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Buyer Activity Is Up Despite Higher Mortgage Rates

If you’re a homeowner considering moving, you may wonder if it’s still an excellent time to sell your house. Here’s the good news. Even with higher mortgage rates, buyer traffic is picking up speed.

Data from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, helps paint the picture of how much buyer demand has increased in recent months (see graph below):

As the graph shows, the first two months of 2023 saw a noticeable increase in buyer traffic. That’s likely because the limited number of homes for sale kept shoppers looking for homes even during colder months.

To help tell the story of why the latest report is significant, let’s compare foot traffic this February with each February for the last…

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Think Twice Before Waiting for Lower Home Prices

As the housing market changes, you may wonder where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.

A recent survey from Zonda shows 53% of millennials are still renting because they’re waiting for home prices to come down. But here’s the thing: the most recent data shows that home prices have bottomed out and are now rising again. Selma Hepp, Chief Economist at CoreLogic, reports:

“U.S. home prices rose by 0.8% in February . . . indicating…

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What Are the Experts Saying About the Spring Housing Market?

The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone in your current position.

Here’s what industry experts are saying right now about the spring housing market and what it means for you:

Selma Hepp, Chief Economist, CoreLogic:

“We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when relatively more migration happens, as people graduate and move elsewhere looking for jobs.”

Greg McBride, Chief Financial Analyst, Bankrate:

“I…

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SOLD! One Of Southern California’s Most Opulent Estates in the Lower Enclave Of The Strand At Headlands

The Aaronson Group has sold 7 Oceanfront, Dana Point, Orange County, California, for $12,250,000. (MLS® #OC22240077)

Unveiling One Of Southern California’s Most Opulent Estates Prominently Positioned In The Guard Gated Lower Enclave Of The Strand At Headlands. Experience Modern Coastal Luxury & Breathtaking Ocean, Sunset & Coastline Views From This Stunning Soft Contemporary Residence Newly Constructed in 2018 Featuring 7255 Sq. Ft. Of Living Space Including 5 Bedroom Suites Plus A Bonus Room. The Spectacular Grand Main Level Transitions Through Automated Bi-Fold Doors To The Luxurious Outdoor Living Area With Glistening Pool, Soothing Spa, & Stunning Views Beyond. The Extraordinary Gourmet Kitchen Is Highlighted By Top-Of-The-Line Appliances, 2…

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In ESCROW! Single Level Highly Upgraded Home In Sought-After Section Of Lake Forest

Nestled in a Beautiful Community, This Single Level Highly Upgraded Home Is Prominently Positioned In The Sought-After Section Of Lake Forest. A Nearly 12,000 Sq. Ft. Lot Presents Opportunities To Expand, Or To Simply Enjoy This Charming Home With an Extended Outdoors Living Space Offering an Incredible Backyard With a Built-in Barbecue, Shimmering Pool and Spa, and a Tastefully Designed Casita - an Entertainers Delight. Entering Through The Welcoming Front Porch With Double Doors, The Spacious Light & Bright Living Room/Great Room With An Elegant Fireplace, Flows to a Finely Appointed Fully Remodeled Kitchen Boosts Exquisite Quartz Countertops, White Cabinetry, Soft-Close Cabinet Doors & Drawers, Tile Backsplash with Custom Inlay, Stainless Steel…

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Just Listed! Exceptional Ocean Front Property on Beach Road in Dana Point

This exceptional home offers a heightened beachfront living experience, situated in a 24-hour guard gated community with direct ownership of the beach up to the medium high tide line. Constructed on caissons, the sophisticated and stylish ambiance of the home is evident both inside and out, with new elegant lighting throughout, custom wrought iron railings, frameless glass balcony/deck railings, fresh interior & exterior paint, and exquisite marble walls in the family and primary rooms. The chef's remodeled kitchen is a culinary enthusiast's dream, equipped with high-end appliances including a sub-zero fridge, double ovens, marble and quartz counters, subway tile accents, and a stunning chandelier, all with views to the water, making it a perfect…

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In Escrow! Panoramic Hills and Ocean View Home on Temple Hills Drive, Laguna Beach

Almost to the top of Temple Hills Drive with panoramic hills to ocean views. There is so much potential for this huge lot to make this an amazing property! Technically 3 bedrooms but two offices and large bonus room theater could be converted to make 6 bedrooms. The property is a split floor plan 3 bedrooms down, office/additional bedroom with bath on entry way. 

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SOLD! Elegant Custom Waterfront Home on Promontory Bay, Newport Beach

Presenting an elegant custom waterfront home on Promontory Bay. Leaded glass doors invite you into a formal entry overlooking a dramatic full width living room with cozy fireplaces at each end. A wall of French doors provides expansive views and opens to a stone paved deck overlooking the private dock with room for a large yacht and additional side ties. On the main level a large, elegant dining room looks over the living room to relaxing views of the bay. The bright remodeled kitchen features a Wolf 6-burner, Bosch double ovens on black quartzite counters and a cozy breakfast nook. An inside laundry room/pantry is conveniently located between the kitchen and garage. Also found on the main floor; a wine storage room, powder room and an ensuite bedroom…

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Homebuyer Activity Shows Signs of Warming Up for Spring

The spring season is warming up in housing as more and more buyers enter the market. And after rising mortgage rates sidelined so many buyers last year, that's a good sign for sellers. Realtor.Com has the latest:  "Spring is officially here, and like green shoots emerging from the bleak winter, new data suggests that more buyers are back in the market, although more subdued than a year ago."

We know buyer activity is trending up because of mortgage purchase application data. According to Investopedia:  "A mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate."

That means the number of mortgage applications shows how many buyers are applying. Put another way, an increase in mortgage…

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The Big Advantage If You Sell This Spring

Are you thinking about selling your house? If you've been waiting for the right time, it could be now while the supply of homes for sale is so low. Housingwire shares:
". . . The big question is whether we are finally starting to see the seasonal spring increase in inventory. Unfortunately, the answer is no, because active listings fell to a new low last week for 2023 ."

The National Association of Realtors (NAR) confirms today's housing inventory is low by looking at the months' supply of homes on the market. In a balanced market, about a six-month supply is needed. Anything lower is a sellers' market. And today, the number is much lower:
"Total housing inventory registered at the end of February was 980,000 units, identical to January and up…

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