Latest news with #buyers
Forbes
6 hours ago
- Business
- Forbes
The Housing Market Is Tipping Toward Buyers—Top Mortgage Lenders To Consider Now
In this story, we'll break down the top mortgage lenders and how buyers can qualify for the lowest ... More rates available. Is the housing market finally tilting in buyers' favor? The latest numbers suggest it is, but getting a good deal still depends on more than just timing. Mortgage rates can vary significantly from one lender to the next, and the lowest advertised rate isn't always the cheapest once fees are factored in. Don't assume your longtime bank will offer the best deal. It pays—literally—to shop around, compare offers and understand the difference between a loan's interest rate and its APR, or annual percentage rate. While a lender may advertise a tempting rate, higher fees can significantly increase the total cost of the loan. APR gives you the all-in picture, and it's what savvy borrowers use to compare. Forbes Advisor tracks daily mortgage rates, so we'll show you which lenders are offering the most competitive advertised rates and what you need to know before locking one in. Related: Find competitive mortgage rates near you through our partner Mortgage Resource Center For the first time on record, sellers are outpacing buyers by nearly 500,000 nationwide, according to Redfin data from April 2025. That's a 34% gap, the widest since Redfin began tracking in 2013. Thirty-one of the 50 largest U.S. metros are now buyer's markets, with the biggest imbalances in Miami, West Palm Beach and Fort Lauderdale, Florida, and Austin, Texas. According to the National Association of Realtors (NAR), existing-home sales fell 5.9% in March from the previous month and 2.4% year over year. At the same time, unsold inventory is growing and price growth is slowing. These trends could create more opportunity for buyers who've been shut out by bidding wars and all-cash offers. Affordability remains a concern, though. Median home prices are still high—$431,931 as of April, according to Redfin. However, they're expected to fall 1% by year's end. Meanwhile, mortgage rates have hovered below 7% for five straight weeks. The average 30-year fixed mortgage rate is 6.89% as of May 29, down from 7.03% a year ago, according to Freddie Mac. That slight dip is good news for buyers; rates are easing after last year's highs, giving a bit more breathing room. Even a small drop can translate to thousands in savings over the life of a loan, especially for those who shop around and compare offers. The Mortgage Bankers Association reported that the national median mortgage payment increased slightly in April to $2,186, up from $2,173 the month prior. Despite that, affordability has improved year over year thanks to rising wages and a moderation in home price growth. In this story, we'll break down the top mortgage lenders and how buyers can qualify for the lowest rates available. Forbes Advisor tracks daily mortgage rate updates to help you compare lenders based on where you're located. Rates change often, based on market trends, lender policies, and your financial profile. Here are some of the best mortgage lenders according to a Forbes Advisor analysis based on a variety of factors, including interest rates, accessibility, customer service, loan options, time to close and more: Credit isn't the only lever borrowers can pull. From the size of your down payment to the type of loan you choose, there are several strategies that can help you secure a lower mortgage rate and potentially save thousands. Let's walk through them. Even in a tough market, small moves can make a big difference. Know your options and ask questions, because getting a better rate starts with being informed. Related: Find competitive mortgage rates near you through our partner Mortgage Resource Center
Daily Mail
10 hours ago
- Business
- Daily Mail
Seaside house prices have plummeted by 20%. Now property experts reveal why... and share incredible bargains with up to £500k off in beautiful towns such as Salcombe, Aldeburgh and Padstow
We're approaching that time of year when, with any luck, the sun shines brightly for more than just a few days and thoughts of owning a home in striking distance of the coast loom large. But, this Spring, there's a difference. Whereas in the past, prices of coveted coastal properties were going through the proverbial roof, today they are falling - off a cliff - and it means there's more choice than ever.
