Market Data Jaysen presents a surprising statistic: even though home showings are down, the number of houses going into contract is actually higher than last year.
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Full Transcript
This is the new data that we have with the pendings There’s more pendings right now than there were last year So even though showings are down the pending sales are up And also I know that mortgage applications are up The biggest thing that’s helping everybody right now is mortgage spreads And I think part of that is the government helping to buy those down a little bit They started I forget it was Fannie and Freddie announced they were buying mortgage backed securities If mortgage spreads were where they were last year year before from the people I listened to we’d be up near 8 right now on mortgage rates but we’re not So that helps a lot The one I’m trying to kick back on here is this new price median The prices are down this year compared to where we were last year So I think that you’re seeing the market kind of correct itself that sellers that are overpriced they’re not selling But ones that come on priced aggressively and this is stuff that I’ll use in my sellers and listing appointments is if you come on the market and you’re really reaching for a high price you’re probably not going to have the best time right now.