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PHOTO: JULIA GARTLAND; FOOD STYLING: SAM SENEVIRATNE
Housing Market •
May 15, 2026
The Secret To Selling Fast, No Matter the Market By: Keeping Current Matters
When you put your house on the market, you don’t just want it to sell. You want it to sell fast. But the thing is, nationally, it’s taking a little longer to sell lately. And that slowdown can feel frustrating if you want a fast process. Here’s what you need to realize.
In every market right now, there’s one clear exception:
Well-priced, well-presented homes are still selling, and it’s often faster than you’d expect.
If you can tap into that, you can still set yourself up to move quickly, too. Here’s how to get it done.
How Long It Takes To Sell Today
According to Realtor.com, homes are selling in about 52 days right now. That’s how long the process takes from the day it hits the market until closing day.
And while that may sound slow to you, it’s not slow. It’s normal.
That’s because it’s pretty much right in line with what it was during the last normal years in the market (see 2018-2019 in the graph below):
It just feels slow when you’re eager to move – or when you think back a few years to when homes seemed to sell almost instantly.
But here’s what matters most. The market is normalizing. Not at a standstill.
This is the norm for timing from start to finish. You may have an accepted offer in hand even faster than this.
Markets Where Homes Still Sell Quickly, Even Now
Zillow says the typical home will go “pending” or “under contract” in 19 days. Some homes even see it happen in as little as 7 days. It just depends on where you are – and how you prep your house.
So, don’t let the slowing pace of sales stress you out. Homes can still sell fast, if they’re positioned right.
Just to show you, here’s a quick look at some of the markets that are moving faster than the norm, according to Zillow (see map below). This’ll show you how different it can be based on where you live.
The key things you need to remember when looking at this visual:
- It varies a lot based on where you live. Within the same state, individual neighborhoods or pockets may sell much faster than the norm.
- Even in slower moving states, you can still sell quickly. As the map shows, in those places there are still homes that go under contract in as little as a week.
So don’t worry about if your state made either list. As Orphe Divounguy, Senior Economist at Zillow, says:
“The cream of the crop is still selling fast, even in markets that have slowed considerably. . .”
The Big Reasons Some Homes Sit, and Some Sell Fast
And here’s the big secret. While location can definitely play a role, it’s not just about location. It’s about strategy.
Today’s buyers are paying attention to condition. They’re comparing photos, upgrades, layout, location, and price. And they’re choosing homes that feel move-in ready and well worth the value.
The homes that check those boxes? They’re not sitting for long – no matter where they are.
As the Wall Street Journal (WSJ) explains:
“. . . some homes are still flying off the shelves. These houses are often in the Midwest or Northeast, where the lack of new construction keeps a lid on supply. Certain homes in other markets are selling quickly, too, often when a home is move-in ready.”
Because in any market – hot or not – if a home is overpriced, needs too much work, or just doesn’t meet current buyer expectations, it’s not going to sell.
In this market, the sellers who win are the ones who get real about their house. They’re honest about how their home compares to other listings, realistic about price, and they work with an agent who truly understands today’s market and what it takes to sell.
When your agent knows how to price strategically, spotlight the strengths of your home, and move quickly when the market gives clear signals, that’s when the results follow.
Bottom Line
Today’s housing market rewards the right strategy. Because even in a slower area, the homes that are priced realistically and positioned well are still selling – sometimes faster than you may expect.
Connect with a local agent if you’re ready to make yours one of them.
Housing Market •
May 9, 2026
Higher Rates Prompt Spring Market Split Among Home Buyers- By Melissa Dittmann Tracey
Mortgage rates continue to hover in the mid-6% range, with the 30-year fixed-rate mortgage rising to 6.37% this week, Freddie Mac reports. However, the higher borrowing costs are not affecting all home buyers equally this spring.
Bright MLS Chief Economist Lisa Sturtevant points to a growing divide in the housing market. “Equity-rich, higher-income households are less rate sensitive and are more likely to take advantage of expanding inventory to make a purchase this spring,” she says. “The other group includes first-time buyers and lower-income households who are feeling more economic uncertainty and the strain of rising mortgage rates.”
