Rates and prices are rising, but homes can still be found (for those prepared to battle)

Rates and prices are rising, but homes can still be found (for those prepared to battle)

Looking for a quick digest of what’s happening in real estate right now? We’ve got you covered:

National News

+ Critics slam the Fed as home prices rise 11.2% in January over the previous year — the largest annual gain in nearly 15 years.

+ “The housing market continues to face both tailwinds and headwinds,” says Nancy Vanden Houten, lead economist at Oxford Economics. “Pent-up demand and a strong economic rebound should support sales as we head into the heart of the spring home selling season. However, tight inventories and home prices at multi-year highs will make homebuying difficult for some households.”

+ Most homes aren’t ready for “aging in place,” but Liz Weston of Nerdwallet offers steps you can take now to make your home better for retirement.

Local News

+ A study finds that people didn’t abandon urban neighborhoods during the pandemic. Denver was among the most expensive large metro areas that saw a big decrease in urban in-migration and a small increase in urban out-migration during the pandemic.

+ Only 21% of Denver renters can afford a typical monthly mortgage payment ($2,376/month), compared to 27.4% nationwide, according to Zillow.

+ Denver homebuyers continue to have to move quickly and prepare for a bidding war as the housing market remains ultra-competitive.

Financial News

+ Mortgage rates remain historically low at 3.18% as of April 1st. However, the upward trend in rates may be a reason that homebuyer demand has dropped from 25% above pre-COVID levels at the start of 2021, to 8% above pre-COVID levels today.

+ The increase in mortgage rates from the beginning of the year is adding an average of $93 per month to homebuyers’ mortgage payments — roughly $1,100 per year.

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