If you are looking for the latest real estate news, you have come to the right place. You will find information on Rising mortgage rates, Inventory of homes on the market, and New York City’s newest rankings as the 120th best place to live. Whether you are a first-time homebuyer or an experienced real estate investor, you can find the latest news on the market in the articles below. You can also subscribe to our daily newsletter, Our Daily News, to receive top headlines and industry trends in your inbox.
Rising mortgage rates
The rise in mortgage rates is not just an effect on the economy. As the Federal Reserve continues to raise rates, more homebuyers will face higher mortgage rates. This is bad news for buyers and sellers. Rising rates will make it more difficult to buy homes, and sellers will have to be realistic about the value of their homes. Meanwhile, home renters will be forced to stay in rentals longer, putting pressure on the rental market.
The rise in mortgage rates has put off some buyers from buying a home, but it hasn’t deterred others. Many of them have enough cash and are adjusting their plans to fit the new reality. Meanwhile, some are buying points to bring rates down. A mortgage point costs one percent of the loan amount, but knocks about a quarter of a percentage point off the interest rate. With a rising mortgage rate, a buyer’s dream of home ownership may soon seem impossible.
Inventory of homes on the market
An inventory of homes on the market is the raw count of all the homes for sale in the area. This figure is calculated on a monthly basis by the last day of the month. Thus, the inventory of homes for sale in the third quarter of 2021 would be the number of active listings on Sept. 30, 2021. This number is important because sold homes are removed from the inventory when they close, while pending sales with signed contracts remain on the market until they are closed.
The current low housing inventory is a good thing, as it means that there are fewer homes for sale on the market than the demand for them. But a low inventory will only increase the competition for these homes, so buyers must be prepared to move fast if they find a suitable property news. The housing inventory situation in 2021 was a reflection of a lack of building supplies, a result of the financial crisis. This has affected the global supply chain, causing delays and oversupply of materials.
New York City’s 120th “best place” to live
A recent report by U.S. News & World Report ranks the best places to live in the United States, according to several factors including quality of life, job market and value. The city was ranked
120th overall, behind San Francisco and Chicago, primarily because of its fast-paced lifestyle
and lack of crime. Still, some residents of the city feel unsafe, and the report makes recommendations to keep crime down and make the area a safer place to live.
The list also ranks cities based on air quality, which was not previously included in the list. The report’s authors noted that Americans are increasingly considering environmental factors when deciding where to live. Last year, Albany ranked among the nation’s 150 Best Places to Live, and jumped to 21 on the latest list. The usual suspects, such as Syracuse, Rochester and Buffalo, also made the cut, but New York City was ranked 120th.
New York City’s housing market
As the flu pandemic continues to wreak havoc on the economy, it is clear that New York City’s housing market is in a state of course correction. While another recession is unlikely to cause a massive drop in rates, there will be no sudden spike in demand either. Therefore, developers and new construction will need to price their properties correctly to avoid a slowdown. Here are some predictions to keep in mind.
While Manhattan’s housing inventory continues to fall, rents have been rising. According to the latest statistics obtained by Douglas Elliman, net effective median rent hit its highest level in December. New lease signings fell at the fastest annual rate in over six years, while listing inventory continued to fall. New leases decreased by 57.8% in December, the largest amount in nearly two years. In comparison, the median household income in the U.S. was $67,046 in 2016.