Economists increasingly describe this as a K-shaped housing market, where activity remains stronger at the higher end while entry-level demand slows under affordability pressure.
Sturtevant also notes that rising rates are influencing who is willing—or able—to list homes this spring. “We are going to see new listing activity driven by those who need to move out of necessity—family or job changes—while discretionary or optional moves will be put off, particularly by those homeowners currently holding sub-4% mortgage rates,” she says.
Higher Rates, Bigger Mortgages
Recent rate increases are prompting some would-be buyers to hold off. Mortgage applications for a home purchase fell 4% last week, though applications remain 5% higher than the same week a year ago, according to the Mortgage Bankers Association.
“The ongoing conflict in the Middle East continues to push rates higher,” says Joel Kan, deputy chief economist at the MBA.
At the same time, still-rising home prices is prompting the average loan size for a mortgage to climb to record highs. The average purchase loan application climbed to $467,300 in the latest week—the highest level in MBA’s survey history dating back to 1990.
“This increase could indicate that potential first-time buyers, and buyers looking for homes at lower price points, might be more hesitant to move forward given the economic uncertainty and higher rates,” Kan says.
New Doors Are Opening:
Buyers may find more opportunities lately in the new-home market.
“Recent data points to slightly better conditions for buyers with a boost in new-home sales, median new-home prices being down to their lowest level since July 2021, and higher inventory than in recent years,” says Sam Khater, Freddie Mac’s chief economist.
He adds that these trends may help “modestly ease affordability pressures” for some buyers during the spring homebuying season.
Sales of newly built single-family homes rose 7.4% in March compared to February and were up 3.3% from a year earlier, the Commerce Department reported earlier this week. Builders cite tight supply in the existing-home market as a key driver of demand for new construction.
The median new-home sales price in March was $387,400, down 6.2% from a year ago and nearly 10% below its most recent peak in December 2025.
By comparison, the National Association of REALTORS® reports the median price of an existing home sold in March was $408,800—about $21,000 higher than the median new-home sales price.
Mortgage Rates This Week
Freddie Mac reports the following national averages with mortgage rates for the week ending May 7:
- 30-year fixed-rate mortgages: averaged 6.37%, up from last week’s 6.30% average. A year ago, 30-year rates averaged 6.76%.
- 15-year fixed-rate mortgages: averaged 5.72%, rising from last week’s 5.64% average. A year ago, 15-year rates averaged 5.89%.
Food •
May 8, 2026
Easy Spring Strawberry Milkshake Pie- By Makinze Gore
I’ve made a lot of no-bake desserts in my time, and this is easily one of the top 5 pies I’ve ever made. It tastes just like a melted strawberry milkshake, in the absolute best way possible. A shortbread cookie crust supports the creamy, strawberry-studded filling, and a homemade whipped cream completes the milkshake look. When it’s too hot to turn on your oven, but you need a sweet treat, this is the simple summer dessert you should make. Read on for my top tips on how to get it just right.
Though this pie is no-bake, it’s not no-cook, but it’s still pretty simple to throw together. Cooking down the strawberries helps them combine more easily with the other filling ingredients, so don’t be tempted to cut that time short. You can always do this a day or two ahead of time if you need. A little gelatin and cream cheese help give this pie its structural integrity (plus the latter adds a delicious tang that pairs well with the strawberry flavor).
I kept the homemade whipped cream unsweetened, because I like the contrast between it and the sweet pie, but feel free to change it up. You can add 1 to 2 Tbsp. confectioners’ sugar if you like, or go straight for the Reddi-wip if you really want!
