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Housing demand reached a new level of enthusiasm during the pandemic, with homebuyers benefitting from extremely low mortgage rates. From the summer of 2020 until much of 2021, average 30-year mortgage rates stayed under 3%. However, as more and more buyers jumped into the real estate market, months of inventory began to plummet and home prices surged. According to the U.S. Census Bureau and U.S. Department of Housing and Urban Development, the national average sales price in the US grew from $383,000 in Q1 2020 to a peak of $552,600 in Q4 2022 – a 44.3% increase in less than two years. 

So if you purchased a home during the pandemic, how much is it worth now? To find out, Zoocasa analyzed median home prices in 30 major US cities from January 2020, 2021, and 2022, and compared them with the 2024 median price to see how much they’ve changed over the last 4, 3, and 2 years. 

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Median single-family home prices were sourced from each city’s respective real estate board and are from January of each year. Average 30-year fixed rates were sourced from Freddie Mac and are from the first week of each month. The national average sales price in the US for each quarter was sourced from the U.S. Census Bureau and U.S. Department of Housing and Urban Development, Average Sales Price of Houses Sold for the United States [ASPUS], retrieved from the Federal Reserve Bank of St. Louis.

In 14 of the 30 real estate markets we analyzed, the median home price increased by more than $100,000 from 2020 to 2024. In those four years, Californian homes increased the most in value. San Diego and San Francisco homes bought in 2020 appreciated by $265,000 and $247,000 respectively. Los Angeles homebuyers also built a significant amount of equity, with the median home price rising by $211,500 to $750,000 in 2024. 

Outside of California, 2020 home purchases in Boston and Miami experienced significant price growth, both increasing by more than $200,000 in four years. For homebuyers in Miami in 2021, the value of their homes experienced the second-highest increase over three years, at $170,000, just below San Diego’s increase of $195,000. But Miami isn’t the only city in Florida where home prices have grown substantially from 2020. In Tampa and Jacksonville, home values have increased by $151,500 and $129,900 since 2020, and since 2021 they have risen by $115,000 and $95,919 respectively. 

Other cities where home values increased by more than $100,000 in four years include Denver, Nashville, Dallas, and Salt Lake City. Buyers who bought a home in one of these cities in 2021 also benefited from sizable price appreciation – with home values rising by $100,000 or more in three years. 

Though 2020 and 2021 pandemic buyers experienced a significant increase in their home values, some homebuyers who purchased a home in 2022 – when interest rates started climbing – have yet to see equity build. From January 2022 to January 2024, home values dropped in San Francisco by $71,000 and in Brooklyn, they dropped by $51,000. 2022 homebuyers are currently down in six other cities: Washington DC, San Antonio, Memphis, New Orleans, St. Louis, and Salt Lake City. But this doesn’t mean homebuyers in those cities won’t build equity. According to the National Association of Realtors®, in 2023 the median time buyers expected to stay in their home was 15 years. This gives the average homeowner plenty of time for their home to appreciate, and with interest rates coming down, competition will rise and push home prices up once again. 

The vast majority of pandemic buyers are in the green, even if they bought their home in 2022. With some of the highest median home prices in the country, it comes as no surprise that Boston, Miami, San Diego and Los Angeles lead the way for 2-year price increases – all up by $50,000 or more. Not every city experienced home price increases of those heights, however. 2022 homebuyers in Philadelphia and Tucson built home equity, but values increased by just $1,250 and $2,500 respectively in two years.

If you’re looking to find an affordable home this spring, give us a call! We can answer any questions you have about your local market and help you navigate the home-buying process.

Have questions about your local market?

Our agents can help!

Source: zoocasa.com

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Located in the heart of the Sonoran Desert, Phoenix offers a unique living experience characterized by its dynamic culture, diverse population, and striking natural landscapes. Known as the Valley of the Sun, Phoenix boasts over 300 days of sunshine annually, inviting residents to explore its vast outdoor recreational opportunities. From hiking picturesque desert trails to teeing off at world-class golf courses, there’s always something new to try. If you’ve been asking yourself, “Should I move to Phoenix, AZ?” you’re in the right place. In this article, we’ll discuss the pros and cons of living in Phoenix to help you decide if it’s the right place for you. Let’s dive in.

Phoenix at a Glance

Walk Score: 41 | Bike Score: 56 | Transit Score: 36

Median Sale Price: $455,000 | Average Rent for 1-Bedroom Apartment: $1,237

Phoenix neighborhoods | houses for rent in Phoenix | apartments for rent in Phoenix | homes for sale in Phoenix

Pro: Sunny weather

Phoenix basks in its reputation as one of the sunniest cities in the United States. This abundant sunlight is a major draw for residents seeking a warm and inviting climate year-round. The city’s sunny weather creates an ideal environment for outdoor activities such as hiking, biking, and picnicking. Moreover, the sunny days contribute to a generally cheerful and positive atmosphere, fostering a sense of well-being among residents. Additionally, the weather allows residents to have outdoor gatherings, festivals, and community events throughout the year. Overall, the sunny weather in Phoenix is not just a climatic feature but a defining aspect of the city’s lifestyle.

Con: Water scarcity

Phoenix’s location in the Sonoran Desert brings with it the challenge of water scarcity. The city relies heavily on a finite water supply from the Colorado River, which is under increasing stress due to prolonged droughts and overuse. This situation has led to heightened awareness and restrictions on water use, impacting everything from residential landscaping to public swimming pools. This issue continues to be a growing concern for the city’s sustainability efforts.

