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Yahoo
3 hours ago
- Business
- Yahoo
Sellers are flooding the home market while buyers sit on their hands in these US cities — creating a historic imbalance
After years of sellers calling the shots, some of the hottest pandemic-era housing markets are now grappling with a surplus of listings — and not enough willing buyers. According to real estate brokerage Redfin, April saw nearly half a million more homes listed than buyers in the market, the largest gap since at least 2013. But this supply surge hasn't translated into a wave of closings. Instead, home sales have stalled in many areas, particularly across the Southeast and Southwest, where inventory has ballooned past pre-pandemic norms. In Miami, for example, there were almost three times as many sellers as buyers in April, Redfin data show. Jeff Lichtenstein, president of Echo Fine Properties in Palm Beach Gardens, Florida, told the Wall Street Journal sellers are increasingly slashing asking prices to entice cautious buyers. 'There will be more price reductions that are going on, and more willingness to sell at a lower number, especially in the next couple months,' he said. 'We've definitely seen people who have taken losses.' These conditions mark a sharp reversal for the Sunbelt, which saw home values soar and bidding wars erupt during the COVID years. Now, many of those same metros — Atlanta, Austin, Phoenix and Tampa among them — are seeing listings linger, as affordability challenges, higher mortgage rates and buyer wariness take hold. Nationally, home prices are still rising, but that growth is cooling. US prices climbed 1.4% in May from a year earlier, according to Intercontinental Exchange, down from 2% annual growth in April. Twenty-four of the 100 largest metro areas posted year-over-year price declines in May, with the bulk of those concentrated in the Sunbelt. 'There's not even usually a home for sale in our neighborhood, and I think there's three or four right now,' Dirk Lovelace, who listed his Tryon, NC, house in April, told the Journal. After relocating to South Carolina, he cut the asking price but still hasn't received an offer. 'The current sentiment is, the market's probably going to go down further, so people are just waiting,' he said. Buyers appear to be in no rush. Home prices have surged more than 50% nationwide over the past five years, and mortgage rates remain elevated above 6.5%. Though active listings in May reached their highest point since 2019, they are still about 14% below typical pre-pandemic levels, according to Still, the gap between buyers and sellers is widening, in part because many homeowners are listing out of necessity rather than opportunity. Some are relocating for jobs, while others are exiting investment properties as costs rise or in anticipation of a price dip. 'It doesn't feel like buyer demand is going to come back that much,' Chen Zhao, Redfin's head of economic research added. 'Prices are just too high.' In markets like Denver, longtime agent Elle Pappas told The Journal the tone of conversations with buyers has shifted dramatically from the frenetic pace of recent years. 'The immediate conversation, even upon the first appointment I have with them, is, 'How much of a discount do you think I can get? How many concessions can I get?'' Carley and Garrett Kapelski, who had previously paused their home search due to competition in the Kansas City suburbs, said they've noticed a shift this spring. 'We feel a lot less stressed this time,' Garrett Kapelski said. 'If we wait another 30, 60 days, maybe you'll see these people that thought they would be able to sell their houses quickly, and maybe already bought another home, start being willing to wiggle a little bit.' Much of the current slowdown can be traced to the uneven recovery in housing supply following the 2006 to 2009 crash, coupled with the lock-in effect of low pandemic-era mortgage rates. But that trend may be easing. New-home construction has picked up since the pandemic, and more homeowners are beginning to list — some simply because they can't wait any longer, whether that is due to job transfers, having children or otherwise, Pappas explained. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
12 hours ago
- Business
- New York Post
Sellers are flooding the home market while buyers sit on their hands in these US cities — creating a historic imbalance