Ingredients
Crust
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1 (11.2-oz.) pkg. shortbread cookies
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Kosher salt
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5 Tbsp. unsalted butter, melted
Filling
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20 oz. fresh strawberries, quartered
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1/4 cup (50 g.) granulated sugar
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1 Tbsp. fresh lemon juice
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1 (1/4-oz.) packet gelatin
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1/3 cup boiling water
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3/4 cup heavy cream
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1 (8-oz.) pkg. cream cheese, softened
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1 cup sweetened condensed milk
Topping
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1/2 cup heavy cream
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4 fresh strawberries, halved
Equipment Needed
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A piping bag, a small star tip
Directions
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Crust
- Step 1In a food processor, pulse cookies until fine crumbs form. Pour into a medium bowl. Add a large pinch of salt and stir to combine. Add melted butter and mix until mixture holds together.
- Step 2Transfer mixture to a 9″ deep pie plate. Press into bottom and up sides in an even layer. Refrigerate until ready to use.
- Step 3Make Ahead: Crust can be made 2 days ahead. Wrap in plastic wrap and keep refrigerated.
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Filling
- Step 1In a medium pot over medium heat, cook strawberries, sugar, and lemon juice, stirring often and smashing to help break down strawberries as they cook, until strawberries are completely broken down, 20 to 25 minutes. Let cool.
- Step 2Meanwhile, place gelatin in a small heatproof bowl. Pour boiling water over and stir until gelatin is dissolved. Let cool.
- Step 3In a large bowl, using a handheld mixer on medium speed, beat heavy cream until stiff peaks form.
- Step 4In another large bowl, using handheld mixer on medium-high speed, beat cream cheese and condensed milk until smooth. Add cooked strawberries and gelatin mixture and beat until combined. Add whipped cream and gently fold until just combined.
- Step 5Pour filling into crust; smooth top. Refrigerate until set, at least 4 hours and up to overnight.
- Step 6Make Ahead: Strawberries can be cooked 2 days ahead. Transfer to an airtight container and refrigerate.
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Topping
- Step 1In a medium bowl, using handheld mixer on medium speed, beat heavy cream until stiff peaks form. Transfer to piping bag fitted with star tip.
- Step 2Pipe whipped cream around border of pie. Garnish with strawberry halves.
The County of Los Angeles Fire Department and Calabasas Partners Drive Home the Importance of Community Action During Wildfire Preparedness Week Event- By Edhat.com
Prepare Today, Protect Tomorrow: Your Role in California’s Wildfire Safety
As California observes Wildfire Preparedness Week, May 3–9, 2026, CAL FIRE and partner agencies across the state are engaging communities to highlight the importance of readiness, resilience, and coordinated wildfire response ahead of heightened wildfire activity. As part of this effort, CAL FIRE and County of Los Angeles Fire Department today hosted a regional news conference in Southern California in Calabasas to spotlight the region’s unique preparedness needs and showcase the partnerships that support wildfire response and mitigation both locally and statewide.
“Southern California’s wildfire challenges require year-round readiness and strong partnerships,” said CAL FIRE Director and Fire Chief Joe Tyler. “This event highlights the dedicated people, equipment, and planning already in place to protect our communities.”
This year’s Wildfire Preparedness Week encourages Californians to take proactive steps to protect their families, homes, and neighborhoods—creating defensible space, hardening structures, staying informed, and preparing evacuation plans in advance.
For additional preparedness resources, visit ReadyForWildfire.org. For additional Wildfire Preparedness Week Resources, check out the Media Toolkit.
Residents are also encouraged to use CAL FIRE’s Ready for Wildfire web-based app, which provides customized checklists, local alerts, evacuation planning tools, and more. The free app is available at: plan.readyforwildfire.org.
Celebrity Homes •
May 8, 2026
Step inside David Hasselhoff’s Lavish Calabasas Estate and 70s Throwback- By Katie Daly
David Hasselhoff became a household name as Michael Knight in Knight Rider and later as Mitch Bucannon in Baywatch, earning millions from the latter that allowed him to purchase a large home in Calabasas. But long before that, he lived in a far more modest house.
In 1979, he appeared in a set of photos captured inside his home. In one shot, the actor, now 73, was seen relaxing on his bed, reading a copy of Semi-Tough by Dan Jenkins. The bedspread featured a dark brown pattern made from velvet that clashed with his chevron print curtains.
