🏡 Sellers Are Dreaming, Buyers Are Bargaining

🏡 Sellers Are Dreaming, Buyers Are Bargaining

I just read this eye-opening report about the growing gap between list and sale prices—had to share my two cents! Check it out...

Today's Mortgage Rates:

• Conventional 30-Year Fixed: 7.02%
• FHA 30-Year Fixed: 6.53%
• VA 30-Year Fixed: 6.54%
• 15-Year Fixed: 6.30%
• 30-Year Jumbo: 7.13%

*These rates are based off the national average. Provided by MBS. Your actual rate could vary.

🔍 Why sellers are off by $39,000

Here’s the gist: the typical seller wants $39,000 more than buyers are willing to pay, and the spread hasn’t been this wide since 2020. I know you’re seeing this first-hand too.

Key takeaways from the article:

• List prices are up 6.2% YoY, while sale prices only rose 2.5%.

• Median asking price: $469,729 vs. actual sales: $431,057.

• Sellers are stuck on last year’s comps, not current buyer behavior.

• Inventory is rising, and concessions are back on the table.

• As an example, in places like West Palm Beach, list prices rose 9.3%—while sales prices actually dropped.

I’m seeing this misalignment slow deals down or create last-minute headaches with appraisals and price drops.

Would you like the link to the full article? Happy to send it your way!

The Headlines:

🚥 Home sales cancelled at near-record pace in April. (Redfin)

📝 House passes tax reform package with key wins for real estate. (NAR)

🎥 Mortgage rates cross back over 7% after U.S. credit downgrade. (CNBC)

📉 ION: Buying the dip might be a guy thing, BlackRock study finds. (Axios)

🏡 Here are the most expensive active listings in the country. (Redfin)

MBA applauds passage of VA partial claims bill

The MBA praised the House’s passage of the VA Home Loan Program Reform Act (H.R. 1815), which would grant the VA permanent authority to offer partial claim loss mitigation—a key tool to help struggling veteran homeowners avoid foreclosure.

MBA President Bob Broeksmit called the bill’s passage “urgent,” noting the VA has lacked a permanent post-pandemic solution since its previous program ended. The measure aims to align VA options with those of other federal housing agencies.

The MBA said it will now push for swift Senate approval, warning that thousands of distressed veteran borrowers remain at risk without a permanent fix..