After years of sellers calling the shots, some of the hottest pandemic-era housing markets are now grappling with a surplus of listings — and not enough willing buyers. According to real estate brokerage Redfin, April saw nearly half a million more homes listed than buyers in the market, the largest gap since at least 2013. But this supply surge hasn't translated into a wave of closings. Instead, home sales have stalled in many areas, particularly across the Southeast and Southwest, where inventory has ballooned past pre-pandemic norms. Advertisement 6 The US housing market is experiencing a historic imbalance, with nearly 500,000 more sellers than buyers in April — the largest gap since at least 2013, according to Redfin. Cavan – In Miami, for example, there were almost three times as many sellers as buyers in April, Redfin data show. Jeff Lichtenstein, president of Echo Fine Properties in Palm Beach Gardens, Florida, told the Wall Street Journal sellers are increasingly slashing asking prices to entice cautious buyers. Advertisement 'There will be more price reductions that are going on, and more willingness to sell at a lower number, especially in the next couple months,' he said. 'We've definitely seen people who have taken losses.' 6 While the inventory of homes for sale is finally rising, many buyers remain on the sidelines due to high prices, elevated mortgage rates and economic uncertainty. Andy Dean – These conditions mark a sharp reversal for the Sunbelt, which saw home values soar and bidding wars erupt during the COVID years. Now, many of those same metros — Atlanta, Austin, Phoenix and Tampa among them — are seeing listings linger, as affordability challenges, higher mortgage rates and buyer wariness take hold. Advertisement Nationally, home prices are still rising, but that growth is cooling. US prices climbed 1.4% in May from a year earlier, according to Intercontinental Exchange, down from 2% annual growth in April. Twenty-four of the 100 largest metro areas posted year-over-year price declines in May, with the bulk of those concentrated in the Sunbelt. 6 Home prices have surged over 50% in five years, and rates above 6.5% continue to dampen demand. Gian – 'There's not even usually a home for sale in our neighborhood, and I think there's three or four right now,' Dirk Lovelace, who listed his Tryon, NC, house in April, told the Journal. Advertisement After relocating to South Carolina, he cut the asking price but still hasn't received an offer. 'The current sentiment is, the market's probably going to go down further, so people are just waiting,' he said. Buyers appear to be in no rush. Home prices have surged more than 50% nationwide over the past five years, and mortgage rates remain elevated above 6.5%. Though active listings in May reached their highest point since 2019, they are still about 14% below typical pre-pandemic levels, according to Still, the gap between buyers and sellers is widening, in part because many homeowners are listing out of necessity rather than opportunity. 6 Sellers, facing life changes or rising costs, are listing properties and increasingly cutting prices or offering concessions to attract hesitant buyers. Ryan Tishken – Some are relocating for jobs, while others are exiting investment properties as costs rise or in anticipation of a price dip. 'It doesn't feel like buyer demand is going to come back that much,' Chen Zhao, Redfin's head of economic research added. 'Prices are just too high.' In markets like Denver, longtime agent Elle Pappas told The Journal the tone of conversations with buyers has shifted dramatically from the frenetic pace of recent years. Advertisement 'The immediate conversation, even upon the first appointment I have with them, is, 'How much of a discount do you think I can get? How many concessions can I get?'' 6 Despite the increase in supply — now at its highest since 2019 — existing-home sales in April hit their slowest pace for that month since 2009. seanlockephotography – Carley and Garrett Kapelski, who had previously paused their home search due to competition in the Kansas City suburbs, said they've noticed a shift this spring. 'We feel a lot less stressed this time,' Garrett Kapelski said. 'If we wait another 30, 60 days, maybe you'll see these people that thought they would be able to sell their houses quickly, and maybe already bought another home, start being willing to wiggle a little bit.' Advertisement Much of the current slowdown can be traced to the uneven recovery in housing supply following the 2006 to 2009 crash, coupled with the lock-in effect of low pandemic-era mortgage rates. 6 Buyers now hold more negotiating power, especially in Sunbelt markets like Miami, where listings far outnumber house hunters. In contrast, parts of the Northeast and Midwest remain competitive. Gian – But that trend may be easing. New-home construction has picked up since the pandemic, and more homeowners are beginning to list — some simply because they can't wait any longer, whether that is due to job transfers, having children or otherwise, Pappas explained.
