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Archives for September 2024

Is the Housing Market Cooling Off in 2024?

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The housing market has been on an upward trajectory in recent years. However, rising interest rates, slowing sales, and slower home price rises indicate a cooling-off phase of the housing market.

Is the Housing Market Cooling Off in 2024?

The year 2023 witnessed a whirlwind in the housing market. Soaring prices fuelled by relentless demand and persistent inventory shortages left buyers baffled and hopeful for a reprieve. Now, as we tiptoe into 2024, whispers of a “cooling market” swirl in the air. But is this more than just wishful thinking?

The Rise and Fall of Mortgage Rates:

  • 2023 saw historically high mortgage rates, effectively slamming the brakes on the red-hot housing market.
  • As the Federal Reserve navigates inflation, recent cuts in interest rates offer a glimmer of hope for affordability.
  • Experts predict a “seesaw” effect, with rates potentially increasing again later in the year, influencing overall market dynamics.

The Inventory Conundrum:

  • The chronic lack of available homes continues to be a bottleneck, preventing a free-fall in prices.
  • However, recent data suggests a slight uptick in new listings, potentially easing the pressure on demand.
  • This, coupled with slower sales due to higher mortgage rates, could create a more balanced market in the long run.

Buyer Sentiment: From FOMO to Cautious Optimism:

  • The euphoria of 2023 has given way to a more cautious approach among buyers.
  • Affordability concerns and economic uncertainty are making buyers think twice before jumping into the fray.
  • This shift in sentiment could lead to longer selling times and potentially, price adjustments in certain segments.

A Tale of Two Markets:

  • The national narrative masks regional variations.
  • Hot markets, particularly in coastal areas, might experience a gradual slowdown, while others could see modest price appreciation.
  • Factors like job markets, local economies, and housing stock composition will play a key role in shaping individual market trajectories.

The Crystal Ball Remains Cloudy:

  • Predicting the future of the housing market is an inherently tricky business.
  • Geopolitical factors, unforeseen economic shocks, and policy changes can all throw a wrench into the best-laid plans.
  • While a 2023-style frenzy seems unlikely, a controlled deceleration with modest price adjustments appears more probable.

Beyond the Headlines: What it Means for You:

  • For buyers: Patience and research will be key. Be prepared to negotiate and wait for the right property.
  • For sellers: Pricing your home realistically and being flexible on negotiation terms might attract buyers in a shifting market.
  • For investors: A wait-and-see approach might be prudent, with careful evaluation of specific regions and property types.

Strong Housing Markets to Watch in 2024

NAR Chief Economist Lawrence Yun, along with other leading housing analysts, shared insights during NAR's virtual Real Estate Forecast Summit. The consensus is that 2024 holds promise for a rebound in existing-home sales.

Mortgage rates, having peaked, are expected to decline from their recent high of nearly 8%. NAR predicts the 30-year fixed-rate mortgage to average 6.3% in 2024, while realtor.com® projects 6.5%. This shift is anticipated to enhance housing affordability, enticing more home buyers to re-enter the market.

NAR projects a significant 13.5% increase in existing-home sales and an impressive 19% potential rise in new-home sales by the end of the upcoming year. Despite a 5% increase in new-home sales this year, defying market trends, the real estate market appears poised for a positive shift.

Markets to Watch in 2024

Job growth is identified as a key determinant for long-term housing demand, and NAR has evaluated 100 of the largest U.S. metro areas to identify markets with the most potential. According to NAR, the following markets have the most pent-up housing demand for 2024:

  • Austin-Round Rock-Georgetown, Texas
  • Dallas-Fort Worth-Arlington, Texas
  • Dayton-Kettering, Ohio
  • Durham-Chapel Hill, N.C.
  • Harrisburg-Carlisle, Pa.
  • Houston-The Woodlands-Sugar Land, Texas
  • Nashville-Davidson–Murfreesboro–Franklin, Tenn.
  • Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
  • Portland-South Portland, Maine
  • Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.

Inflation as a Wild Card

Danielle Hale, chief economist at realtor.com®, emphasizes optimism for the housing market in 2024 but highlights inflation as a potential disruptor. If inflation persists, it could lead to increased long-term interest rates, discouraging homeowners from selling and prolonging inventory bottlenecks. Younger generations may continue renting due to higher housing costs, impacting the overall housing market.