Making a comeback
© Getty ImagesNostalgia is making its way back into interior design trends, and David’s layered pattern aesthetic fits the bill. Interior designer Carlin van Noppen told Homes & Gardens of the space: “The accelerated trend cycle means that formerly ‘dated’ looks like chevron are likely to come back much sooner than they may have in the past. However, I don’t necessarily see chevron as a ‘trendy’ pattern; with the right treatment, it can be as timeless as stripes. It’s always popular in design circles, because subtle chevron is always chic.”
© Getty ImagesThough there is a certain appeal to David’s 70s vibe, his living room is a far cry from his primary home now. The actor resides in California in a house that he and his daughter, Taylor Hasselhoff, attempted to sell for $3.6 million while appearing on Impossible Listing in 2020.
David’s grand Californian home
However, the duo was not successful in offloading the property. The grand Mediterranean-style home was situated on a hill and featured three balconies. It sits across 1.5 acres and boasts a lagoon-style pool, a spa, and an outdoor kitchen.
© Corbis via Getty ImagesPhotos published by Today reveal that David’s bolthole features five bedrooms and six baths, including a master suite with a fireplace, as well as a large walk-in closet and what the listing once described as a “sexy” bathroom.
David goes overseas
In 2017, David extended his portfolio to include an international property, purchasing a beachfront home on the island of Gili Meno in Indonesia. The seaside abode is part of a resort development on the island, which is situated off the east coast of Bali.
© Jeff KravitzIt features a bar, as well as a sunbathing terrace, an infinity pool with breathtaking sea view, and direct access to one of the island’s beaches. “I love Gili Meno as there are no cars on the island, it is like going back in time,” The Hoff said of his investment at the time.
“The best thing about the island is that you can eat out so well, such as fresh lobster, and it costs next to nothing.”
Local •
May 1, 2026
How Calabasas Plans to Level up its Citywide Sustainability in 2026 – By Building Enclosure
The U.S. Green Building Council (USGBC) announced the 2026 cohort for its LEED for Cities certification program. The cohort includes 17 cities from across the U.S. that are committed to certification under the LEED v4.1 Existing Cities rating system. The program, supported by longtime partner Bank of America, helps to institutionalize and operationalize sustainability in local government through the LEED for Cities certification process.
Local governments are navigating extreme weather events, all while facing their own resource constraints. LEED for Cities provides a proven framework and roadmap for local governments to advance sustainable development and implement comprehensive sustainability strategies that improve health and quality of life while reducing waste and negative environmental impacts.
“Local governments are a driving force behind creating more sustainable, healthier communities for all residents,” said Peter Templeton, president and CEO, USGBC. “Through the LEED for Cities certification program, these forward-thinking municipalities are setting ambitious goals, measuring their progress, and demonstrating leadership in improving community health, efficiency, resilience, and livability. The 2026 cohort represents a diverse set of cities united in their commitment to creating a better future.”
The LEED for Cities Certification Cohort is a component of USGBC’s Local Government Leadership Program, which provides in-person leadership summits, peer learning opportunities, technical assistance, and ongoing support to cities and counties across the country.
“The LEED for Cities Cohort provided valuable structure and support, especially for small sustainability teams like ours,” said Alex Pharmakis, sustainability manager for the city of Farmers Branch, Texas, a 2025 cohort participant. “With practical resources and access to a strong network of peers, the program simplified our path to certification.”
Local governments can certify in LEED for Cities on their own, but some choose to participate in the cohort for the camaraderie and competition that comes with a group effort. Participants meet monthly in group settings where they troubleshoot data issues, share concerns, and inspire one another to reach the finish line. Project management resources provided to participants help them reach milestones and ultimately submit their certification application for review by the end of the program year.
The 2026 cohort includes 17 local jurisdictions across the U.S. representing 2.5 million people:
- Calabasas, Calif.
- Carlsbad, Calif.
- College Park, Md.
- Commerce City, Colo.
- Fitchburg, Wis.
- Grand Rapids, Mich.
- Hoboken, N.J.
- Indianapolis, Ind.
- La Mesa, Calif.