Pro: Proximity to natural attractions

Phoenix’s location offers unparalleled access to natural attractions and outdoor adventures. Just a short drive from the city, residents can explore the Grand Canyon, hike in the Superstition Mountains, or visit the red rocks of Sedona. This proximity to nature allows for spontaneous day trips or weekend getaways, making it an ideal home base for those who love to explore the great outdoors.

Con: Extreme summer heat

While the sunny weather is a significant draw, the flip side is the extreme heat Phoenix experiences. In fact, Phoenix currently ranks 5th for U.S. cities most at risk of extreme heat. Temperatures regularly soar above 100 degrees Fahrenheit, which can be uncomfortable and even dangerous. This intense heat limits outdoor activities to early mornings or late evenings for much of the summer, and significantly increases the cost of air conditioning and energy bills.

Pro: Lively cultural scene

The cultural scene in Phoenix is vibrant and diverse, offering a wide range of activities and events that cater to various interests. The city is home to numerous museums, such as the Phoenix Art Museum and the Heard Museum, which showcase both contemporary art and Native American cultures. Additionally, the downtown area hosts a variety of festivals, live music, and culinary events throughout the year, reflecting the city’s rich cultural diversity.

Con: Limited public transportation

With a Transit Score of 36, one of the challenges of living in Phoenix is the limited public transportation options. While the city has made efforts to expand its light rail system, the coverage is still not comprehensive. This makes it difficult for those without a car to navigate the city efficiently. This reliance on personal vehicles contributes to traffic congestion and can be a barrier for residents seeking accessible and affordable transportation alternatives.

Phoenix is known for its welcoming and inclusive community, with a diverse population that embraces newcomers. The city’s warm and friendly atmosphere makes it easy for a lot of residents to connect and engage with their neighbors, fostering a sense of belonging. Community events, local farmers’ markets, and neighborhood associations contribute to the vibrant social fabric of Phoenix, making it a great place to call home.

Con: Poor air quality

Due to its location in a valley and the high number of vehicles on the road, Phoenix often struggles with air quality issues. Dust storms, known locally as “haboobs,” along with ozone pollution, can lead to poor air quality days, particularly in the summer. This can be a concern for individuals with respiratory issues and contributes to environmental health challenges in the city.

Pro: Growing job market

Phoenix has experienced significant economic growth in recent years. The area’s job market continues to expand in sectors such as technology, healthcare, and finance. This growth has attracted professionals from across the country, contributing to the city’s diverse workforce. With an emerging startup scene and several Fortune 500 companies like Avnet, the city provides ample employment opportunities.

Con: Summer monsoons

While the monsoon season can bring much-needed relief from the summer heat, it also comes with its own set of challenges. The monsoons can produce sudden, intense storms that lead to flooding, power outages, and property damage. These storms, occurring from June through September, require residents to be prepared for rapid weather changes and their potential impacts.

Pro: Sports fan’s paradise

Phoenix is a haven for sports enthusiasts. The city hosts professional teams in all major sports, including the NFL’s Arizona Cardinals and the NBA’s Phoenix Suns. The city also offers a plethora of recreational activities, from golf courses and public parks to hiking trails in the surrounding desert landscapes. This blend of professional sports and outdoor recreation provides residents with endless options for entertainment and physical activity.

Con: Sprawling urban layout

The sprawling urban layout of Phoenix can be a drawback for those who prefer a more walkable city environment. The city’s extensive urban sprawl requires residents to rely heavily on cars for transportation, contributing to traffic congestion and making it challenging to foster a sense of community in some neighborhoods. This layout also impacts the accessibility of amenities and services for those living in the outer suburbs.

Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.

Source: rent.com

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Time to spring clean those closets, attics, and storage sheds. Out with the old, in with the new and upgraded. Whether you’re in the market for new bras, boots, power tools, or a wildflower mix to plant in the garden, there’s a hot store on this list to hit before month’s end. Here are 10 new and buzzy places to shop around Fort Worth right now.

Lucchese x Parker McCollum
Texas native Parker McCollum is the young hot thing in country music right now. This week alone, he was named headliner of the ACM Awards’ big benefit show in DFW this May; then George Strait picked him to play on the King’s only Texas show this year. Now comes a collaboration with Texas bootmaker Lucchese. The Lucchese x Parker McCollum Collection, launching on March 22, “features four boots that are designed by Parker himself and celebrates the two Texas icons’ appreciation for high performance, inspired style, and dedication to staying true to oneself,” says a release. Designs include “The Evening Patriot,” “Hollywood Gold,” “Silhouette,” and “Ruger.” Read more about each one here, and find them in all Lucchese stores, including in the Fort Worth Stockyards and Willow Park.

Chieffalo Americana pop-up at Bowie HouseThe new Cultural District hotel has debuted a pop-up boutique featuring a well-edited selection of Chieffalo Americana’s vintage luxury Western, new Americana, and contemporary emerging brands. There are cowboy hats, buckles, boots, scarves, artwork, and all things Western from the savvy husband-and-wife team of Rodger and Jackie Chieffalo. The pop-up is open 12 pm-8 pm daily through May 31 on the first floor of Bowie House, Auberge Resorts Collection, 5700 Camp Bowie Blvd., Fort Worth.