Despite an easing trend in overall inflation, “shelter inflation” continues to rise. The Consumer Price Index indicates a decrease to 3.1% in November, slightly above the Federal Reserve's 2% target. Lawrence Yun suggests that an oversupply of new apartment units may mitigate inflation, bringing rental rates down and potentially influencing the Fed's decisions regarding short-term rates.

Challenges and Opportunities in 2024

Despite potential improvements, the 2024 housing market is expected to remain challenging, especially for first-time buyers. Record-low inventory, reluctance among homeowners to sell, and historical underproduction by homebuilders contribute to the hurdles. However, existing homeowners stand to benefit, having accumulated substantial housing wealth over the past years. Home price appreciation, averaging 5% over the last year, has resulted in a typical homeowner gaining over $100,000 in housing wealth, according to NAR's data.

The wealth disparity between homeowners and renters remains significant, with homeowners holding an average of $396,200 in wealth compared to $10,400 for renters, as per Federal Reserve data. Lawrence Yun emphasizes the long-term wealth-building aspect for homeowners, providing a positive outlook amid the challenges of the real estate market.

The housing market in 2024 is poised for a transition. It won't be a dramatic crash, but rather a shift from breakneck speed to a more measured pace. While uncertainty lingers, understanding the underlying forces at play can help navigate these choppy waters. Remember, the decision to buy or sell is a deeply personal one, and seeking professional guidance remains crucial in securing your place in the ever-evolving landscape of the housing market.

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When is the Best Time to Sell a House?

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If you're thinking about selling your house, you may be wondering when the best time is to put it on the market. Timing can be critical when it comes to selling a house, as it can impact the sale price and the length of time the property spends on the market. In this article, we'll explore the factors that influence the best time to sell a house.

When is the Best Time to Sell a House?

Selling a house is a big decision, and timing is crucial. The best time to sell a house varies depending on various factors. According to last year's report by ATTOM Data Solutions, the peak months for selling a house were May, June, and July. These months offer the highest seller premium, netting thousands of dollars more compared to the slower months of October and December. The seller premium is the amount above the home's market value.

Their data showed that May is the best month to sell, with homes selling for a median sale price of $208,273 and a median AVM of $185,000, resulting in a seller premium of 12.6 percent. June and July are the second and third best months to sell, respectively, with seller premiums of 10.7 percent and 10 percent. April and March follow closely behind, with seller premiums of 9.2 percent and 8.9 percent, respectively.

On the other hand, October and December are the two worst months to sell, with seller premiums of 5.2 percent and 6.3 percent, respectively. January and November follow closely behind with seller premiums of 6.2 percent and 6.1 percent, respectively. It's worth noting that the seller premium for each month is still positive, meaning that sellers can still earn more than the market value of their homes during these months.

However, the premiums are significantly lower during the worst months to sell, so it's important for sellers to keep this in mind when deciding when to list their homes. Additionally, the table reveals that the summer months of May, June, July, and August see the highest number of purchase transactions, with nearly 17 million transactions taking place during this period. This underscores the fact that the summer is the best time to sell a home, as there is a higher demand for housing during this time.

It's also interesting to note that the seller premium for each month is relatively consistent across different regions, although there are some variations. For example, in the South and West, where temperatures are moderate, there's less discrepancy between the peak and slow seasons. In contrast, the Midwest and Northeast experience more disparity between summer and winter.

Spring and Summer Are the Best Seasons to Sell a House

Typically, spring and summer are the best seasons to sell a house. During this time, the weather is good, especially for those living in colder climates. Families also want to buy their next home before school starts. Daylight savings time may also play a part in stimulating buying activity. The longer days provide more exposure for listings, leading to more offers.

Fall and winter are the worst seasons to sell a house. The decline in seller premiums begins in September, and by winter, homebuying goes on the back burner. During this time, buyers are occupied with the start of the busy holiday season, and the weather is not suitable for house hunting.

If you're planning to sell your house, it is essential to consider your buyer's situation. Homebuyers on a deadline, such as those who want to acquire a house before the school year begins, are more active in the spring and summer. If you want to sell your home during this period, you should list it before school starts.