- Longmont, Colo.
- Lower Merion Township, Pa.
- Manhattan Beach, Calif.
- Medford, Mass.
- Moline, Ill.
- Nashville, Tenn.
- Sacramento, Calif.
- Westminster, Colo.
In partnership with the Bank of America, the LEED for Cities certification program has provided direct support to nearly 140 U.S. local governments, representing 58 million people, since 2017. Since 2011, the Bank of America Charitable Foundation has contributed more than $4.55 million in total grant funding to USGBC to support its work advancing sustainable buildings and communities. Bank of America has also demonstrated leadership in green building within its own operations through the achievement of LEED certifications across its global portfolio. More than 33% of the bank’s occupied real estate has achieved green building certifications, and the company aims to achieve certification for 40% of its building space by 2030.
Housing Market •
May 1, 2026
Is Late May the Best Time To List Your House? – By Keeping Current Matters
You may have heard April 12-18 was the “best week” to list your house. That’s based on a report from Realtor.com. But now that it’s passed, you may be wondering if you missed your moment.
Here’s the good news – you didn’t.
Because the reality is, there isn’t just one perfect week to sell your house this Spring. There’s a window. And right now, you’re still in it.
Your Window To Sell Is Still Wide Open
Here’s why. Different organizations run studies like this every year. And they don’t always land on the exact same week. That’s okay. It’s because they’re using different research methods and even different definitions of what “best” means.
But the fact that the results vary points to a larger trend. While there may be sweet spots, the entire Spring season gives sellers an opportunity to get some of the best conditions (and best sales prices) of the year.
And it’s definitely not too late to jump in.
Why Listing in Late May Is the Perfect Play
According to Zillow, the best time to list your house this year is the last 2 weeks of May. And that’s approaching fast.
Based on their analysis, this is the ideal time to do it if you want to make top dollar. Because, in this 2-week window, homes sell for more. Sometimes, quite a bit more.
Depending on where you are and the price point in your area, some homeowners may even net tens of thousands of dollars extra in this sweet spot. As Zillow explains:
“Why late spring? Buyer demand typically peaks before Memorial Day. Families want to move during the summer and settle in before the new school year. More buyers shopping at once can spark competition and lift prices.”
And they’re not the only ones saying listing in May could be the key to selling for more. ATTOM Data analyzed almost 52 million home sales over the past 10 years and found sellers in May are achieving some of the highest returns.
That means the ideal window this year is very much still open.
What This Means for You
If your goal is to sell for the strongest possible price, this is where timing and strategy come together. And you want to be sure you’re ready to make the most of it.
So, what should you be doing right now?
When prepping for a fast-moving window like this, you don’t want to waste time or money on the wrong prep work. And your agent is your go-to to make sure you’re focusing on the right things.
They’ll be able to tell you if the “best week” is slightly different in your market. And what quick repairs or updates can help you get a higher price, without taking a ton of time or effort.
Here’s a quick example of things an agent may recommend based on information from Redfin:
At the end of the day, when your prep time’s short, doing the right things matters more than doing more things.
Bottom Line
Zillow says the best time to list your house is just around the corner. Are you ready to make the most of it?
If you want to take advantage of this Spring sweet spot and get top dollar for your house, talk to us about what you need to do now to get ready to hit the market.
Celebrity Homes •
May 1, 2026
$400M Listing For LA Mega Mansion Aims To Be Country’s Most Expensive Home Ever Sold- By Chris Lindahl
LOS ANGELES, CA — The owners of a custom-built mega mansion in Bel Air are asking $400 million for the property, which if sold at that price would make it the country’s most expensive residential sale ever.
Dubbed “the Crown Jewel of Los Angeles” by its listing agents, the home at 11201 Chalon Road was completed around 2018. The estate boasts 70,000 square feet across multiple structures and its perched on an 8-acre hilltop lot offering expansive views of the Pacific Ocean, Bel Air Country Club, downtown Los Angeles and beyond, according to the listing, which is held by Jack Harris and Michael Fahimian of the Beverly Hills Estates.