Wildflower IntimatesThe first and only inclusive bra fitting and lingerie boutique in Fort Worth has opened in the Near Southside, just in time for spring and summer’s skimpy clothes. The boutique carries more than 200 bra sizes in various styles – demi, plunge, unlined, strapless, sports, nursing, and more – along with undies, hosiery, bodysuits, bridal lingerie, and accessories. Their specialty, undoubtedly, is bra fitting: They accept walk-ins only and conducted fittings on a first-come-first-served basis. The shop is open 11 am-5 pm Sunday, 11 am-7 pm Monday and Thursday-Saturday; closed Tuesday-Wednesday. 607 W. Magnolia Ave., Fort Worth.

HomesenseThe discount home goods sibling to HomeGoods, TJ Maxx, and Marshall’s has opened its first Texas store at Fort Worth’s Alliance Town Center. Shoppers will find a rug emporium, wall art and mirror gallery, an extensive lighting department including chandeliers, patio furniture and decor, seasonal decor, entertaining essentials, food items, and more. Prices are touted as 20-50 percent less than full-price retailers. Find it next to Total Wine and More, at 3121 Texas Sage Tr., Fort Worth. Read more about it in this story.

Harbor FreightResidents of far north Fort Worth-Keller-Watauga had been watching and wondering for months when this giant new store would open, and it finally did, rather quietly. DIY-ers and connoisseurs of aggro power tools will find top brands on everything from pressure washers and portable vacuums to saws and sanders. Track Club memberships offer discounts and more perks. Open 8 am-8 pm Monday-Saturday and 9 am-6 pm Sunday at 8420 Parkwood Hill Blvd., off North Tarrant Parkway, Fort Worth.

Magnolia Skate ShopAfter a weeks-long closure to repair extensive damage from two big water leaks, the Near Southside skate shop has finally reopened, they announced on Facebook. They are fully restocked with skateboards and parts, kids’ and adults’ shoes, apparel, hats, accessories, and more. Open 12-7 pm Monday-Saturday and 11 am-4 pm Sunday at 1455 W Magnolia Ave., #105, Fort Worth.

·Marshall Grain Co.
The favorite organic garden, landscape, and pet supplies purveyor has opened a new home base in Colleyville. Besides operating as company headquarters and home to the landscaping division, the new location includes a retail store with showroom, greenhouse, nursery, warehouse, and more. As always, dogs on leashes are welcome. Shop the store at 5311 Colleyville Blvd., Colleyville; 9 am-6 pm Monday-Saturday and 10 am-5 pm Sunday.

Squeeze MassageThe innovative massage concept created by the founders of Drybar has made its Dallas-Fort Worth debut in the Foundry District, taking over the old Meyer & Sage culinary store space. As an “app-based” massage studio, clients can book and pay for services, set personalized preferences, tip, rate, and review with the tap of a phone screen. Owned by entrepreneur Siera Holleman, the Fort Worth location is 3,000 square feet with a bright, modern design, and eight private treatment rooms. Massages are $129 for 50 minutes or $159 for 80 minutes, and memberships are offered for $95 or $125 per month. To celebrate the Fort Worth debut, they’re offering anyone who signs up for a monthly membership within 60 days of the grand opening $15 off the regular monthly membership fee. Open 8 am-10 pm daily at 2621 Whitmore St., Fort Worth

Spring Fun Fest at Tanger Outlets Fort WorthWith one week left to buy Easter dresses, bowties, and bonnets, Tanger Outlets Fort Worth is hosting a special spring festival that includes discounts. Spring Fun Fest will take place 12-3 pm Saturday, March 23, featuring free family activities, Easter bunny photos, live entertainment, face painting, an inflatable bounce house, games, a scavenger hunt, and food trucks. Shoppers also will receive 15-25 percent off at participating retailers. The shopping center is at 15853 N. Freeway, Suite 990, Fort Worth.

.Southlake Town SquareSouthlake’s premier shopping and dining destination opened in March of 1999, and a 25th anniversary celebration is underway. To “party like it’s 1999,” they are giving away two $250 Southlake Town Square gift cards to use at any of their stores, restaurants, or venues. Enter to win here by 11:59 pm on March 31. Winners will be selected at random and notified via email on April 1. More official rules here.

Source: fortworth.culturemap.com

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Have you ever wondered, “Should I move to Chicago, IL?” Living in the Windy City is like being in a giant playground with endless adventures around every corner. The city is famous for its vibrant arts scene, diverse neighborhoods, and passionate sports fans. From the towering skyscrapers that touch the clouds to the deep-dish pizza that’ll make your taste buds dance, Chicago is truly one-of-a-kind.

Whether you’re exploring the museums, taking a stroll by Lake Michigan, or cheering at a baseball game, Chicago has a unique way of making everyone feel at home. In this article, we’ll discuss 11 pros and cons of living in Chicago to help you decide if it’s the right place for you. Let’s get started. 

Chicago at a Glance

Walk Score: 77 | Bike Score: 72 | Transit Score: 65

Median Sale Price: $335,000 | Average Rent for 1-Bedroom Apartment: $1,835

Chicago neighborhoods | houses for rent in Chicago | apartments for rent in Chicago | homes for sale in Chicago

Pro: Rich historical heritage

Chicago’s rich historical heritage is evident in its architecture, museums, and landmarks. The city played a pivotal role in the development of skyscrapers, and a walk through its downtown area reveals architectural marvels like the Willis Tower and the John Hancock Center. Chicago’s history is also preserved in institutions like the Chicago History Museum and the DuSable Black History Museum, offering residents and visitors the opportunity to deep dive into the city’s past.