To sell your home successfully, you must be in top financial shape. You should check your credit and debt-to-income ratio to ensure you're in a strong position to get a mortgage pre-approval. This will ensure that your efforts are not delayed. It is also crucial to shop around for a loan before you start looking for a house. This will give you a good idea of what you can qualify for.

In conclusion, the best time to sell a house is during the late spring and early summer months of May, June, and July. During this period, the weather is suitable, and buyers are more active. However, you must consider your region, your buyer's situation, and your financial position before deciding on the best time to sell your home.

Best Time to Sell a House

Last year, Realtor.com® has crunched the numbers and identified the week of April 16-22 as the best week to list your home for sale. During this week, home prices are expected to be $8,400 higher than in a typical week, and a whopping $48,000 above early 2023 prices. Real estate listings are also expected to receive 16.4% more views than in a typical week. Additionally, homes are predicted to move off the market 18% quicker than an average week, making it an ideal time for sellers who want a quick sale at a higher price.

The Realtor.com economics team arrived at this conclusion by examining market behavior from 2018 through 2022. They factored in competition from other sellers, how long a home spent on the market, views per property, list prices, and the likelihood of price reductions.

Despite the current real estate market is lukewarm at best, buyers are still desperate for fresh listings. New listings have fallen for 35 consecutive weeks, dropping by 26% for the week ending March 4. The overall inventory is still 50% below pre-pandemic norms as well.

Sellers willing to counter this pent-up demand will likely be rewarded, as savvy buyers know not to hesitate if a good home hits the market. However, if every seller knows the best week to list a home, a hesitant homeowner might worry that there will be a glut of homes on the market, further complicating competition.

Fortunately, the market is about to enter prime time for homebuyers with families, who typically want to move well before the start of the new school year. Therefore, entering the market during the best week gives sellers a great opportunity to catch the attention of buyers before listing activity is in full swing.

Despite the recent sluggish market, homes that are turnkey and located in desirable locations continue to sell briskly and garner “substantial attention.” However, it's important for sellers to list their homes at a well-thought-out price and to get hyperlocal in their research. They should become familiar with their local market and work closely with a local agent to ensure that their listing is attractive to buyers. Buyers who are feeling the pressure of affordability are likely to be pickier, so a well-priced, well-maintained home is the ticket to drumming up big demand.

In conclusion, if you want to sell your home in 2023, consider listing it during the week of April 16-22 for a quick sale at a higher price. And remember to do your research and work with a local agent to ensure that your home stands out to buyers.

Best Time to Sell a House
Credits: Realtor.com

Sources:

  • https://www.attomdata.com/news/market-trends/home-sales-prices/attom-2022-best-days-to-sell-a-home-analysis/
  • https://www.realtor.com/news/trends/home-seller-alert-weve-found-the-very-best-week-to-list-your-home-in-2023/
  • https://www.realtor.com/research/best-time-to-sell-2023/

What Happens When Interest Rates Rise: Causes & Effects?

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When it comes to the economy, inflation and interest rates are two crucial concepts that are intertwined with each other. Interest rates refer to the cost of borrowing money, while inflation is the increase in prices of goods and services in an economy over time. One may wonder why interest rates rise with inflation. Let's delve deeper into the reasons behind this relationship.

Interest rates are influenced by a variety of factors, including inflation, economic growth, government policy, and global events. Inflation is one of the main drivers of rising interest rates because it erodes the purchasing power of money over time, and lenders require higher interest rates to compensate for the reduced value of the money they lend out.

Similarly, when economic growth is strong, demand for credit increases, which can push up interest rates. Government policy, such as changes in monetary policy or fiscal policy, can also impact interest rates. Finally, global events such as geopolitical tensions or changes in the international economic landscape can lead to changes in interest rates. Understanding these factors and their interactions can help investors and policymakers predict and respond to changes in interest rates.

Why do Interest Rates Rise with Inflation?

The correlation between interest rates and inflation has been well-established in economics. As inflation increases, the central bank of a country often raises interest rates to tackle the economic impact of rising prices. Raising interest rates helps to reduce inflation by decreasing demand for goods and services, which in turn reduces their prices. Additionally, higher interest rates make saving more attractive, reducing consumer spending and further lowering demand and inflationary pressures.

