Nicole Friedman

speaker

798 appearances 16 recordings 1 series first heard Aug 2017 last heard Dec 2024

Nicole Friedman’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Higher Mortgage Rates Vexing Homeowners Who Want to Sell · 23 Sep 2022 podcast

Thank you for having me.

WSJ Your Money Briefing · With Housing So Unaffordable, Do Sellers Still Have the Upper Hand? · 12 Jul 2022 podcast

It is becoming less of a seller's market. voice-verified

There are more homes on the market. voice-verified

Homes are sitting longer because a lot of buyers have dropped out. voice-verified

They simply can't afford the current home prices at the current mortgage rates. voice-verified

Thank you for having me. voice-verified

So housing affordability has really worsened since the start of the year because mortgage interest rates have risen quite rapidly. voice-verified

And for home buyers, that has pushed up the amount that they can expect to spend every month by hundreds of dollars a month. voice-verified

So the way that the National Association of Realtors calculates this is for a typical family buying a home in May using a 20% down payment and a 30-year fixed rate mortgage, their expected monthly payment would be $1,842. voice-verified

And that's up from the same family in January would have expected to pay $1,297. voice-verified

And a year ago, it would have been even lower, $1,220. voice-verified

An increase of more than $600 a month in a year will just push a lot of prospective homebuyers out of the market. voice-verified

So as always, the people affected the most by declining housing affordability are those without a lot of cash to spend upfront on a home purchase. voice-verified

And that tends to be first time home buyers because they can't benefit from selling their current home. voice-verified

To generate the cash, they have to use savings or some other source of funds for a down payment. voice-verified

And so as the cost of the home goes up, the expected down payment goes up. voice-verified

And with higher mortgage rates, their expected monthly payment is also going up. voice-verified

So for a lot of first-time homebuyers, that might just be enough to make them decide to rent instead of buy. voice-verified

It is becoming less of a seller's market. voice-verified

There are more homes on the market. voice-verified

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