Forbes
11 hours ago
- Business
- Forbes
Poised For A Shift: Brooklyn Summer 2025 Real Estate Preview
Brooklyn's spring momentum, marked by sales prices breaking $1 million and asking rents breaking ... More $4,000, suggests a story of underlying strength. Brooklyn's summer 2025 market is being shaped by rising supply, record rents, and surprising price resilience, even as the market environment remains lackluster with softer demand – showing that Manhattan's stronger start and April volatility don't necessarily set the tone across the river. To find out what's happening beneath the surface in Brooklyn, we created a multifocal view that stitches together supply and demand, Market Pulse, Market Climate, sales prices, and asking rents to map out what lies ahead for buyers and sellers in the borough in the coming season. As much as Brooklyn's idiosyncratic allure is responsible for its increased popularity over the years, its real estate market is fundamentally driven by supply and demand dynamics. For the last several years, supply has been anemic, and demand, even when lackluster, has driven the market higher. This year, however, the tables may have finally flipped. Let's break it down. Supply in Brooklyn, 2022 through 2025 Brooklyn has seen a quiet resurgence in supply. At the beginning of the year, it was at its lowest point since before the pandemic, following a multi-year deceleration. Sellers began to come back to the market in February, March, and April, and now supply sits nearly even with 2022's levels. In three months, the level of inventory in Brooklyn went from long-term lows to medium-term highs, and currently sits 8.5% above last year's level. The increase in supply is generally even across the under-$1-million segment and the $1-million-to-$2-million category at 7%. Interestingly, it is the over-$2-million segment that shows the greatest increase, nearly 13% compared to last year, which is likely due to slowly increasing prices rather than a sudden jump in the desire to sell. The rolling 30-day pace of signed contracts in the borough is up just over 6% higher than last year, but momentum varies by price. The over-$2-million segment is the only one seeing an uptick in demand over the prior year, and, at just 1%, it is essentially flat. Demand for units under $2 million is down by 4% compared to last year. That may seem minor, but 2024 was not a year to remember, so being down from that suggests that under-$2-million buyers remain skeptical. Year-over-year change in supply and demand at different price points Brooklyn's Pulse index, a ratio of demand to supply, is down 2.8 points year-over-year, its weakest reading in five years, and sits at the bottom of the neutral range. This dip reflects the current imbalance between supply and demand. If new listings taper off in May and June while signed contracts hold firm, look for the Pulse to recover as we head into summer. Brooklyn's Market Pulse, May 2022 to April 2025 The UD Climate Ratio (successful vs. failed listings) dipped slightly to 2.61 in April. While this is still the second-highest reading in the last year, it is down from the March reading. On a longer-term basis, the Brooklyn Climate's peaks remain below the highest levels seen in 2022, 2023, and 2024. The gradual decline of the Climate's seasonal summits suggests that buyer caution remains elevated. So, while deals are still being done, the market landscape is fragmented, with varying pockets of strength and weakness depending on the attributes of individual properties. Brooklyn's Market Climate, May 2022 to April 2025 The first quarter of 2025 saw the Brooklyn median sale price break the $1 million mark for the first time at $1,022,500. Currently, sales in the second quarter appear poised to increase, with recent sales having a median price of $1,024,400. While this may only be 0.2% higher than Q1, it is nearly 5% higher than what was seen during the second quarter of 2024. Of course, Brooklyn still has another month to go, but the fact that prices are rising in the face of rising supply and a weakening market environment hints that Brooklyn may be quietly rebounding. History shows that once that train leaves the station, it's not stopping. Quarterly Resale Condo Price Per Square Foot in Brooklyn, Q1 2015 through Q2 2025 Similar to sales prices, asking rents in Brooklyn broke through their recent ceiling. For most of 2024 and early 2025, asking rents in Brooklyn had been pushing up against the $4,000 level, but didn't break through until this year. The median asking rent this May climbed to a new high of $4,200 in April (+7.7% year-over-year), blasting past the $4,000 ceiling and signaling a hot summer ahead, especially as 7% mortgage rates push borrowing costs higher. Still, tight rental conditions could spill over into the sales market, especially at lower price points, where buyers frustrated by rising rents may start their search for a home to buy. Median Asking Rent in Brooklyn, January 2019 through May 2025 Brooklyn's spring momentum, marked by sales prices breaking $1 million and asking rents breaking $4,000, suggests a story of underlying strength. However, rising supply, flat demand, and mixed environmental signals indicate a market in transition. What seems likely to emerge this summer is a churning, segment-specific market: Be Ready: Brooklyn's market signals are mixed, but a look behind the scenes suggests a transition may be underway. If that is the case, then buyer leverage will likely fade from here. Market activity usually contracts during the slower summer months, and with supply leading demand, fewer listings in the summer mean an increase in seller leverage, even if slight. If a home comes along that ticks all the boxes, don't be afraid to make a move. Stay Focused: Although buyers have yet to make a substantial return to the market, with sales and asking rents rising, the market remains stable. The key to a summer sale remains pricing correctly and managing expectations. Yes, it will take longer to sell in the summer. Yes, there will be competition. Yes, there will be periods of little to no action. But, crucially, yes, there will be buyers. Despite signs to the contrary, Brooklyn appears poised for a shift. If you're thinking about buying or selling in the borough this summer, it pays to understand how the local supply and demand dynamics are shaping prices and perception in your area.