Here are some of the main reasons why interest rates rise with inflation:

To curb inflation: When inflation rises, the central bank may increase interest rates to control it. Higher interest rates lead to an increase in the cost of borrowing money, which in turn can reduce consumer spending and business investments. This decrease in spending and investment lowers the demand for goods and services, which ultimately helps to bring down prices and control inflation.

To attract foreign investment: When inflation rises, the currency of a country loses its value, making it less attractive to foreign investors. To attract foreign investment and stabilize the currency, the central bank may raise interest rates. This makes investments in the country more appealing, leading to increased foreign investment and an economic boost.

To maintain the value of bonds: When inflation rises, the future value of bond interest payments decreases, reducing the value of bonds. To keep the value of bonds stable, the central bank may raise interest rates. This leads to an increase in the future value of interest payments, which helps to stabilize the bond market.

To prevent a currency crisis: High inflation can lead to a currency crisis, where the value of a country's currency decreases rapidly. To avoid a currency crisis, the central bank may raise interest rates to attract foreign investment and stabilize the currency. Higher interest rates make the currency more valuable, thereby making it more attractive to foreign investors.

To encourage savings: When inflation rises, the value of money decreases over time. To encourage people to save money and maintain the value of their savings, the central bank may raise interest rates. Higher interest rates provide a higher return on savings, making it more attractive for people to save their money.

The relationship between interest rates and inflation is a complex one. As inflation rises, the central bank of a country may increase interest rates to manage the economic impact of rising prices. Higher interest rates can help reduce consumer spending, attract foreign investment, maintain the value of bonds, prevent a currency crisis, and encourage savings. Understanding this relationship is vital for investors, policymakers, and anyone who wants to make informed decisions about their finances.

What Happens When Interest Rates Rise?

The impact of interest rates on various aspects of the economy, including financing costs, expenditures, savings, investments, and inflation, is substantial. The effects of a rise in interest rates can be far-reaching and can affect both individuals and enterprises. Here are some of the main consequences of rising interest rates:

  1. Higher borrowing costs: When interest rates rise, borrowing money becomes more expensive. This can increase the cost of loans and credit for individuals and businesses. For instance, if you have a mortgage with a variable interest rate, a rise in interest rates can result in higher monthly payments. Similarly, businesses that rely on loans to finance their operations may incur higher financing costs, which can have a negative effect on their profitability.
  2. Decreased consumer spending: When interest rates rise, consumer spending can decline. Higher interest rates make borrowing money more costly, which can reduce a person's purchasing power. This, in turn, can reduce demand for products and services, thereby slowing economic growth.
  3. Lower inflation: One of the primary reasons central banks raise interest rates is to control inflation. When interest rates increase, the supply of money in the economy may decrease. This, in turn, can reduce inflation by reducing economic growth and demand for products and services.
  4. Increased savings: Increasing interest rates can make saving more attractive, leading to greater savings. Higher interest rates allow individuals to earn a greater return on their savings, which can motivate them to save more. This can result in a decline in expenditure and a decrease in the demand for products and services.
  5. Lower bond prices: When interest rates increase, the value of existing bonds decreases. This is due to the fact that investors can earn a greater return on bonds with higher interest rates. Therefore, existing bond prices must fall to make them more attractive to investors.
  6. Decreased business investment: When financing costs increase, it can result in a decline in business investment. Higher interest rates mean that businesses must pay more to borrow money, which can reduce their profits and reduce investment. This can then slow economic development and result in employment losses.
  7. Stronger currency: When interest rates increase, a country's currency may become more attractive to foreign investors. Investors can earn a greater return on their investments when interest rates are higher, which can increase demand for the country's currency. This can then result in a strengthened currency and affordable imports for consumers.

To sum up, when interest rates rise, they can have a significant impact on the economy. Higher interest rates can result in increased financing costs, which means it can become more expensive for individuals and businesses to borrow money. This can lead to a decrease in consumer spending, as higher borrowing costs can reduce people's purchasing power.

However, higher interest rates can also encourage people to save more, as they can earn more on their savings. This can lead to a reduction in spending and demand for goods and services. Moreover, when interest rates rise, the value of existing bonds decreases, which can impact investors.

