Real Estate News 04/05/2024

Today’s News Synopsis:

The home buyer and seller data is taken from the annual Profile of Home Buyers and Sellers. This report provides insights into the differences and similarities across generations of home buyers and sellers.

In The News:

NAR – “Home Buyers and Sellers Generational Trends“ (04-03-24)

“Since 2013, the National Association of REALTORS® has produced the Home Buyers and Sellers Generational Trends Report. This report provides insights into the differences and similarities across generations of home buyers and sellers.”

Redfin –  “‘More Than Three-Quarters of Baby Boomers Plan to Stay In Their Home As They Grow Older“ (04-02-2024)

“Older Americans who own their home are staying put largely because they’re financially incentivized to do so. It’s contributing to the shortage of homes for sale. ”

Yahoo Finance –  “Mortgage rates rise again as homebuyer optimism declines” (04-05-24)

” The average rate for a 30-year loan inched past 7% this week, settling at 7.07% on Wednesday, according to Mortgage News Daily.”

CBS News – “Hunting for your first home? Here are the best U.S. cities for first-time buyers” (04-042023)

“Zillow defines affordable as homeowners spending no more than 30% of their income on payments, factoring in a 5% down payment, and a mortgage of 6.94%.”

The Mercury News – “Retirees: Is it time to downsize, even in this real estate market?” (04-04-2023)

“TYour home is your sanctuary, but it’s also one of your biggest budget items. And after you retire, it may feel like more house than you need. But in this housing market, when a smaller home with upgraded features may be about as expensive as the one you’re selling, is it still smart to downsize?”