Melynda Yoder, Colorado

Melynda Yoder 🏠 Prestigio RE Denver/NOCO-Acquisition Specialists: 👉Market Updates & Tips 👉Proven Success & Seamless Process 👉Help to Build Wealth

[Grok @grok]

Megyn Kelly is reacting to Alivea Goncalves' powerful victim impact statement at Bryan Kohberger's sentencing today for the 2022 Idaho student murders. Alivea, sister of slain Kaylee Goncalves, called Kohberger a coward and said if he hadn't attacked them asleep "like a pedophile," Kaylee would've fought back fiercely. The courtroom applauded.

[Melynda Yoder, Colorado @MelyndaYoder]

How does a half percent interest rate change your buying power?

If you budgeted $2,404 a month for a mortgage payment, and the interest rate dropped half a percentage point — from 7% to 6.5% — you could spend $19,059 more on a home without increasing your monthly payment.

[The Kobeissi Letter @KobeissiLetter]

Shocking stat of the day:

Families in the top 5 most expensive states need over $270,000 annually to live comfortably in the US.

Massachusetts is the most expensive state where a family with 2 working parents and 2 children needs an income of $301,000.

Next are Hawaii, Connecticut, New York, and California with required income ranging from $277,000 to $295,000.

On the other hand, Mississippi is the least expensive, where a family needs $177,798 to live comfortably in a year.

Meanwhile, the median household income was just $75,000 in 2023.

Living comfortably in the US is now considered a luxury.

[Nick Gerli @nickgerli1]

Housing Markets with the biggest price drops over the last 18 months...

📉📉📉

1. Austin, TX: -17%
2. New Orleans, LA: -12%
3. Boise, ID: -11%
4. Lake Charles, LA: - 11%
5. San Francisco, CA: -10%
6. Chico, CA: -8%
7. Provo, UT: -7%
8. Reno, NV: -7%
9. Santa Cruz, CA: -7%
10. Sacramento, CA: -7%

Min Population: 200k.

Access this data on Reventure App: https://t.co/mdLcnDSZvY

[Lance Lambert @NewsLambert]

The average 30-year fixed mortgage rate slips to 6.85%

That's the lowest reading since Feb. 2, 2024

Spread: 277 bps

[Science girl @sciencegirl]

Make a decision, don’t look back

[Redfin @Redfin]

Some good news for buyers: more homes are hitting the market 🏘️

Still, affordability remains a challenge as home prices jump 5% year over year and mortgage rates hover around 7%. #housing

[The Kobeissi Letter @KobeissiLetter]

Since 1980, the median age of first-time homebuyers has increased from 29 to 35 years old.

For repeat homebuyers, it's even worse:

1. Median Age of Repeat Homebuyer in 1980: 36 years old

2. Median Age of Repeat Homebuyer in 2024: 58 years old

In other words, first time homebuyers today are the same age that homeowners in the 1980s were buying another home.

We have an affordability crisis.

[Chris Koerner @mhp_guy]

The Raising Canes founder is my new favorite billionaire:

- Owns a 66 million year old triceratops skull

- Owns 90% of Canes, worth $7.2B

- Named the biz after his dog

- Worked at an oil refinery - total bro

- The idea for Raising Canes started as a business plan in undergrad at LSU that earned a poor grade

- Maniacal about not expanding the menu. Keep the quality 10/10 and the process dead simple. They don't even serve ranch! Lettuce? Ew.

- 0 franchises, all 550 stores are corporate owned.

Why do you think Canes, Chick Fil A and Chipotle aren't understaffed like the other fast food chains? No franchises = high control & quality.

- He's a massive philanthropist and deeply ingrained in his community.

I wanna be Todd Graves when I grow up.

[Lance Lambert @NewsLambert]

#NEW Zillow issues an upward revision for its home price forecast

Zillow expects U.S. home prices to rise +3.5% between December 2023 and December 2024

Its previous 12-month outlook was +0.0%

[Redfin @Redfin]

(1/5) This year has been the least affordable year to buy a home in our records, but things are looking up for 2024.

Affordability should improve next year as home prices and mortgage rates tick down. #realestate
https://t.co/I99io0Hry2

[Lance Lambert @NewsLambert]

The best deal in housing: new construction

“It [builder buydowns] is very successful. A huge savings, who wouldn't want that?" @johnburnsjbrec said during a recent interview on Barron’s Live
https://t.co/jrrZEFBuFC

[Steve Harney @SteveHarney]

Explain to me how my math is off.

If we look at the rent vs. buy situation in residential real estate purely as a financial decision, shouldn’t we include all financial aspects?

If renting is $1,000 a month cheaper than buying, that means the renter saves $12,000 a year. But, if you buy the median priced home in this country (~$400,000) and it appreciates by the forecasted level of 3%, don’t you get that $12,000 back in equity.

Plus, you get the mortgage interest deduction and the property tax deduction on your taxes.

And…as a homeowner, you virtually lock in your monthly housing expense for 30 years while rents will continue to escalate.

What am I missing?

[Mike Simonsen 🐉 @mikesimonsen]

Home Sales and Inventory are starting to show improvements over 2022

Inventory has been rising very late in the year. That rise is now complete. Last year at this time sellers and buyers were hitting the brakes hard. This year is slow of course, but not dropping, so we finally show fractionally better sales rate growth over the same week a year ago.

In this week’s @altosresearch real estate market video the data is showing tiny inklings of turning the corner.

[video link follows below]

📍567,000 single family homes on the market. Unchanged from last week.
📍Inventory has (finally) peaked for the year.
📍Remember the Altos rule: if rates go up, inventory will build in 2024. If rates fall, inventory will fall again.

📍66,000 new listings (single family) this week, with 11,000 of those already in contract.
📍More new sellers this year than the same week a year ago. This shows some improvement on our supply-constrained market
📍Also, more immediate sales. Buyers leaned into the new supply, which also implies slight sales volume growth coming.
📍In the “Weekly New Listings + Immediate Sales” chart below, watch to make sure there’s no flood of sellers or shrinking immediate sales that indicate a weakening market.

📍52,500 new contracts started this week for single family home purchases. That’s low but was more than the same week last year.
📍As long as rates don’t spike again, 2024 is set up for slight home sales gains over 2023

📍Price reductions have also peaked for the year.
📍39.2% of the homes on the market have had a price cut.
📍The takeaway from the “Percent of Properties with Recent Price Reductions” chart is that there are no real signals for future sales price declines.

📍Home prices continue to be 1-2% above last year and look to end the year at that level.
📍The median price of single family homes in the US is just under $430,000.

[Elon Musk @elonmusk]

Thank you, veterans past and present, for saving the world

[Lance Lambert @NewsLambert]

We're amid a historic deterioration in housing affordability

Green line = where we were in 2020

Red line = where we are now

via @Black_KnightInc
https://t.co/QE9oynpnKk

[Lance Lambert @NewsLambert]

The average 30-year fixed mortgage rate heads into the weekend at 7.88%.

Spread: 303 bps

[Melynda Yoder, Colorado @MelyndaYoder]

Homeownership is an incredible wealth building tool at every income level.

[Lance Lambert @NewsLambert]

Share of homes at risk of a home insurance rate increase or non-renewal in 2023 because of wildfire, wind, or flood 🏡👇

Data via @FirstStreetFdn

Map via @axios @KavyaBeheraj

[Lance Lambert @NewsLambert]

The fact that big homebuilders' margins remain above pre-pandemic levels gives them wiggle room to do stuff (i.e. cut net effective prices*) where/when needed to move product.

Right now—amid the slow season and as mortgage rates cross 7.6%—is one of those times.