Con: Harsh winters

One of the most challenging aspects of living in Chicago is its notoriously harsh winters. Temperatures can plummet well below freezing, and the city often experiences heavy snowfall, ice storms, and biting winds that come off Lake Michigan, making it feel even colder. These conditions can make daily commutes and outdoor activities quite daunting from late November through March.

Pro: Outstanding dining and culinary scene

Chicago’s dining scene is second to none, offering a diverse array of culinary experiences that cater to all tastes and budgets. From the legendary deep-dish pizza to Michelin-starred restaurants like Alinea and Chicago Cut Steakhouse, the city’s food landscape is rich and varied. Chicago is also home to a thriving street food scene, with food trucks and pop-up markets offering everything from gourmet sandwiches to international delicacies.

Con: Traffic congestion

Chicago is notorious for its heavy traffic congestion, especially during rush hours and peak travel times. The city’s extensive network of highways, streets, and intersections can become gridlocked, leading to frustrating delays and longer commute times for residents and commuters. This congestion is exacerbated by ongoing road construction projects, lane closures, and infrastructure repairs, which further disrupt traffic flow and contribute to traffic-related stress. For example, the Kennedy Expressway, one of the busiest highways in the city, experiences frequent congestion, causing significant delays for drivers traveling to and from the downtown area.

Pro: Extensive park system

Chicago is renowned for its extensive park system, offering residents and visitors alike a green escape within the urban environment. The city’s crown jewel, Grant Park, hosts the iconic Buckingham Fountain and provides a stunning backdrop to the Chicago skyline. Additionally, the 18-mile-long Lakefront Trail offers unparalleled access to beaches, parks, and recreational activities along Lake Michigan, making it a favorite among outdoor enthusiasts.

Con: High cost of living

The cost of living in Chicago is 14% higher than the national average. Rent and real estate prices in desirable neighborhoods can be steep, making it challenging for some residents to find affordable living spaces. Additionally, the city’s sales tax is one of the highest in the nation, which can further strain budgets, especially for those already struggling with the high costs associated with urban living.

Pro: Diverse neighborhoods

One of Chicago’s greatest strengths is its diversity, reflected in the city’s wide array of neighborhoods, each with its own unique character and cultural heritage. From the historic architecture of the Gold Coast to the vibrant murals of Pilsen, Chicago’s neighborhoods offer a mosaic of experiences. This diversity fosters a rich community life where various cultural traditions and cuisines are celebrated, making it a fascinating city to explore and live in.

Con: Seasonal allergies

For those sensitive to seasonal changes, Chicago’s diverse plant life and weather patterns can trigger significant allergy symptoms. Spring and fall are particularly challenging times for allergy sufferers. The city’s abundant parks and green spaces contribute to higher pollen counts. This can be a minor inconvenience for some but a major health issue for others, affecting their ability to enjoy the city’s outdoor amenities.

Pro: Vibrant arts and culture scene

Chicago boasts an incredibly vibrant arts and culture scene that is hard to match. From the world-renowned Art Institute of Chicago, which houses masterpieces spanning centuries. To the eclectic music scene that has birthed genres like Chicago blues and house music, the city is a haven for art lovers and musicians alike. The city also hosts numerous festivals throughout the year, including the Chicago Jazz Festival and Lollapalooza, drawing in crowds from all over the globe.

Con: Noise pollution

Should I move to Chicago if I like peace and quite? Maybe not. As a bustling metropolis, Chicago experiences a significant amount of noise pollution. From the constant hum of traffic to the sounds of construction and urban development, noise is a constant presence. This can be particularly challenging for those living in denser neighborhoods or near major roads.

Pro: Access to world-class healthcare

Residents of Chicago have access to some of the best healthcare facilities in the country. The city is home to top-ranked hospitals such as Northwestern Memorial Hospital and the University of Chicago Medical Center. Each of which are renowned for their research, specialty care, and medical education programs. This access to high-quality healthcare is a significant advantage for those living in and around Chicago.

Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.

Source: rent.com

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In addition, we can see the price reductions ticking up each week. They aren’t at a scary level, people are buying homes, but it’s notably softer on pricing than last year at this time. 

Mortgage rates seem to have finally settled down. The Fed met last week and we escaped dramatic changes in the markets. I was worried that we might come out of that meeting with a spike in mortgage rates but that didn’t materialize so we got lucky. 

I like to point out that consumers are more sensitive to changes in mortgage rates than to the absolute levels, and since rates are now basically unchanged for the month, just easing down from the early March peak of 7.2%, sellers and buyers are tip-toeing back into the market. 

As a result, we continue to see the signals that home sales volume will grow this year and prices will be mostly flat. The price appreciation signals last year were stronger than they are now. 

Housing inventory

The available inventory of unsold homes continued to climb last week.

  • There are now 513,000 single family homes unsold on the market.
  • That’s 1.1% more than last week and 24% more than a year ago.
  • Last year, inventory was still declining in March. Now it’s on the rise.

Inventory will cross over 2020 levels by July. We’ll finish the year with over 600,000 homes on the market unless rates reverse and fall quickly. 

Three takeaways from the inventory data now:

1. Growing inventory this year means more sales can happen. More sellers means more sales will happen.

2. Year-over-year inventory growth points to weaker demand and is one of the signals that home prices won’t climb this year. We currently have 24% more homes on the market than a year ago.

3. The longer mortgage rates stay higher, the more inventory will grow closer to the old levels. If you’re a homebuyer and you’re waiting for mortgage rates to fall before you swoop in for a deal, recognize that even slightly lower rates will spur demand more than supply so inventory will start falling and selection and competition will be worse.