Yahoo
19-05-2025
- Business
- Yahoo
5 Best US Coastal Towns To Buy Property in the Next 5 Years, According to Real Estate Agents
Mark Twain famously quipped, 'Buy land, they're not making it anymore.' Nowhere is that more true than waterfront towns in the U.S. It's gotten harder to find good bargains in coastal towns over the last two decades. But charming, overlooked oceanside living still exists — if you look closely enough. Explore More: Check Out: A few even offer more affordable homes than the national average of $367,711, according to Zillow. Here are five U.S. coastal towns you should keep your eye on, according to real estate agents, if you plan on buying property within the next five years. Median home price: $280,631 Coastal towns in South Florida have exploded in popularity over the last 60 years. Jeff Lichtenstein, real estate broker at Echo Fine Properties, has seen that explosion firsthand. 'Much of South Florida is now developed, as growth has shot up from Miami to Boca Raton to Jupiter, and now into the Treasure Coast,' he noted. 'But Fort Pierce has a lot of room for growth and plenty of undeveloped land still available.' In fact, Florida saw so much price growth since the pandemic that it overshot the local fundamentals. Prices in much of Florida have corrected over the last year, and Fort Pierce properties have dipped 3.4%, making this coastal town especially affordable. Try This: Median home price: $318,094 Another low-cost coastal gem, Rockport brags about its ranking in 'The 100 Best Small Art Towns in America' by magazine Americans for the Arts. As a Texas realtor, Levi Rodgers urges buyers to look for up-and-coming beach towns like Rockport. 'Search for operating waterfronts with financed upgrades to infrastructure, changing zoning or proximity to deepwater ports and ferry terminals — these tend to ignite development before the market realizes it,' Rodgers said. He also notes that many waterfront towns start tightening up on Airbnb regulations as they become more popular with tourists. 'When short-term rentals are restricted, long-term values rise as inventory constrains,' Rodgers added. Median home price: $392,721 Lichtenstein also likes Stuart, nestled between Jupiter Island and Port Saint Lucie. 'It's a charming town with a true middle-of-the-country USA feel to it,' he described. 'It retains plenty of mom-and-pop stores and establishments. Right off the Intracoastal and the ocean, there is boating and more reasonable housing compared to some of the southern towns on the east and west coast.' Stuart enjoys a great location, less than an hour from both the bustle of Palm Beach and the quiet of Lake Okeechobee. Median home price: $419,694 Ranked sixth on Vacasa's list of the Best Places to Buy a Vacation Home in 2025, Navarre has a lot to offer. 'It's quiet, it's gorgeous and it hasn't been hit with the same price spikes as other Gulf Coast towns,' explained Jessica Robinson at Family Nest North Central Florida. 'Plus, the rental demand is steady and growing.' Sure enough, short-term rental research platform Rabbu shows an average of $56,324 in annual rental revenue for homes in Navarre. Median home price: $456,027 It looks as though Americans are already starting to discover Port Angeles, where home prices rose by 3.6% over the last year — nearly triple the nationwide average. 'The smartest coastal investments in the next five years won't be in the most obvious locations,' added Rodgers. 'They'll be in places like Port Angeles, Washington.' Beyond the waterfront, the town sits just outside Olympic National Park. Visitors and residents enjoy near-endless hiking and biking trails, glacial lakes like Lake Crescent, and waterfalls such as Marymere Falls. Editor's note: All median home prices are sourced from Zillow. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 8 Items To Stock Up on Now in Case of Tariff-Induced Product Shortages Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth Sources Zillow, 'United States Housing Market.' Echo Fine Properties, 'John Lichtenstein.' Americans for the Arts, 'The 100 Best Small Art Towns in America.' The Levi Rodgers Real Estate Group, 'COMPANY LEADERSHIP TEAM.' Vacasa, '2025: Top 25 Best Places to Buy a Vacation Home.' Family Nest North Central Florida, 'Estate Planning Services.' Rabbu, 'Navarre, FL Airbnb Market Data.' This article originally appeared on 5 Best US Coastal Towns To Buy Property in the Next 5 Years, According to Real Estate Agents Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-05-2025
- Business
- Yahoo
Dave Ramsey: Not Factoring In This Cost Is the No. 1 Homebuying Mistake