In addition, higher borrowing costs can reduce profits for businesses and lead to a decrease in investment, which can slow down economic growth and lead to job losses. Finally, a stronger currency can result from higher interest rates, which can make imports cheaper for consumers. Therefore, understanding how interest rates impact the economy is crucial for individuals and businesses to make informed financial and investment decisions.

Conclusion: Does Raising Interest Rates Help the Economy?

Raising interest rates can help the economy by controlling inflation, encouraging savings, stabilizing the currency, and promoting long-term investment. Higher interest rates can help prevent inflation from getting out of control by reducing demand for goods and services. They can also encourage individuals and businesses to save more, which can lead to increased capital available for investment and stimulate economic growth. Additionally, higher interest rates can lead to an appreciation of the currency, which can reduce the trade deficit.

It's worth noting that while raising interest rates can have positive effects on the economy, it can also have negative impacts, especially in the short term. For example, higher interest rates can increase the cost of borrowing, which can reduce consumer spending and business investment. This can lead to a slowdown in economic growth and potentially even a recession.

In addition, higher interest rates can lead to a stronger currency, which can make exports more expensive and hurt the competitiveness of domestic industries that rely on exports. Therefore, policymakers must carefully consider the potential short-term and long-term impacts of raising interest rates before making any decisions. It's crucial to strike a balance between controlling inflation and stimulating economic growth to ensure a healthy and stable economy.

Cheapest Way to Buy Land and Build a House

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The cheapest way to buy land and build a house will vary depending on a number of factors, including the location of the land, the size and complexity of the house, and the materials used. However, there are some general tips that can help you save money on the project.

This article is for anyone who is considering buying land and building a house. It will provide you with information on the cheapest way to do it, as well as the benefits of this approach.

What Are the Benefits of Buying Land and Building a House?

There are many benefits to buying land and building a house. These include:

  • You can customize the design of your home to your specific needs and preferences.
  • You can use less expensive materials and labor, which can save you money.
  • You can build your home in a location that you choose, rather than being limited to the existing housing stock.
  • You can build a more energy-efficient home, which can save you money on your energy bills.

If you are considering buying land and building a house, it is important to do your research and plan carefully. This will help you avoid any unexpected costs and ensure that you get the home of your dreams.

The Cost of Buying Land and Building a House

The cost of buying land and building a house will vary depending on a number of factors, including the location of the land, the size and complexity of the house, and the materials used. However, there are some general estimates that can be given.

Land Costs

The cost of land is the most significant upfront cost of building a house. The price of land can vary widely, depending on the location, size, and zoning of the property. In general, land in urban areas is more expensive than land in rural areas.

According to a recent study, the average price of land in the United States is $10,000 per acre. However, the price can range from a few hundred dollars per acre in rural areas to several hundred thousand dollars per acre in urban areas.

Construction Costs

The cost of construction is the second most significant cost of building a house. The price of construction can vary depending on the size and complexity of the house, as well as the materials used. In general, the cost of construction is higher for larger and more complex houses.

According to another recent study, the average cost to build a house in the United States is $281,220. However, the price can range from $112,000 to $450,000.

Other Costs

In addition to the cost of land and construction, there are a number of other costs associated with building a house. These include:

  • Architectural fees
  • Engineering fees
  • Permits and inspections
  • Utilities
  • Landscaping
  • Moving expenses

The total cost of these other costs can vary depending on the specific circumstances. However, they can add up to a significant amount of money.

In total, the cost of buying land and building a house can range from a few hundred thousand dollars to several million dollars. The exact cost will depend on a number of factors, but it is important to be aware of the potential costs before starting the project.

Cheapest Ways of Buying Land and Building a House

The cost of buying land and building a house can be significant, but there are a number of ways to save money. Here are a few tips:

  • Buy land in a less expensive area. The cost of land is the biggest upfront cost of building a house. By buying land in a less expensive area, you can save a significant amount of money.
  • Choose a smaller home design. The size of your home will have a big impact on the cost of construction. By choosing a smaller home, you can save money on materials, labor, and other costs.
  • Do some of the work yourself. If you are handy, you can save money by doing some of the work yourself, such as painting, landscaping, and installing light fixtures.
  • Use less expensive materials. There are a variety of less expensive materials that can be used to build a house. By choosing these materials, you can save money without sacrificing quality.
  • Get multiple quotes from contractors. Before hiring a contractor, get multiple quotes to ensure that you are getting the best possible price.
  • Get financing from a local bank. Local banks may offer lower interest rates and better terms than national banks.
  • Negotiate with the builder. Once you have chosen a builder, be prepared to negotiate the price. Builders are often willing to give discounts, especially if you are willing to pay cash or make a large down payment.
  • Be patient. Building a house takes time and effort. Don't rush into the process and make sure you are prepared to deal with any unexpected delays or expenses.

