Orla McCaffrey
speaker
593 appearances
13 recordings
1 series
first heard Mar 2020
last heard Jun 2022
Orla McCaffrey’s voice in public audio — every appearance, attributed to the second.
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Appearances
terribly short inventory of homes in what was already a really constricted market.
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So while low mortgage rates are good for potential homebuyers, there are still a ton of obstacles that people have to get over before they can take advantage of those rates.
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march and april when you know the pandemic hit its first height people were really staying home existing home sales which is a good measure of housing market activity were down double digits year over year but that has since picked up there are signs that's picking up in june with mortgage applications and some of that pent-up demand coming back as people get more comfortable going out and touring homes but that is expected to to wane after the summer
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The rising prices does put homebuyers in a tough spot.
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They can only take advantage of these low mortgage rates if they can afford the homes in the first place.
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The rates make the homes cheaper over the long term with the lower interest rates, but you still need a good chunk of the down payment up front, and that's larger when prices are rising.
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Communities like that, you know, within commuting distance from major cities are definitely in line to benefit if they can attract enough homeowners.
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We have seen lots of people moving out of New York City, whether leaving their house, their apartment, or just even purchasing a second home is really popular right now.
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Yeah, everyone in the housing business really had to adapt.
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Real estate agents, mortgage lenders, home buyers and sellers.
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Zoom and FaceTime tours are now the new norm.
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Loan documents are being signed on DocuSign instead of in person like you normally would.
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It's really shifted the process a lot.
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For people who can take advantage of these low rates, you can save hundreds, thousands of dollars on your monthly payment over the course of your 30-year loan.
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So it really is a good time to lock something in or even wait for a couple of months down the road.
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The housing market makes up between 15 and 18% of the economy because when people buy homes, they also...
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you know, pay people to build the homes and spend thousands of dollars on appliances and furnishings for the home.
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So that all really adds up.
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And when the economy does start to recover, the housing market could definitely play a big role.
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Yeah, absolutely.
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Showing 541–560 of 593 · page 28 of 30
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