand for homes,” said the Mortgage Bankers Association's chief economist.
A slight increase in the number of homes for sale may be helping to juice the mortgage market.
After falling for two straight weeks, mortgage application volume rose 2.5 percent last week, seasonally adjusted, compared to the previous week. The increase was driven entirely by purchase applications.
Still, total volume is 4.3 percent lower than a year ago, according to the Mortgage Bankers Association, due to continuing weakness in loan refinancing.
Mortgage applications to purchase a home jumped 7 percent for the week and were 8 percent higher than the same week one year ago. Potential home buyers have been blocked by a severe shortage of homes for sale this year, but more listings have been coming on the market. While total supply is still lower than a year ago, this is, perhaps, the first sign that the supply crisis may be beginning to ease.
“Even though inventories continue to decline, they are doing so at a slower pace. In other words, while buyers continue to see fewer homes available for sale, the decline was smaller than we've seen in previous months,” said Danielle Hale, chief economist for Realtor.com. “Before we see inventories increase, we need to see them slow, and the data has shown four months of deceleration (smaller year over year declines)."
There is still, however, far more demand than supply, and if the economy continues to improve, that demand will grow. "
The poll should indicate "how long" to continue. Overall, with population increases, demand always increases. But in the short run it can vary dramatically. So the OP needs to indicate for a month? for a year? for 5yrs? for 15? Could be different opinions.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Some of the more popular areas such as San Francisco Bay Area and Seattle have been this way for years, but now with the economy doing so well, low unemployment, high rents and interest rates starting to rise everyone is trying to buy a house at the same time. Meanwhile many of us are remaining in our home for 25+ years, planning to wait and downsize after retiring, and new construction is limited. When the large number of boomers start to hit 70, the "new retirement age" I would expect some relief, but that can be tempered by the continued influx of immigrants from China and India with cash
to buy homes.
When the large number of boomers start to hit 70, the "new retirement age" I would expect some relief, but that can be tempered by the continued influx of immigrants from China and India with cash
to buy homes.
Could be true if large numbers of boomers move away from the area. Otherwise all the retirees who will be selling homes will also be buying homes. Just smaller ones.
The poll should indicate "how long" to continue. Overall, with population increases, demand always increases. But in the short run it can vary dramatically. So the OP needs to indicate for a month? for a year? for 5yrs? for 15? Could be different opinions.
I kinda rushed it this morning but the poll is based on current conditions with demand being more than supply. Do you think it will last or do you think we go back to how its been for yrs with mote supply than demand?
While there's always demand for it, there isn't always a higher demand for it. Maybe I'll do a new one soon with more details.
Speaking about it still being a sellers market, I just had a surprise thing happen.
A realtor that we had interviewed to sell the house sent me an e-mail, claiming that she thought we had agreed to list with her and to get together to sign a contract soon because she had several buyers who would be interested.
I told her we had signed with someone else, and gave her the e-mail of our realtor in case she really did have some buyers. I thought that was the end of the story, but our realtor then said she had a conversation with the other realtor and she thinks it might be for real.
We're going to discuss it later tonight. It'll be an interesting call, considering my husband and I are in two different cities right now, the house still has some work that needs to be done, and (most important) we have a tenant who is there until the beginning of Sept.
At any rate, I don't think you get situations like this unless a market is heating up. This is July, for Pete's sake. Real estate is supposed to be taking a nap right now.
Speaking about it still being a sellers market, I just had a surprise thing happen.
A realtor that we had interviewed to sell the house sent me an e-mail, claiming that she thought we had agreed to list with her and to get together to sign a contract soon because she had several buyers who would be interested.
I told her we had signed with someone else, and gave her the e-mail of our realtor in case she really did have some buyers. I thought that was the end of the story, but our realtor then said she had a conversation with the other realtor and she thinks it might be for real.
We're going to discuss it later tonight. It'll be an interesting call, considering my husband and I are in two different cities right now, the house still has some work that needs to be done, and (most important) we have a tenant who is there until the beginning of Sept.
At any rate, I don't think you get situations like this unless a market is heating up. This is July, for Pete's sake. Real estate is supposed to be taking a nap right now.
Keep your eyes open regarding the agent who thought you had an agreement.
If she saw your listing status and contacted you directly, that is coloring outside the lines ethically.
My expectations of her at this point would not be very high.
Keep your eyes open regarding the agent who thought you had an agreement.
If she saw your listing status and contacted you directly, that is coloring outside the lines ethically.
My expectations of her at this point would not be very high.
I totally agree--that's why I'm not as enthused as you'd think I would be. This was one of a few realtors who struck me as possibly untrustworthy when we were interviewing last year. Maybe it's for real, but as you say, we'll keep our eyes open. But even if it leads nowhere I still take it as a sign of a seller's market. Who would even bother doing such a thing otherwise?
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