Here are some additional tips that you may find helpful:

  • Start saving early. The sooner you start saving, the more money you will have available to invest in your dream home.
  • Get pre-approved for a mortgage. This will give you an idea of how much you can afford to spend on a house and will make the buying process easier.
  • Work with a real estate agent who is familiar with the area where you want to build. They can help you find land that is suitable for your needs and budget.
  • Get everything in writing. This includes the purchase agreement for the land, the construction contract, and the financing terms.
  • Be prepared to make changes. Things don't always go according to plan, so be prepared to make changes to your design or budget.

Conclusion

The cheapest way to buy land and build a house will vary depending on a number of factors, but there are some general tips that can help you save money:

  • Buy land in a less expensive area.
  • Choose a smaller home design.
  • Do some of the work yourself.
  • Use less expensive materials.
  • Get multiple quotes from contractors.
  • Get financing from a local bank.

In addition to these tips, here are some additional things you can do to get started:

  • Do your research and create a budget.
  • Talk to a financial advisor to get pre-approved for a mortgage.
  • Find a real estate agent who can help you find land that is suitable for your needs.
  • Hire a contractor who has experience building homes in your area.
  • Be patient and prepared to make changes along the way.

Building a house is a big project, but it can be a rewarding experience. By following these tips, you can save money and build the home of your dreams.

Surveys That Pay Cash Instantly 2024: List of 15 Best Survey Sites

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If you are looking for some easy ways to make money online, taking paid surveys can be a great option. You can share your opinions on various topics and get rewarded with cash or gift cards. However, not all survey sites are created equal. Some of them may have low payouts, limited opportunities, or slow payment processing. That's why you need to join the best survey sites that pay cash instantly or as fast as possible.

Surveys that pay cash instantly are online surveys that reward you with money as soon as you complete them. Unlike other survey sites that make you wait for days or weeks to receive your rewards, these sites let you cash out your earnings right away. This means you can get paid for your opinions in minutes, without any hassle or delay.

Here Are the 15 Best Survey Sites That Pay Cash Instantly in 2024:

