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