The main home — which totals 50,000 square feet — features 10 family bedrooms and 13 staff bedrooms. The 30,000-square-foot guest house includes six guest bedrooms and 10 staff bedrooms. There are 39 bathrooms across the property, as well as three swimming pools.
There’s also a hammam — a kind of steam bath — an x-ray room, tennis court and pavilion, salon, theater, safe room, restaurant-style kitchen and art storage space.
The estate “was designed so that you don’t ever have to leave if you don’t want to,” Fahimian told the Wall Street Journal.
Building the estate was a complex labor.
The design was led by famed architect Peter Marino, while Peter McCoy steered the construction.
The property is owned by an entity tied to Qatar’s ruling Al-Thani family, which paid $35 million for a 7.8 acre site in 2010. It took about 10 years to complete at a cost of more than $350 million, the Journal reported.
Property taxes total $1.4 million a year. If it sells for $400 million, closing costs would be about $40 million, according to the Journal.
“There’s a handful of people who can afford something like this,” Harris told the publication.
Few homes have sold for above $200 million in the U.S. — let alone close to $400 million.
The record is held by the $240 million hedge-fund manager Ken Griffin paid for a New York City apartment in 2019, according to the Journal.
Jay-Z and Beyoncé set California’s record in 2023 when they paid $200 million for a Malibu estate perched right above the beach.
A mystery buyer bested that record the following year with the purchase of a $210 million Malibu property from Oakley founder James Jannard.
Sunshiny Citrus And Italy’s Perfect Lemons And Pasta
Italy is serious about lemons. When was the last time you thought about the varietal last time you bought a lemon? Beyond “yellow” and “round,” there isn’t too much to think about when you’re shopping for citrus at the American grocery store. Southern Italy is especially well known for its lemons, and Sicilian lemons are famous for their taste and essence. The bright flavor of lemons goes well with many savory dishes, including Linguine with Lemon Garlic Sauce and Garlicky Beans with Lemon Dill and Trout.
What is Pasta al Limone
Since we saw Stanley Tucci sniffing lemons in “Searching for Italy,” we’ve had citrus on the brain. Traditional pasta al limone with asparagus is a popular dish in southern Italy, and even though it’s a cream-based sauce, it’s nice and light because of the zesty citrus. Recipes for lemon pasta call for a variety of cheese–from fresh ricotta to aged Parmigiano Reggiano–and we like to use pecorino Romano for its sharp saltiness. Our pasta al limone recipe also includes asparagus, because why not?
Ingredients You’ll Need
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Pasta – This recipe is best with long noodles like spaghetti or cult classic bucatini.
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Asparagus – When it’s good, it’s so good. And asparagus cooked quickly with garlic is just delicious. You could also use leftover Grilled Asparagus, if you have it.
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Lemon zest – Makes so many things taste *that* much better, like Shishito Peppers!
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Heavy cream – We don’t call for heavy cream unless it’s worth it, and we’ll just say, it’s really worth it in this sauce for pasta al limone.
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Pecorino Romano – Folks often use Parmigiano Reggiano and Pecorino Romano interchangeably, and with good reason. They’re both sharp, a little salty, and super dry. For this lemon spiked pasta, we think that Percorino Romano plays better with the lemon, but feel free to substitute parm if it’s what you have on hand.
How to Make Pasta al Limone
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Cook the pasta. Bring a large pot of salted water to a boil over high heat. Add the pasta and cook until al dente. Reserve a cup of the starchy and salty pasta water to add to the sauce.
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Cook the asparagus and garlic in a large saucepan.
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Make the sauce. Stir in the pepper, lemon zest, heavy cream, and salt. Add in the butter, and stir until melted and the sauce has thickened. Remove from heat.
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Stir in the pasta. Add the pasta to the sauce along with the parsley, basil, cheese, and reserved pasta water. Stir until the pasta is coated and the cheese is mostly melted.
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Serve! Divide the pasta between bowls and sprinkle with more grated pecorino Romano, lemon zest, and a few more turns of freshly ground pepper.