New listings 

Each week this spring we’ve been tracking the new listings volume. Last week we saw just over 60,000 new listings added to the inventory with another 17,000 new listings / immediate sales. In total, new listings data is 14% more than last year. April is looking good for home sales growth.

A year with 5.5 to 6 million home sales would need probably 80,000 new listings of single family homes right now. And we have 60,000, so there simply aren’t enough homes for sale to hit the big sales numbers, but the lid is being lifted. We can see obvious growth.

Pendings

As supply increases, the rate of sales is starting to pick up compared to a year ago. We can measure home sales in real time by tracking all the homes that moved to contract pending status this week. These “pendings” aren’t yet sold. They’ll spend 30 or 40 days in contract and the sales will mostly close in April or May.

There were 67,000 new contracts for single family homes this week compared to only 62,000 in the same week last year. There were another 15,000 condos into contract. This annualizes to only 4.3 million home sales, without any seasonal adjustment. So obviously the rate of sales is still pretty slow, which makes sense given the high mortgage rates. But the sales rate is climbing. The rate of new contracts is 8% more than last year but still 15% fewer than March of 2022, when buyers were desperately trying to get their deals done as rates were rising.

It looks like April will see decent home sales growth over 2023 but won’t overtake 2022 sales volumes until after July of this year. July of 2022 was when supply and demand fell precipitously. If mortgage rates stay stabilized in the upper 6s, these trends look durable to me.  

Home prices

Last week, all the current price measures actually had pretty healthy gains. When we look at all the homes on the market, the median price is now $439,000. That is up a fraction this week and just a little bit higher than last year. Home prices climb this time of year before peaking in June as the best inventory, the most new listings, and the best demand is in the market. This week’s price increase is right in the normal range for the end of March. 

The price of new listings took a healthy jump this week, up 1% to $424,900. That’s nearly 4% higher than a year ago. It’s also to be expected that the price of new listings each week in the spring lurch higher. There is no signal of big home price changes in this leading indicator, but it’s nice that this move is up.

Four years ago in March 2022, we were at the start of the pandemic lockdown and we could see the price of the new listings drop very quickly. That price decline only last for three weeks though. And the price of the new listings was one of the important factors that showed us very quickly how there would be no housing crash as a result of the crisis.

The price of the homes going into contract across the country are holding up but also not accelerating.  The median price of the new contracts this week was $389,900 — that’s up a fraction from last week and 4% more than a year ago. Home prices peaked in May of 2022 and didn’t surpass that during last year’s spring season. I expect we’ll hit new all-time highs for home prices in the next month or so, assuming these current trends hold.           

Price reductions

Most of the signals in the data last week were pretty optimistic. If there is one factor to temper than optimism, it’s the price reductions. The percent of homes on the market with price cuts from their original list price ticked up to 31.4% this week. There are more homes on the market now that have felt the need to reduce asking price than there were a year ago. Last year’s market strength in Q1 and Q2 led to 5% home-price growth for the full year of 2023. We have less strength in pricing now than we did last year. 

While price reductions are in the “normal” range, they are higher now than any March in many years. There are more sellers now who have reduced the asking prices on their homes than in any March in over a decade. This last decade was a very strong one for homebuyer demand, so we haven’t seen a “normal” market in a very long time. 

This is a signal to pay attention to. It’s hard to see how home prices will grow nationally this year under these circumstances. We can see buyers in the market, but there is no signal of them pushing home prices higher. Sellers who over-price are being forced to reduce. 

In March 2022, there were still very few overall homes with price reductions, but that was changing rapidly. The slope started to climb very quickly, especially in April and May of that year. The number peaked in November 2022 with 43% of the homes on the market needing price cuts. That November peak corresponded to home sales price declines four to six months later. That’s why this data is worth watching so closely: These price cuts tell us about demand now, which turns into sales several months down the road. 

We can see homebuyers are very sensitive to mortgage rate moves. We can see the price reductions data adjust exactly in the moments that mortgage rates jump higher. 

Source: housingwire.com

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On the heels of the $418 million settlement recently announced by the National Association of Realtors (NAR), mortgage trade group Community Home Lenders of America (CHLA) has called on the U.S. Department of Veteran Affairs (VA) to expedite regulatory change that would allow veterans and active-duty service members to fund buyer’s broker commissions when purchasing a home with a VA mortgage.

In a letter submitted Monday to John Bell, executive director of VA’s Loan Guaranty Service, the CHLA took issue with how the existing regulatory requirements regarding VA mortgages could put veterans and active-duty personnel at an “unfair disadvantage” when buying a home.

NAR’s settlement, which could go into effect as early as July, will eliminate the long-standing “Participation Rule” that requires listing agents to make an offer of cooperative compensation to buyers’ agents. Under the current system, the buyer agent’s commission is baked into the price paid for a home. If the settlement is finalized in its current form, buyers may have to pay upfront flat fees to agents.

The current VA rule states that a borrower using a VA loan cannot pay fees or commissions to a real estate agent unless determined “by the Under Secretary for Benefits as appropriate for inclusion . . . as proper local variances, under current VA regulations.“

“We ask that VA adopt an appropriate administrative remedy to ensure that those who have courageously served this country are not financially discriminated against in their homeownership journey,” the letter reads.

The VA has been monitoring various cases involving real estate broker commissions, including the NAR case, an official told HousingWire.

“VA is working closely with the Department of Justice to determine any potential implications for Veteran borrowers and is committed to ensuring that Veterans are neither disadvantaged in the homebuying process nor overcharged,” the official said in an e-mailed response.

