Exploring the Best Places to Buy a Home | 1-Minute Market Update w/ Martin Perdomo

Ready to find your perfect match: affordability or amazing city life? Tune in and let's find the city that checks all your boxes!

This week's episode dives deep into the wild ride of the housing market. Mortgage applications are chilling, but hold on - home prices are still #blessed at a record high.

But wait, there's more! We break down how interest rates dipped, new listings are booming, and there are finally more houses to choose from. This might mean waiting a bit longer to close.

Feeling the FOMO on finding your dream city? Don't worry, we've got you covered. We'll spill the tea on the best places to buy in 2024.

This episode is brought to you by Premier Ridge Capital.

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Transcript

Speaker 1: 0:29

If you're looking to buy a home in 2024, these are the best cities to buy in. I'll talk about that in a minute, so before that, let's take a look at this week's housing market data. Today is July 5th 2024, and this is your weekly real estate market update. Looks like this week, fewer people are applying for mortgages to buy homes right now compared to last week. Applications are down by 3%. That's on top of a bigger drop year over year, with applications down 12% compared to this time last year. Also, searches for homes for sale are down 4% compared to last month and way down 20% from this time last year.

Speaker 1: 1:15

Looks like the house hunting hype might be cooling off. Time to buckle up for some brutal house prices. The median sales price just hit a whopping $394,954, which is the highest it's ever been. This is a bigger jump than we've seen way back in March. Keep buckled up, because the asking price for houses is insane. Right now. We're talking about $409,975, which is the highest it's ever been. This is a bigger jump than we've seen like since October of 2022. If you think that's brutal, the median monthly payment is now a whopping $2,749 at a 6.86% interest rate. Looks like it's going to eat up your entire paycheck. Now, at least, we hit the sub 7% as it pertains to interest rates, so that's a good sign.

Speaker 1: 2:16

But on the bright side, there are more houses on the market than ever before. New listings are up a whopping 9.9% compared to last year. This might be good news for millennials looking to buy, but with interest rates still high, it could still be a tough call. If you think that's crazy, it looks like the inventory is exploding, as the number of homes actively listed for sale is up 17.5% compared to last year. Lastly, the typical time a house sits on the market before selling is now 32 days, which is five days longer than last year. This could mean a couple of things Either there are more houses for sale, which is good for buyers, or people are being cautious about dropping major dollars on houses. So my thoughts here, guys we have inventory skyrocketed, but inventory has been going up. And what's interesting is but inventory has been going up. And it's interesting, as I don't know, that inventory will impact house pricing If interest rates didn't do it and house prices didn't come down with interest rates, right, because people buy payments, not houses Is to pick from and in order to compete, if you're a seller in the market, you have to drop your price so that your house is more attractive to your potential buyer.

Speaker 1: 3:42

So if you're looking to buy a home this year, these cities offer a great mix of affordability and quality of life. According to real estate experts, memphis, charlotte and Minneapolis stand out for their lower taxes, larger properties and appealing living conditions. Cities with warm weathers, like Tampa Bay and Phoenix, are also attractive options. These places not only have reasonable prices, but also provide a comfortable lifestyle. Now I'm going to go to Tampa. I have a house in Tampa. I don't know about that affordable situation in Tampa, so I don't know that this report is 100% accurate.

Speaker 1: 4:19

With remote work becoming more common, you don't need to live closer to your job anymore. This shift has made cities like Dallas, chicago, atlanta popular choices due to their urban amenities and better cost per square foot compared to national averages. Dallas, for instance, is expected to see significant appreciation in home values, making it a smart investment. Atlanta offers more space for your money and Phoenix, while pricicier, remains more affordable than other big western metros like San Francisco and Los Angeles. Now that makes sense. So if they're comparing it to these big cities, then okay, I understand. Tampa does. It is more on the affordable side for what you get. As you consider your next move, these cities could provide the perfect blend of affordability and lifestyle, making homeownership a more achievable dream. This has been your weekly real estate market update. I'll see you guys next week. Peace.