    1. Branded Surveys – This is one of the top survey sites that pays cash instantly via PayPal or gift cards. You can earn points by taking surveys, completing offers, referring friends, and participating in daily polls and challenges. You can redeem your points for cash once you reach $10 or 1,000 points. Branded Surveys also has a loyalty program that rewards you with bonus points for being an active member.
    2. Swagbucks – Swagbucks is another leading survey site that pays cash instantly via PayPal or gift cards. You can also earn money by watching videos, playing games, shopping online, and using their search engine. Swagbucks has paid over $600 million to its members since its launch in 2008. You can get a $5 bonus when you sign up and earn 2,500 SB within your first 60 days.
    3. Survey Junkie – Survey Junkie is one of the most popular and trusted survey sites that pays cash instantly via PayPal or e-gift cards. You can earn points by taking surveys on various topics such as health, lifestyle, entertainment, and more. You can redeem your points for cash once you reach $5 or 500 points. Survey Junkie has over 10 million members and a 4.5-star rating on Trustpilot.
    4. MyPoints – MyPoints is another survey site that pays cash instantly via PayPal or gift cards. You can also earn money by watching videos, reading emails, shopping online, and playing games. MyPoints has been around since 1996 and has paid over $236 million to its members. You can get a $10 bonus when you sign up and spend at least $20 on any of their partner sites within your first 30 days.
    5. LifePoints – LifePoints is a survey site that pays cash instantly via PayPal or gift cards. You can earn points by taking surveys on topics such as health, beauty, travel, and more. You can redeem your points for cash once you reach $5 or 550 points. LifePoints has over 5 million members and a 4-star rating on Trustpilot.
    6. InboxDollars – InboxDollars is a survey site that pays cash instantly via PayPal or check. You can also earn money by watching videos, reading emails, playing games, and completing offers. InboxDollars has paid over $80 million to its members since its launch in 2000. You can get a $5 bonus when you sign up and confirm your email address.
    7. Toluna – Toluna is a survey site that pays cash instantly via PayPal or gift cards. You can also earn money by creating polls, testing products, and joining sweepstakes. Toluna has over 10 million members and a 3-star rating on Trustpilot.
    8. Kashkick – Kashkick is a survey site that pays cash instantly via PayPal. You can earn money by taking surveys, watching videos, completing offers, and referring friends. Kashkick has a low minimum payout of $10 and a 4-star rating on Trustpilot.
    9. AttaPoll – AttaPoll is a survey app that pays cash instantly via PayPal or cryptocurrency. You can earn money by taking short surveys on your smartphone on topics such as politics, entertainment, sports, and more. AttaPoll has a low minimum payout of $3 and a 4-star rating on Google Play Store.
    10. Pinecone Research – Pinecone Research is a survey site that pays cash instantly via PayPal or check. You can also earn money by testing products and joining sweepstakes. Pinecone Research is one of the most exclusive and high-paying survey sites, as you need an invitation to join. You can earn $3 to $5 per survey and $6 to $10 per product test.
    11. SayMore – SayMore is a survey site that pays cash instantly via PayPal. You can earn money by taking surveys and recording your voice on various topics. SayMore has a low minimum payout of $5 and a 4-star rating on Trustpilot.
    12. Ipsos iSay – Ipsos iSay is a survey site that pays cash instantly via PayPal or gift cards. You can also earn money by joining loyalty programs, sweepstakes, and product tests. Ipsos iSay is one of the largest and oldest survey sites, as it has been around since 1975. You can earn 10 to 100 points per survey and redeem them for cash once you reach $10 or 1,000 points.
    13. Freecash – Freecash is a survey site that pays cash instantly via PayPal or cryptocurrency. You can also earn money by playing games, watching videos, completing offers, and referring friends. Freecash has a low minimum payout of $1 and a 4-star rating on Trustpilot.
    14. Opinion Outpost – Opinion Outpost is a survey site that pays cash instantly via PayPal or gift cards. You can also earn money by joining sweepstakes and product tests. Opinion Outpost has over 2 million members and a 4-star rating on Trustpilot.
    15. PrizeRebel – PrizeRebel is a survey site that pays cash instantly via PayPal or gift cards. You can also earn money by watching videos, completing offers, participating in contests, and referring friends. PrizeRebel has over 10 million members and a 4-star rating on Trustpilot.

These are the 15 best survey sites that pay cash instantly or within a few days. You can join them for free and start earning money from home. However, remember that taking surveys is not a get-rich-quick scheme. It is a way to make some extra cash in your spare time, but it won't replace your full-time income.

If you want to maximize your earnings from survey sites, here are some tips to follow:

    • Join as many sites as you can to increase your chances of getting more surveys.
    • Complete your profile surveys to get more relevant and higher-paying surveys.
    • Check your email regularly for new survey invitations and complete them as soon as possible.
    • Be honest and consistent in your answers to avoid getting disqualified or banned.
    • Refer your friends and family to earn extra bonuses and commissions.
    • Have fun and enjoy sharing your opinions with the world.

How to Find the Legit Survey Sites That Pay Cash Instantly?

There are many survey sites that offer instant cash payments, but not all of them are legit or worth your time. To find the best ones, you should look for the following features:

    • High-paying surveys. The average survey pays between $0.50 and $2, but some sites offer higher rates or bonuses for completing certain surveys.
    • Low minimum payout. The lower the minimum payout, the faster you can cash out your earnings. Some sites let you withdraw as little as $1 or $5
    • Good reputation. The best way to check if a site is legit and trustworthy is to read reviews from other users. Look for sites that have positive feedback and ratings from real users.
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Will Job Growth Surge Impact the Housing Market?

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In the face of concerns about a potential economic downturn, recent reports indicate that the U.S. job market continues to thrive. While this may seem like universally positive news, its implications for the housing market are somewhat more nuanced.