The official added that the VA recognizes that potential changes may be forthcoming in the industry as a result of the proposed NAR settlement.

“VA is actively engaged with the Department of Justice to review the potential implications and evaluate how VA can best ensure that VA’s home loan program remains an attractive option for Veterans in the homebuying process.”

In December, the CHLA sent a letter to regulators and administrators at the Federal Housing Finance Agency (FHFA), the Department of Housing and Urban Development (HUD), the Department of Agriculture (USDA) and the VA warning that homebuyers who must pay broker commissions out of pocket could face further affordability challenges.

“First-time homebuyers, families with lower incomes, veterans, and minority homebuyers could be adversely affected in their ability to purchase a home because of obstacles and complications related to the need to fund the buyer’s broker commission,” the CHLA said.

Source: housingwire.com

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Planet Home Lending hired Matt Kingsborough as regional sales manager, the Connecticut-based lender, servicer and asset manager announced Thursday.

Kingsborough has more than 20 years of experience in mortgage lending and will be responsible for driving the company’s expansion plans in the western U.S.

“Stepping into Planet Home Lending marks a pivotal chapter in my career,” Kingsborough said in a statement. “It’s an opportunity to align with an organization that not only values excellence and innovation in mortgage lending but also deeply invests in the growth and success of its sales professionals.

“I’m here to build on our presence in the West by fostering an environment where mortgage loan originators and branch managers can truly thrive.”

“Matt’s role is crucial as we look to attract and support the best talent in the industry,” John Bosley, Planet’s president of mortgage lending, said in a statement. “His ability to mentor, coupled with a keen understanding of the mortgage landscape, makes him the perfect fit to lead our expansion efforts in the West.”

Prior to joining Planet, Kingsborough was a multistate regional area manager for HomeBridge Financial Services and was the Northern California regional manager for Prospect Mortgage. Adding his leadership skills will be beneficial at a time when Planet is looking to differentiate itself with various purchase loan products, one-time-close construction loans and other niche programs, the company stated.

Planet Home Lending is an originator, correspondent lender, servicer and subservicer of agency and nonagency residential and commercial mortgages. Founded in 2007, it was the only top 10 national lender to grow its sales volume on a year-over-year basis in the first half of 2023, according to Inside Mortgage Finance data.

Bolstered by its 2022 acquisition of Homepoint’s delegated correspondent channel, Planet originated $13.9 billion in the first six months of last year, an 11.7% increase. By contract, the country’s top 50 lenders as a whole saw volumes fall by more than 50% during the same period.

Earlier this month, Planet added Doug Long as a senior vice president and divisional sales manager. He will focus on product development and building the company’s retail lending network.

Source: housingwire.com

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U.S. Sen. Josh Hawley (R-Mo.) has sent a letter to the U.S. Department of Justice‘s Antitrust Division, urging an investigation of Fair Isaac Corp. (FICO), the company that retains the rights to the mortgage market’s adopted methodology to measure consumer credit risk.

The letter, dated March 12 and addressed to assistant attorney general Jonathan Kanter, states that FICO “appears to be using its monopolistic power over the credit scoring market to increase costs for mortgage lenders – an increase that will be passed on to consumers.” Hawley demanded that the DOJ “investigate the company for these anticompetitive practices.”

Representatives at the DOJ did not reply to requests for comment.

Julie May, vice president and general manager of B2B Scores at FICO, said that in the mortgage space, the company charges “$3.50 per FICO score, and that constitutes less than two-tenths of 1% of the average closing costs of $6,000 per mortgage and is 15% or less of the average cost of a $70 tri-merge credit report.” 

“If you end up pulling three scores in a tri-merge report, it’s $10.50. That is our price,” May said in an interview with HousingWire. “We do not set the price to the end customer that uses the FICO score; we actually license our models.”  

Hawley’s move follows a December report showing that FICO would start charging one price to all mortgage lenders that access credit reports, regardless of their sales volumes. This was a departure from the tier-based structure implemented the prior year. FICO also began collecting the same per-score price for soft and hard pulls.

“For 2024, FICO is once again increasing the price to access its scores, including both ‘hard’ and ‘soft’ pulls. It did the same thing last year, bumping prices as much as 400%,” Hawley said. “In total, FICO’s actions over the last two years have increased the cost of its credit scores by 500%. During the same period, FICO’s stock price has more than doubled.”

Hawley said that credit report “cost increases will be borne by homebuyers who are already facing the worst housing market in the country’s history.”

“FICO’s price increases will lead to either higher upfront costs or higher interest rates for borrowers, especially lower-income borrowers who may take longer to purchase a home,” he said. “This is, in short, a company abusing its market power to pad its bottom line and make life worse for Americans.” 

In response, May explained that the FICO score was first available in the market in 1989. After two years, it started being used by the three major credit reporting agencies — Experian, Equifax and TransUnion. In 2012, the parties started to renegotiate their license agreement since FICO royalties had been flat for three decades. 

The royalties increased to $0.50 to 0.60 per FICO score in 2018. A tier-based structure of $0.60 to $2.75 per score was implemented in 2022. After complaints from mortgage lenders, FICO returned to a fixed royalty of $3.50 per FICO score in 2023.

May added that different players use credit scores multiple times when originating a mortgage, but the royalty is charged only once. In addition, May said that approximately 99% of FICO scores accessed across the consumer credit industry are used for purposes other than mortgage originations. 

