Is buying a house becoming a total meme, or is there finally a light at the end of the tunnel?
This week, we're talking about what's REALLY going on in the housing market, with President Biden throwing out some ideas to get things moving again.
Whether you're a first-time buyer who's totally stressed about getting on the property ladder, or an investor who wants the inside scoop, we're breaking down what Biden's housing plans mean for you. Listen in to hear what experts are worried about and how it might affect your chances of snagging those keys to your dream home.
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President Joe Biden is actually offering an incentive, because no one wants to sell their house. Find out more in this week's weekly real estate market update. But before that, here's this week's housing market data. There's a pickup in mortgage applications this week, as they're up 5% compared to last week, so this could be a sign that more people are feeling confident about buying a home. Fewer people are searching for their dream homes on Google. Prices for homes for sale are down 4% to last month. The median house price is now a whopping $371,750, which is basically a down payment. For most millennials. This makes buying a house feel as impossible as getting a participation trophy. These days, most prices are climbing. This is after putting a down payment of 20% Pretty crazy.
Speaker 1:
Now, look, there may be a glimmer of hope in this housing market. New houses hitting the market are up 13% compared to last year. This means there could be more options to choose from and, potentially, some competition amongst buyers. While it's not a guaranteed win, it's a step in the right direction for finding that dream home. It's always good when inventory goes up. It's a good sign for buyers, as it gives them more and more options, and that's what we're experiencing across the country with inventory going up.
Speaker 1:
Although prices continue to rise, homes aren't flying off the shelves anymore. The median time a house sits on the market before selling is 47 days. This means you might actually have a chance to save up for a down payment. The market is not so hot right now that homes are lasting about 45 days on the market. Keep in mind the housing market can be sick. Also, do your research and consult a real estate professional before jumping in. So are you struggling to buy your first home?
Speaker 1:
Well, president Biden just proposed a plan that could help. The housing market is kind of messed up right now, with not many homes on the market and crazy high prices. This is because a lot of homeowners locked into their current mortgage with super low interest rates, so they're not selling. So to free up some houses, biden wants to give a $10,000 tax credit to people who sell their starter homes, but some experts are worried it might not be enough or could even make house prices go up even more Still. It's a move in the right direction to help people get on the property ladder, but we'll have to see how this plays out. As usual, congress starts with something or the presidents want to make a suggestion and it's how the market responds that matters. So we'll see how the market responds to this proposal and let's see what happens with housing over the next couple years. And this has been your weekly real estate market update. I'll see you guys next week. Peace.