Home Qualified’s Insider Network News
by Ralph DiBugnara & Keyla Rosario on Nov 2, 2023
HOME BUYING STATS YOU NEED TO KNOW
Home buyers are backing out of deals at the highest rate in a year. Deal cancellations peaked at 16.6% in September according to Redfin, a new high since October last year. Of the 50 most popular metro areas analyzed by Redfin, cities in Florida were hit hardest by cancellation. Jacksonville, Orlando, Tampa, Fort Lauderdale, and Miami all saw deal cancellations above 20% of pending home sales. At the top of the charts was Atlanta, Georgia with 24.4% of home deals that fell through.
Everyone is Talking about Real Estate
Two Major lawsuits are threatening the way business is done in real estate. A jury trial underway in Missouri could change an industry standard as we know it, which is broker fees. Broker fees, specifically the seller’s payment, to the buyer’s agent, are at the heart of the case. Under National Association of Realtors rules, which agents must follow to gain access to most local real estate databases, the seller pays the fee, which gets split between the seller’s real estate agent and the buyer’s.In these listings, sellers are required to include a fee offer (even if it’s zero) — which is visible to buyers’ agents, but not usually visible to the prospective buyers themselves. Changing its rules could jeopardize consumers’ equal access to homes for sale, affordability, and the stability of the entire housing market.
Today mortgage tips are sponsored by Cardinal Financial
With rate hikes, higher prices, and inflation these are the two financial moves you can make to keep your money safe and have profitable investments.
- If you have credit card debt now pay it quickly because it’s about to get more expensive. The average credit card rate for good credit in 2022 was 16%, that number is now 24% and could get as high as 30% in the near future. Your minimum payments will continue to increase, pay down as much of that debt as you can now to avoid it costing you hundreds to thousands more.
- Do not gamble with interest rates on big financial decisions. No one knows if and when rates will really come down, not even experts. They usually go up faster than they come down, and you can always refinance when they do come down. Lock in your rates when the monthly payment is within your budget