Changes in credit report costs may result in lawsuits against the company. Attorneys at Bronstein, Gewirtz & Grossman LLC, a firm that represents investors in securities fraud class actions and shareholder derivative suits, announced Thursday that they are investigating potential claims against FICO since its stock price fell by 6.23% to $82.77 per share after Hawley’s letter was made public.

Hawley said in the letter that FICO is a “for-profit company operated under a sweetheart deal from the federal government” as its credit scores are required by entities such as the Federal Housing Administration (FHA) and the U.S. Department of Veteran Affairs (VA). It results in FICO having a 90% market share in the business-to-business credit scoring market, he said.

Another federal entity currently requiring the Classic FICO score, the Federal Housing Finance Agency (FHFA), said in February that the transition to Fannie Mae and Freddie Mac acquisitions of single-family mortgages based on the alternative FICO 10T and VantageScore 4.0 credit models — replacing the model that has been in place for a decade — is expected to occur in the fourth quarter of 2025.

The government-sponsored enterprises (GSEs) will also transition from a tri-merge system to a bi-merge system at that time. The GSEs aim to accelerate the publication of VantageScore 4.0 historical data, starting in Q3 2024 rather than Q1 2025. But they are still working alongside the FHFA to achieve conditions for acquiring and publishing FICO 10T model data.

Although changes to credit requirements are on the way, May said that FICO competes “vigorously in all markets,” and its FICO 10T product has already covered more than $100 billion in mortgage originations in the nonconforming market. 

In a blog post on March 15, FICO CEO Will Lansing added: “Even within the mortgage market, lenders originate nearly 30% of all mortgages outside the Fannie Mae and Freddie Mac programs but still choose to use FICO Scores for those mortgages.”  

Source: housingwire.com

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Fort Collins, with its rich history and scenic beauty, is a haven for renters who prefer to navigate their city on foot. From the historic charm of Old Town to the academic atmosphere of University Park, each neighborhood offers a unique pedestrian experience. Rentals are fairly expensive, though, with the average one-bedroom apartment costing $1,785.

In this ApartmentGuide article, we will explore the most walkable neighborhoods in Fort Collins, providing insights to help you find the perfect fit for your lifestyle. So, get ready to step into the pedestrian-friendly world of Fort Collins.

All data sourced March 2024.

1. Downtown

Walk Score: 90

Downtown is the most walkable neighborhood in Fort Collins, with a Walk Score of 90. Known for its bustling city life, residents and visitors alike can explore the area and take advantage of its walkable layout. Notable attractions include the Fort Collins Museum of Discovery and the Lincoln Center.

Search for Downtown apartments for rent.

2. Old Town

Walk Score: 85

Old Town has a Walk Score of 85, making it the second most walkable neighborhood in Fort Collins. There’s a lot to love about this historic district, from its 19th century architecture to its lively music scene. While you’re walking around the neighborhood, check out the Old Town Library.

See Old Town apartments for rent.

3. University Park

Walk Score: 78

University Park is the third most walkable neighborhood in the city. There are numerous walkable areas and attractions throughout University Park, like the Colorado State University campus and the Annual Flower Trial Garden. And if you’re in the mood for an adventure, you’re not far from the Poudre River Trail.

Find University Park apartments for rent.

4. University North

Walk Score: 76

University North has plenty of amenities a resident might need within walking distance. From the University Center for the Arts to the Fort Collins Museum of Art, you’re sure to find something to love. A notable amenity is Avery Park, which is a great spot for locals and visitors alike.

Browse University North apartments for rent.

5. Old Prospect

Walk Score: 70

As the fifth most walkable neighborhood in the city, Old Prospect is known for its charming residential streets. Consider exploring the Spring Creek Trail or grabbing a bite to eat at the Silver Grill Cafe with friends. There are plenty of other amenities in this quaint community as well, like the Fort Collins Country Club and the Edora Pool Ice Center.

Discover Old Prospect apartments for rent.

6. Old Town West

Walk Score: 68

Old Town West has a Walk Score of 68, making it the sixth most walkable neighborhood in Fort Collins. Known for its lively atmosphere, residents and visitors can choose from walkable amenities such as the the local artisans along College Ave, and Lucile’s restaurant. While you’re out, check out the Avery House.

Look for Old Town West apartments for rent.

7. Warren Farms

Walk Score: 67

Warren Farms is the seventh most walkable neighborhood in Fort Collins. This suburban community has quite a few hotspots for residents to visit on foot, including Warren Lake and Fossil Creek Park. While you’re walking, take a moment to enjoy the scenic views at the Warren Lake.

Search for Warren Farms apartments for rent.

8. City Park Heights

Walk Score: 66

City Park Heights has a Walk Score of 66, making it the eighth most walkable neighborhood in the city. There’s a lot to love about the area, from grabbing a bite to eat at nearby Cafe Bluebird, to taking a walk at the Fort Collins City Park. If you’re up for a longer outing, nearby Horsetooth Mountain Open Space is popular among locals.

Find City Park Heights apartments for rent.

9. Historic Fort Collins High School

Walk Score: 66

The ninth most walkable neighborhood in Fort Collins is Historic Fort Collins High School. Pedestrians can enjoy the variety of restaurants, cafes, and shops, like Alleycat Coffee House, the Lyric Cinema, and the Fort Collins Brewery. It’s also easy to walk over to the Spring Park for a great day out.

Peruse Historic Fort Collins High School apartments for rent.