Daily Mail
2 days ago
- Business
- Daily Mail
The 'insane' move buyers are now pulling before signing home contracts... but it them a better deal!
Millions of Americans live in communities governed by a homeowners association (HOA), and the number has only increased in recent years. But many buyers don't known much about the HOA they're joining, and the boards typically like to keep it that way.
Yahoo
2 days ago
- Business
- Yahoo
The tide is turning in the housing market as top metro areas see home prices fall ahead of a broader decline later this year
Home-sale prices in 11 of the 50 biggest U.S. metro areas are already falling, according to data from Redfin, which sees the nationwide median sale price declining 1% on an annual basis in the fourth quarter of this year. That's as listings grow and mortgage rates remain high, while sellers outnumber buyers by record amounts. A key tipping point in the housing market is coming into view as momentum shifts more firmly in favor of buyers over sellers. That could help revive a relatively anemic home-shopping season, which recently saw a steep decline in pending sales, meaning fewer purchase contracts were signed. 'But the tide is starting to turn for homebuyers,' Redfin said in an update on Thursday. While the median U.S. home-sale price was up 1.9% year over year in the four weeks that ended May 25, prices in 11 of the 50 most-populous U.S. metro areas are falling, according to Redfin data. They're led by Oakland, Calif. (-4.9%); Dallas (-4.5%); Jacksonville, Fla. (-3%); Austin, Texas (-2.5%); and Seattle (-1.4%). That comes ahead of what's expected to be a broader trend later this year. Redfin sees the median U.S. sale price going flat in the third quarter on an annual basis, then falling 1% year over year by the fourth quarter—even with mortgage rates seen hovering around 7%. It would mark a sharp reversal from earlier this year and recent history. In the first quarter, prices rose 3%, and second-quarter prices are expected to be up 2%. Meanwhile, prices have been rising since 2012, except for a blip in 2023, amid a prolonged seller's market. The reason for the U-turn is simple: there is way more supply than demand right now. Last month, there were about 500,000 more people selling homes than there were people trying to buy them, marking the biggest such gap since Redfin started collecting the data in 2013. And when those home sellers list their properties, they're staying on the market longer, forcing some to lower their asking prices. 'Sellers are realizing we're in a new market, which is making them flexible,' Venus Martinez, a Redfin agent in Los Angeles, said in the report. 'A lot of sellers, especially those who may have bought at the top of the market and need to sell, are willing to accept less money for their homes, give concessions to buyers, and even negotiate commissions. Buyers are more likely to be able to negotiate if a home has been on the market for more than a few weeks, or if it has fallen out of contract.' While mortgage rates will likely remain high, Redfin noted that wages will continue rising, meaning that home affordability should still improve in the second half of the year. Redfin's forecast follows a similar one from Zillow in April, when it predicted home values will fall 1.9% this year after previously anticipating a 0.6% increase. 'The combination of rising available listings and elevated mortgage rates is signaling potential price drops by year's end,' Zillow researchers wrote. 'With increased supply, buyers are gaining more options and time to decide, while sellers are cutting prices at record levels to attract bids.' Of course, if buyers start to flood the market, then the pricing landscape will change with it. On the other hand, a prolonged slump in activity is also typically bad news for the overall economy. Analysts at Citi Research warned in a note last week that residential investment, a leading indicator for a recession, is set to contract this quarter after growing weakly in the first quarter as high mortgage rates take a toll. 'Residential fixed investment is the most interest rate sensitive sector in the economy and is now signaling that mortgage rates around 7% are too high to sustain an expansion,' Citi said. This story was originally featured on Sign in to access your portfolio