How to Store Pasta al Limone + Tips
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If we’re following tradition, this pasta al limone, would be eaten while hot. All of it, with nothing going into the fridge or freezer for future pasta cravings. This isn’t one of those pasta dishes that freezes well. We’ll direct you over to our Classic Lasagna Recipe if you’re looking for something that freezes well!!
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When life gives you lemons, zest them. It seems intuitive, but we were today years old when we discovered that you use your dominant hand to move the citrus zester over the surface of the lemon, and not the other way around. You can definitely move the lemon over the zester, but you won’t have as much control over the zesting.
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Reserve the pasta water! This is something we’re getting more accustomed to doing. It helps to add body and to season the sauce. It’s easy to control the amount you’re using, which will also help you get a better feel for the technique, with a glass measuring cup.
Housing Market • Local •
April 25, 2026
3 Things That Are Not Going To Happen in Today’s Housing Market
There’s a lot of uncertainty right now and that’s leading to some dramatic headlines. And if you’re thinking about buying a home, that can make you feel a little less sure about your decision.
A recent study by CNBC asked homebuyers what they’re most worried about, and three themes kept coming up again and again:
- Mortgage rates
- The number of homes for sale
- Home prices
But a lot of what you may be hearing on those is based more on misconceptions. Not facts. So, let’s break it down and separate fact from fiction.
Misconception #1: “I’ll Just Wait, Because Mortgage Rates Are Going To Fall Dramatically”
One idea doing its rounds on social is that mortgage rates are going to drop dramatically soon. So, it’s better to wait to buy.
But is that really what’s expected?
While mortgage rates have come down a bit in the last few weeks, forecasts don’t show a major drop ahead. The most likely scenario is that rates stay somewhere in the low 6% range this year.
And that’s not a big change from where rates are now (see graph below):
Of course, this depends on where inflation and the economy go from here. But, based on what we know today, waiting for a big drop in rates may not work out the way some people hope. As U.S. News explains:
“Mortgage rates aren’t expected to change much over the next several quarters . . .”
Not to mention, even with rates where they are today, it’s already more affordable than a year ago. So, even if they don’t change much, it’s still better than it was.
Misconception #2: “There Are Too Many Homes for Sale Right Now”
You’ve probably heard inventory is up. And nationally, it is. The number of homes for sale is 8% higher than this time last year. But that’s not a bad thing. In fact, it’s one of the reasons buyers have a bit more breathing room right now.
The problem is the headlines are making something good, sound bad. They’re focusing on how this is the most inventory we’ve had since 2019 or how many homes builders are building. And that can make it sound like the number of homes for sale is rising too far, too fast.
But that’s not what the bigger picture shows.
Data from Realtor.com proves that, even though inventory is up compared to last year, it’s still nearly 14% lower than it was during the last normal housing market (2017-2019):
While it can vary a lot based on where you live, only 9 states have more inventory than pre-pandemic today. That’s a key reason why there still aren’t enough homes for sale to trigger something like the crash back in 2008.
Misconception #3: “Home Prices Are About To Crash”
You’ve probably seen this one, too. The confusion is coming from the fact that some metros are experiencing slight price declines. And influencers are running with that and saying prices are crashing. But that’s not the reality.
Most areas are seeing prices rise, not fall. And that’s because:
- Many homeowners aren’t selling because they don’t want to give up the low mortgage rate they locked in a few years ago. And that’s keeping a lid on how much inventory can grow.
- Since inventory is still below pre-pandemic norms, there aren’t enough homes for sale to cause a price crash.
- And even in markets with more inventory, some sellers are choosing to pull their homes off the market instead of cutting prices.
And those are 3 big reasons prices aren’t headed for a crash.
And even in the markets experiencing mild declines, the drops aren’t enough to cancel out the big gains most homeowners have seen in the last 5 years (see graph below):
That’s not a crash. That’s just prices moderating after a few record-breaking years.
Bottom Line
Online posts are going to make things sound worse than they are. If you want a true, data-bound look at what’s really happening in today’s market, lean on us to assist you with your real estate needs.