Buying a home can be an expensive undertaking, especially if it is your first one. Financial expert Dave Ramsey warns that lots of people who are in the market tend to make a big mistake that ends up costing them more money in the long run. In a post on his website, Ramsey Solutions, the Ramsey team urged homebuyers to factor in closing costs to their final totals. This helps make sure they are not taken by surprise when the dollars add up beyond what they had budgeted for. Find Out: Read Next: According to Freddie Mac, closing costs range between 2% and 5%, or an average of $20,185 based on the median price of an American home ($403,700). Plenty of homebuyers see the upfront price of the house and determine how much they'll need to put down in order to buy it. Ramsey urged buyers that these fees need to be accounted for prior to going into the homebuying process. Cameron Walker, manager of the agent network at Clever Real Estate, agreed with Ramsey that not considering closing costs is one of the worst mistakes first-time homebuyers make. 'Many people become so focused on the down payment that they overlook the other costs, which can add up to thousands,' Walker said. 'These can be for lender's fees, title insurance, escrow costs, prepaid taxes and homeowners insurance, among others.' See More: Jeff Lichtenstein, the CEO of Echo Fine Properties in Palm Beach Gardens, Florida, counters Ramsey's notion that closing costs are what put homebuyers in a bad financial position. Rather, it's other factors outside of that money. 'Each state and county has different closing costs as it relates to title costs. Some of those are different regarding who pays for the title,' Lichtenstein explained. 'It's customary in Palm Beach County for the seller to pay for title insurance, but much more negotiable in Martin County.' Beyond closing costs, homebuyers need to do their research and make sure they are not just buying for the sake of owning property, but that they are actually happy and secure with this major investment. 'I know the biggest mistake buyers make is they buy the house first instead of the neighborhood,' Lichtenstein said. 'If you like your house but don't like the amenities of the neighborhood, vibe or location, you'll regret it and be back on the market in no time.' More From GOBankingRates What $1 Million in Retirement Savings Looks Like in Monthly Spending These 10 Used Cars Will Last Longer Than an Average New Vehicle 5 Little-Known Ways to Make Summer Travel More Affordable How Much Money Is Needed To Be Considered Middle Class in Every State? Sources Ramsey Solutions, 'First-Time Home-Buyer Mistakes.' Cameron Walker, Clever Real Estate Jeff Lichtenstein, Echo Fine Properties This article originally appeared on Dave Ramsey: Not Factoring In This Cost Is the No. 1 Homebuying Mistake Sign in to access your portfolio
USA Today
15-05-2025
- Business
- USA Today
Mortgage rates rise for second-straight week. Is the spring selling season sunk?
Mortgage rates rise for second-straight week. Is the spring selling season sunk? Show Caption Hide Caption Strange and bizarre creature from 506 million years ago discovered A three-eyed predator 'sea moth' that lived 506 million years ago has been discovered in Canada. Rates for home loans pressed higher, offering little relief for a housing market stuck in neutral. In the week ending May 15, 30-year fixed-rate mortgages averaged 6.81%, Freddie Mac announced, up from 6.76% last week. So far this year, the popular product has averaged 6.80%, with the lowest level at 6.62% and the highest at 7.04%. Those figures don't include fees or points, and rates in some parts of the country may be higher or lower than the national average. More: Is it finally a buyer's housing market? What to know about home prices, rate 'lock-in' Despite relative stability in mortgage rates, early indications suggest that the 2025 spring selling season is fizzling. While home contract signings were strong in March, they were probably weaker in April, when the White House's tariff announcements shocked markets and consumers. Jeff Lichtenstein, who owns Echo Fine Properties in South Florida, saw a sharp slowdown in activity at that time, he told USA TODAY in April, and early data from Redfin, the national real estate brokerage, confirms that. In the four weeks ending May 11, contract signings were at the lowest level on record other than during the COVID-19 lockdown of 2020, the company said in a report. 'Redfin agents in many parts of the country, including Oregon, North Carolina, Texas and Ohio, report that some buyers are backing off because they're nervous about the future of the U.S. economy,' the report said. A more widely-followed measure of contract signings, the Pending Home Sales report from the National Association of Realtors, will be released at the end of May. In Austin, Texas, things are a little more even-keeled right now, said Aaron Farmer, broker of Rudder Realty. Farmer sees a lot of inventory in what was one of the pandemic era's highest-flying markets, but also a decent amount of demand. Farmer's buyer clients, who tend to be moving to a second or third home, aren't having as much trouble affording higher prices as first-time buyers might be. Perhaps the most positive sign is that a "six-handle" isn't as scary as it once was. 'People aren't complaining about rates as much as they once were,' Farmer said. 'They don't seem to be as rate-sensitive as they used to be.' Read next: OK, boomer: Why older Americans have the upper hand in the housing market
