Four Tips to Avoid Blowing Your Housing Budget Amid Rising Rates
Here are some steps homebuyers can take to stay within their housing budget.
July 26, 2022 5 MIN
Here are some steps homebuyers can take to stay within their housing budget.
Using an all-cash offer service can give buyers an advantage, but it's not free.
Rising mortgage rates are cutting into what homeowners can afford to spend on a home. Here's what a $2,000-a-month housing budget gets you in different parts of the nation.
“Sellers are losing control of the housing market," Redfin's deputy chief economist said.
U.S. home prices gained 20.6% in March from a year earlier, the fastest national pace on record, according to S&P CoreLogic Case-Shiller Indices.
The share of offers for U.S. properties that had a competitive bid fell to the lowest level in more than a year, according to a Redfin report.
The decline in signed contracts came at the start of the so-called spring selling season, typically the busiest time of year for real estate transactions.
Sales of new houses plunged 17% in April, the fourth consecutive decline, as a spike in mortgage rates chilled demand.
Sales of previously owned homes in April dropped to the lowest level since the start of the pandemic, the National Association of Realtors said.
A jump in mortgage rates is shifting builders' focus to rental homes, chilling the for-sale market, said Lawrence Yun, NAR's chief economist.
