Market Update - The Housing Market Is Getting BETTER
Housing market update for this week: inventory finally topped last year, with 841,000 homes versus 831,000. Sellers are getting more realistic on price, and mortgage rates sit at 6.65%. Josh Lewis and Jeb Smith break down what it means for buyers, then answer your questions live.
In this episode: national and Orange County inventory, new listings and pending sales, price reductions at 39%, mortgage spreads at 2.02, jobs week data, Cleveland Fed inflation nowcast, real home prices by state from Visual Capitalist, and California's proposed AB 736 transfer tax.
We answer YOUR mortgage and real estate questions live every Wednesday. Drop a question in the comments or join us live next show.
Get connected with Josh's mortgage team or a realtor anywhere in the country:
https://jebsmith.net/start
https://theeducatedhomebuyer.com/start
New podcast episode every Monday. Next week: our mortgage rate forecast for the second half of the year. Search The Educated HomeBuyer on Spotify, Apple Podcasts, or YouTube.
Chapters
- 0:00 Housing Market Update: Inventory Finally Tops Last Year
- 9:45 Jobs Week: JOLTS, ADP + Payrolls Preview
- 12:38 Real Home Prices, New Inflation Data + Fed Hike Odds
- 17:50 Mortgage Rates Today: 6.65%
- 18:55 LIVE Q&A: Ask Us Anything Mortgage or Real Estate
- 19:25 Max Seller Concessions on a Second Home?
- 20:35 Who Builds the Cheapest New Construction Homes?
- 22:20 Roof Replacement Cost
- 23:55 New Construction Tips
- 27:50 Realtor Commission
- 31:20 FHA vs VA vs Conventional
- 36:25 Is a $1,000 HOA Document Fee Normal?
- 37:50 California's Proposed Transfer Tax: AB 736
- 39:42 Can I Beat a 6.2% Rate?
- 43:00 Pay Down PMI or Wait It Out?
- 45:40 Offering Below the Competition
- 50:20 Is It a Good Time to Refinance?
- 51:00 75 Days on Market, Is That Normal?
Josh Lewis, BuyWise Mortgage, NMLS #1942
Jeb Smith, Realtor
#housingmarket #mortgagerates #realestate