Real Estate, Updates, News & Tips - Clara Abedian - iPro Real Estate

Mortgage Demand Drops as Interest Rates Soar Over 7%

Mortgage rates rose for the third straight week last week, hitting the highest level since November. As a result, mortgage application demand dropped 2.7% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 7.24% from 7.13%, with points increasing to 0.66 from 0.

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New-Home Sales Post Biggest Jump Since December 2022

New-home sales up nearly 9%, boosted by strength in the NortheastThe numbers: Sales of newly built homes in the U.S. rose in March, posting the biggest increase since December 2022.Home buyers snapped up new homes, pushing sales to the highest level since September 2023, just before the 30-year mortgage rate began its trek to 7%. U.S. new-home sales rose 8.8% to an annual rate of 693,000 in March, from a revised 637,000 in the prior mon

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Contract Signings Reach a New High for 2024

Pending home sales kicked off the spring season with a strong start, but challenges for the homebuying market remain, new NAR data shows.Pending home sales increased in March, reaching their highest level of the year so far, while new-home sales also rose last month. But with mortgage rates now in  the 7% range, which could scare home buyers moving forward.The National Association of REALTORS®’ Pending Home Sales Index—a

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Luxury Real Estate Prices Just Hit an All-Time Record

Real estate is increasingly a tale of two markets — a luxury sector that is booming, and the rest of the market that continues to struggle with higher rates and low inventory.Overall real estate sales fell 4% nationwide in the first quarter, according to Redfin. Yet, luxury real estate sales increased more than 2%, posting their best year-over-year gains in three years, according to Redfin.Real estate experts and brokers chalk up the di

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New-Home Sales Climb as Builder Incentives Pay Off

The spring housing market has gotten off to a sluggish start due to higher mortgage rates, but new-home sales appear to be a bright spot.Sales of newly built single-family homes jumped nearly 9% in March, reaching their highest level since last fall, the Commerce Department reported Tuesday. With limited inventory options in the resale market, more buyers are eyeing new construction.Home builders are showing more willingness to offer incentives,

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President Biden’s Proposals to Spur Affordable Housing Development

More Americans than ever are priced out of the housing market and President Biden has outlined steps his administration is taking to increase development of affordable housing.In the 2024 Economic Report of the President, President Biden said housing shortages and unaffordability have risen dramatically over the past 60 years, primarily affecting low- and middle-income families. The President mostly blames the nation’s affordable housing s

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New Hires are Spending More and Upgrading Their Lifestyles

Economists have been scratching their heads over how Americans can continue to prop up the economy with their spending despite high interest rates, persistent inflation, dwindling savings and rising debt.There may be a simple answer: Jobs.Payroll growth has been stunningly strong this year. Most people who land new jobs have been opening their wallets, with many making big lifestyle changes that include buying a new house or car, according

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Mortgage Rates Jump Above 7%, Setting New High for 2024

Home buyers are left pondering: Lock in now or wait and see?Mortgage rates surged this week, jolting home buyers who may have just started to grow accustomed to borrowing costs in the 6% range. The 30-year fixed-rate mortgage rose to a 7.1% average this week, its highest level since last December, Freddie Mac reports.“As rates trend higher, potential home buyers are deciding whether to buy before rates rise even more or hold off in hopes of dec

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Top Picks for the Best Smart Locks of 2024

The smart lock landscape in 2024 showcases an array of options tailored to enhance security and convenience in modern homes.Smart locks continue to redefine home security and convenience in 2024. The innovation of smart locks is evident with enhanced connectivity, security features and seamless integration with smart home systems. Having personally tested over 30 smart locks, I’ve put together a list of my top recommendations, trends and featur

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Rising Mortgage Rates Complicate Spring Outlook

Higher-than-expected inflation data is expected to push borrowing costs up during the busy homebuying season.Mortgage rates are inching toward 7% after new data this week revealed a sensitive economy still coping with stubbornly high inflation. The 30-year fixed-rate mortgage now averages 6.88%, Freddie Mac reports.“If one were to shake a Magic 8 Ball, the answer to the question of ‘where are mortgage interest rates going to be in the next mo

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