The November Real Estate News You Might Have Missed
Did you have a hard time staying on top of the news last month? We’ve got you covered.
Check out the top real estate and housing news from November 2018 — all bite-sized and fluff-free.
Home prices stalled out.
Once again, home price growth slowed down this month, this time hitting its slowest growth rate since January 2017. Sixteen out of the nation’s 20 largest markets also saw prices stall out. According to David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones, this data indicates as “slowdown in housing” — great news for potential homebuyers.
Sight unseen offers declined.
This time last year, 35% of buyers were making offers sight-unseen. As of last month, that share has dropped 15 percentage points. Only 20% are now making offers without stepping foot on the property — likely indicating a less competitive, high-stakes housing market than we saw last year.
Mortgage lender satisfaction is on the rise.
A new survey from J.D. Power revealed that borrower satisfaction with mortgage lenders is up 10 points over the last year. Experts say the jump is largely due to increasing adoption of digital processes, which improve communication and add convenience for borrowers.
We learned the 10 best days to buy a house.
Thanks to ATTOM Data Solutions, we now know the 10 best days of the year to buy a house. According to the company’s recent analysis, December 26 offers buyers the biggest savings — about $2,500, on average. Other great days to buy include December 1, 4, 7, 8, 21 and 29; October 12; November 9; and February 9.
“Bargain” listings got busted.
News from Trulia revealed some startling things about so-called “bargain” listings. According to the company’s recent analysis, listings with the terms “bargain,” “deal,” and other money-saving phrases don’t actually offer much savings at all. In fact, in many markets, “bargain” listings are actually priced above their estimated value. Cape Coral, Florida, and Phoenix were some of the worst offenders.
Rents rose again.
More than 60% of the nation’s biggest cities saw a jump in rents last month. Orlando experienced the biggest increase, with a 4.4% hike over the last year. Las Vegas; Knoxville, Tennessee; Corpus Christi, Texas; Phoenix and Mesa, Arizona; and Riverside, California, also saw big jumps. National rents rose 1.1% over the month.
Want to learn more about what all this news means for your homeownership goals? Contact an Embrace Home Loans mortgage specialist today. We’ll give you personalized guidance.