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Selling Your home? List It Midweek
Homes listed for sale midweek sell for an average of $1,700 more and 1.6 days faster than homes listed on a weekend
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A new report from Redfin shows that homes listed midweek sell for an average of $1,700 more than homes listed on the weekend, based on homes sold above their list price from July 2020 through February 2021. And they sell faster, too.
Putting a home on the market on a Friday or Saturday is risky, since potential buyers may have already filled their weekend with other home tours, said Redfin Chief Economist Daryl Fairweather. That’s especially important during the pandemic, when it’s more likely that buyers and their agents are required to book individual appointments to tour homes, she said. Read more from Housing Wire.
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Housing Starts Reach Highest Levels Since 2006 |
Residential construction recovered in March after a serious decline the prior month. The U.S. Census Bureau and Department of Housing and Urban Development said all three measures rose, with housing starts hitting a 15 year high. Some regional increases topped 100 percent.
Permits for residential construction were issued at a seasonally adjusted annual rate of 1.766 million in March, a 2.7 percent increase from February's rate of 1.720 million. The latter is an upward revision from the 1.682 million permits originally reported for February, erasing some of the near 11 percent loss originally reported. The permitting rate for the month was 30.2 percent higher than in March 2020. Read more from Mortgage News Daily.
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Could Vacant Commercial Buildings Be Converted to Affordable Housing? |
Commercial buildings left empty from the COVID-19 pandemic may find a new purpose as affordable housing. Empty hotels from a yearlong lack of travel and tourism as well as empty office buildings due to remote work could drive the trend of repurposing vacant commercial spaces.
“The demand for office space is continuing to change,” Andrew Trueblood, the D.C. Office of Planning director, told FOX Business. “I would say it has accelerated what we’re already beginning to see in terms of you don’t need…as much space per person, and especially as there is more opportunity to telework.” Read more from NAR's Realtor Magazine.
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Builder Confidence Jumps, Despite Crazy Lumber Prices
Lumber futures have surged more than 60% this year
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Builder confidence rose one point to 83 for newly built single-family homes in April, according to the latest National Association of Home Builders (NAHB) and Wells Fargo Housing Market Index (HMI) report.
Builder confidence has not risen above 84 so far in 2021, after reaching 90 in November and falling to 86 in December.
The index gauging current sales conditions also increased one point, to 88, and the gauge charting traffic of prospective buyers posted a three-point gain to 75. However, the component measuring sales expectations in the next six months fell two points to 81, as many homebuyers are expecting rising mortgage rates and low inventory to sting.
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‘Sharp Divergence’ Between Purchases and Refis in March |
The inaugural Originations Market Monitor report from Black Knight Inc. – a new monthly study that leverages daily rate-lock data from Black Knight’s Optimal Blue PPE to provide a view of origination activity – shows that while overall rate locks were up 2.5% for the March, there was a sharp divergence between purchase and refinance activity.
“Recent – and sharp – upward movements in interest rates have shifted the mortgage originations landscape very quickly,” says Black Knight Secondary Marketing Technologies President Scott Happ. “The wave of refinance activity of the last year and some months has suddenly given way to a purchase-heavy mix.” Read more from Mortgage Orb.
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The economy is improving on the demand side and on the supply side, a variety of goods and materials remain scarce. As a result of this imbalance, pricing pressures are building and causing inflation to rise. Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year. |
We hope you enjoyed this week's Market News. For more information about how PMA can help you, please contact us. |
phone: 610.834.8700
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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