Read the Latest Monthly Market Conditions Report for the Philadelphia Region
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8 Reasons Selling Without a Real Estate Agent is a Recipe for Disaster
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But, despite research that shows that shows that FSBO listings sell for about
5.5 percent less
than comparable properties sold through the MLS, some sellers still want to go the do-it-yourself route, forgoing the cost of commission and the aid of an agent.
In reality, a
listing agent
brings more to the table than most homeowners realize. The next time you try to turn a FSBO, point them to these critical questions and remind them of these eight invaluable benefits agents offer.
Read more at Inman.com.
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Housing Starts Decline in May, Signaling a Slowdown in Production
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Housing starts reversed course in May, signaling a slowdown in production, according to the latest report from the U.S. Dept. of Housing and Urban Development and the U.S. Dept. of Commerce.
According to the analysis, housing starts fell 0.9% in May 2019 to a seasonally adjusted annual rate of 1.269 million units.
Read more at HousingWire.
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Would-Be Sellers Appear Ready to Boost Inventory
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There’s a fresh sign that more inventory may be coming to the market, as homeowners deepen their faith in selling. The percentage of consumers who are “strongly” optimistic that now is a good time to sell hit 46% in the second quarter of this year, a significant increase from the 37% who said the same thing in the first quarter, according to the National Association of REALTORS®’
Housing Opportunities and Market Experience Survey
, which was released Wednesday.
Home prices have begun moderating in recent months, which may be prompting homeowners to consider selling sooner in order to cash in before prices go any lower. “With home price appreciation slowing, home sellers understand the days of large price gains from holding an extra year are over,” says NAR Chief Economist Lawrence Yun.
Read more from the National Association of Realtors.
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Fed Announces Rate-Hike Decision
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The Federal Reserve held interest rates steady this month, but there is growing expectation that the central bank may cut rates this year.
“Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability,” the Federal Open Market Committee, central bank’s governing body, said in a statement. “In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2 ¼ to 2 ½ percent.”
Read more at Mortgage Professional America.
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Mortgage Rate Update
Mortgage Rates Stabilize
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While the continued drop in mortgage rates has paused, home buyer demand has not. This is evident in increased purchase activity and loan amounts, indicating that home buyers still have the willingness and capacity to purchase homes. Today’s low rates, strong job market, solid wage growth and consumer confidence are typically important drivers of home sales.
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We hope you enjoyed this week's Market News. For more information about how PMA can help you, please contact us.
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Plymouth Meeting Office: 610.834.8700
Doylestown Office: 215.345.7600
Ocean City, NJ Office: 609.398.8600
Information and analysis is obtained through third parties and is deemed accurate but not guaranteed. Philadelphia Mortgage Advisors is a licensed mortgage lender by the PA Dept. of Banking and Securities, NJ Dept. of Banking & Insurance, the state of DE, the Florida Office of Financial Regulation, MD Mortgage Lender #23004 and VA State Corporation Commission #MC - 6797. NMLS #128570.
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PMA Named Best of the Main Line for the Fourth Consecutive Year!
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50 Things To Do in Philly This Weekend!
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PMA &
PHFA
/
NJHMFA
can make it easier for first-time buyers to purchase a home!
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are Easier with PMA's
In-House Approvals!
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