Housing stats for the backyard barbecue

In anticipation of the backyard barbecue talk turning to housing questions from family and friends, here's what you need to be prepared.

Was this newsletter forwarded to you? Sign up here. Good afternoon —   The holiday weekend is almost here! In anticipation of the backyard barbecue talk turning to housing questions from family and friends, here's what you need to be prepared: Mortgage rates: They are still below 3%, no significant rise on the horizon. If anybody complains about the current 2.98%, try not to roll your eyes and refer to 1981, when the mortgage interest rate hit 16.63%. Wild housing stat: An astonishing 580 homes in the Seattle metro area have sold for $300,000 or more above their asking prices this year. (Also, my son, who bought a house in Austin 2 years ago, just got offered double what he paid. Double!) The state of the market: It may be starting to cool slightly. Agents are saying that open houses are a little less crowded, and they are seeing less offers. But it's all relative. As one story on the Denver area noted: "Whereas a popular listing might have attracted more than 100 showings and 15 to 20 serious offers earlier this year, now even a 'great property at an affordable price point' might see 30 to 40 showings and three to four offers." But the housing market is not about to crash. All those Millennials now at peak home-buying age aren't just going to go away. Seriously, it's not going to crash. For real, there is no crash coming! Those cover letters people are writing to home sellers? They can be very effective, but may also be illegal.

Baby goats make everything better. Are your friends and family discouraged by the housing market? Fire up the videos of  baby goats in pajamas to brighten their day.  

 

Hope this helps you enjoy the long weekend!! 

 

Until Tuesday —

 

Sarah Wheeler

HousingWire Editor in Chief

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