Real Estate News 12/06/2023

Today’s News Synopsis:

Listings will rise and prices and rates will fall. But high housing costs will remain a problem for young families, which will increase demand for large rentals and force President Biden to make affordability a cornerstone of his reelection bid.

In The News:

Redfin – “Redfin Predicts 2024 Will Be the Year Homebuyers Catch a Break, With Home Prices Falling and New Listings Rising“ (12-05-2023)

“We’re starting to see signs of a shift toward a buyer’s market as pandemic-driven inflation takes its last gasps, mortgage rates come down and more people list their homes for sale. We expect these trends to continue in the new year, ushering in a season of hope for aspiring homebuyers. ”

The Sentinel Record –  “Average US long-term mortgage rate falls to 7.22%, lowest level since late September” (12-01-2023)

“The average long-term U.S. mortgage rate fell for the fifth week in a row, more good news for prospective homebuyers grappling with an increasingly unaffordable housing market.”

NAR  –  “3 Trends for Upgrading Kitchens, Baths, Storage” (11-272023)

“Kitchens, baths and storage are on the minds of more homeowners. Thumbtack, a home improvement resource, recently evaluated its database of millions of remodeling projects nationwide to uncover the top renovation trends for this fall.”

Yahoo Finance-  “Homebuyers are ‘losing patience,’ no longer on the sidelines: survey” (12-05-2023)

“Surging mortgage rates and record-high home prices are no longer sidelining potential buyers.”

Forbes –  “Big Student Loan Forgiveness Details Just Released For New Biden Plan” (12-05-2023)

“The program is designed to provide student debt relief to borrowers in the wake of last summer’s Supreme Court ruling that struck down Biden’s first student loan forgiveness initiative. The new plan is being developed under a different legal authority, and will be targeted to borrowers based on specific circumstances.”