10. Martinez Park

Walk Score: 65

Martinez Park is the tenth most walkable neighborhood in the city. Local attractions here include the McMurry Natural ARea and the winding Poudre River, providing residents a spot to get together and enjoy their community.

Discover Martinez Park apartments for rent.

Check out more walkable cities in Colorado.

Methodology: Walk Score, a Redfin company, helps people find walkable, bikeable, and transit-friendly places to live, rating areas on a scale from 0-100. To calculate a Walk Score for a given point, Walk Score analyzes thousands of walking routes to nearby amenities, population density, and metrics such as block length and intersection density. Points are awarded based on the distance to amenities in each category.

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The Brainy Insights

The home décor furnishing industry is anticipated to grow due to the growing influence of social media and the increase in the penetration of the e-commerce sector. North American regional market share is attributed to highly developed and varied design styles and offerings of home decoration products.

Newark, Jan. 01, 2024 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global home decor furnishing market is expected to grow from USD 630.03 Billion in 2022 to USD 923.67 Billion by 2032, at a CAGR of 3.90% during the forecast period 2023-2032.

The Home Decor Furnishing market is growing as the demand for the product is growing, and consumers are looking for luxurious products to decorate their homes, especially with furniture, hardwood flooring, and wooden floors. Also, there is a huge opportunity for sustainable, economical, and environmentally friendly products.

Download Report Sample (230+ Pages PDF with Insights) at: https://www.thebrainyinsights.com/enquiry/sample-request/13879

Competitive Strategy

To enhance their market position in the global Home Decor Furnishing market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• In January 2023: Mannington Mills, Inc. launched its new dwelling collections, including broadloom carpets that provide comfort to all living areas. This launching of collections expands the organisation’s market share in the flooring segment, which eventually expands its market share in the Home Decor Furnishing market.

Market Growth & Trends

Expensive and premium items provide spiritual and aesthetic satisfaction and also add value and decoration to the home and the people who are living in. Home décor product sales have increased, and consumers have gradually started preferring online channels for buying products, especially after the pandemic. It has opened the window for the small home décor furnishing brands. The market is becoming more in demand due to rapid industrialization and urbanization. The home’s decoration easily shows the buyer’s lifestyle preference, and these people thus want to buy good aesthetic products. These home decor products can be used for several purposes, such as enhancing the aesthetic appeal of a home, decorating the apartment, and furnishing. Due to globalization, the consumer can easily access a large array of products used in home decor. One of the factors which are expanding the market is the growing disposable income of the people due to the urbanization process, which also increased the number of households. There is also the demand for personalized and unique home interiors with changes in consumer lifestyles and preferences. The millennial and Gen-Z populations are tech-savvy, and most use social media. Recent trends suggest that social media culture will continue to be crucial in shaping home décor product trends. Social media has given platforms to interior designers to showcase their work all across the world. Leading social media platforms such as Pinterest, Instagram, and Houzz have led these designers to share their designs globally and inspire people to design their living spaces and homes.

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Key Findings

• In 2022, furniture segment dominated the market with the largest market share of 45.55% and market revenue of USD 286.98 Billion.

The product segment is divided into furniture, textile, flooring and others. In 2022, furniture segment dominated the market with the largest market share of 45.55% and market revenue of USD 286.98 Billion. This market share is high because there is a high preference for wooden furniture with aesthetic looks and premium quality.

• In 2022, the indoor segment dominated the market with the largest market share of 86.42% and market revenue of USD 544.47 Billion.

The application segment is divided into indoor and outdoor. In 2022, the indoor segment dominated the market with the largest market share of 86.42% and market revenue of USD 544.47 Billion. Furniture that can be folded and of multiple uses is broadly preferred in the home’s indoor space.

• In 2022, the offline segment dominated the market with the largest market share of 70.56% and market revenue of USD 444.55 Billion.

The distribution channel segment is divided into offline and online. In 2022, the offline segment dominated the market with the largest market share of 70.56% and market revenue of USD 444.55 Billion. Customers are found to prefer shopping offline for furniture and home décor items.

Regional Segment Analysis of the Home Decor Furnishing Market:

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

The North America region occurred as the largest market for the global Home Decor Furnishing industry, with a market share of 33.21% and a market value of around USD 209.23 Billion in 2022. This market share is attributed to highly developed and varied design styles and offerings of home decoration products in the region. Most of the consumers in this region prefer functional and beautiful design elements for their décor items, and there is a growing demand for green and sustainable design. Asia Pacific region has shown the fastest growth for the Home Decor Furnishing market as there is rapid urbanization happening in emerging economies like India and China.

Browse the full report with Table of Contents and List of Figures: https://www.thebrainyinsights.com/report/home-decor-furnishing-market-13879

Key players operating in the global Home Decor Furnishing market are:

• Ashley Furniture Industries, LLC.
• Inter IKEA Holding B.V.
• Forbo Management SA
• Armstrong World Industries, Inc
• Mannington Mills, Inc.
• Kimball International Inc.
• Duresta Upholstery Ltd.
• Mohawk Industries, Inc.
• MillerKnoll, Inc.
• Shaw Industries Group, Inc.

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Home Decor Furnishing market based on below mentioned segments:

Global Home Decor Furnishing Market by Product:

• Furniture
• Textile
• Flooring
• Others

Global Home Decor Furnishing Market by Application:

• Indoor
• Outdoor

Global Home Decor Furnishing Market by Distribution Channel:

• Offline
• Online

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About the report:

The global Home Decor Furnishing market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.

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Source: finance.yahoo.com