According to data released by the Labor Department, the United States experienced a significant surge in employment, with over 300,000 jobs added in March alone. This surge contributed to a decline in the unemployment rate from 3.9% to 3.8% compared to February figures.

Typically, a low unemployment rate is hailed as a positive indicator for the housing sector. After all, individuals are more inclined to invest in homeownership when they have stable employment and income. However, the current scenario presents a double-edged sword.

Will Job Growth Surge Impact the Housing Market?

Danielle Hale, chief economist at Realtor.com®, points out that while a strong labor market often prompts prompt actions from the Federal Reserve to mitigate inflation, it could also prolong the wait for interest rate cuts. This delay, in turn, is anticipated to keep mortgage rates elevated for a longer duration.

Mortgage rates, which averaged at 6.82% in the week ending April 4, have seen a slight decline from previous highs but are still a far cry from the more favorable rates many potential homebuyers had hoped for.

Lisa Sturtevant, Chief Economist at Bright MLS, notes that despite expectations for rate cuts, the robust jobs report suggests that such measures may not materialize until later in the year, possibly not before July. Consequently, mortgage rates are likely to remain relatively high, posing a challenge for prospective buyers as they enter the housing market.

Sturtevant further predicts that this could potentially delay the traditionally busy spring housing market, pushing it into the summer or even fall as buyers await more favorable mortgage rates.

Nevertheless, there is a glimmer of hope for buyers on the horizon. The surge in job growth, particularly within the construction sector, is expected to contribute to an increase in housing supply. Approximately 39,000 new jobs were added in construction in March, signaling a potential uptick in new homes becoming available in the market.

Lawrence Yun, Chief Economist at the National Association of Realtors®, highlights the significance of this uptick, suggesting that it could help alleviate the ongoing housing shortage.

Assessing the Risk: Will the Housing Market Rebound?

With the current economic landscape characterized by robust job growth and somewhat elevated mortgage rates, many are left wondering about the potential for a housing market crash or rebound. While it's natural to be concerned, it's essential to assess the situation with a level head and consider various factors at play.

Firstly, it's important to acknowledge that the housing market is influenced by a multitude of factors, including economic indicators, government policies, and consumer behavior. While job growth is undoubtedly a significant factor, it's not the sole determinant of market stability.

Additionally, while mortgage rates have remained somewhat higher than desired, they are still relatively low compared to historical averages. This suggests that despite the current rates, there is still room for adjustment, particularly if the Federal Reserve takes action to stimulate the economy.

Furthermore, the surge in construction jobs and the anticipated increase in housing supply could help alleviate some of the pressure on the market. More inventory means more options for buyers, potentially mitigating the risk of a crash resulting from a shortage of available homes.

However, it's crucial to remain vigilant and monitor market trends closely. While the current outlook may appear stable, unforeseen events or shifts in economic conditions could change the trajectory. Investors and homeowners alike should stay informed and be prepared to adapt to changing circumstances.

Ultimately, while the risk of a housing market crash cannot be entirely ruled out, the current indicators suggest a more nuanced picture. By staying informed and making well-informed decisions, individuals can navigate the market with confidence, even in the face of uncertainty.

7 Metro Areas in the US With Home Prices Below $300,000

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For many prospective homebuyers, the current landscape of the housing market may seem daunting, with soaring home prices and mortgage rates that are higher than ideal. However, amidst this seemingly challenging scenario, there is a glimmer of hope. A recent report by Realtor.com® has uncovered several cities where bargain hunters can find solace, with median home prices below $300,000.

According to the Realtor.com® March monthly housing report, the national median listing price has surged to $424,900. Despite this, there are seven metropolitan areas where homebuyers can still discover affordable housing options. These cities span across different regions of the United States, from the Northeast to the South to the Midwest.

“Continuing into the spring homebuying season, prospective homebuyers will find more options compared with previous years, particularly more affordably priced homes,” explains Sabrina Speianu, the economic data manager at Realtor.com®.

7 Metro Areas With Home Prices Below $300,000

Among these seven cities, Birmingham, AL stands out with its remarkable growth in listings. Despite a 4% annual increase in median prices to $290,000 in March, Birmingham experienced a substantial surge of 27.6% in housing inventory compared to the same period last year.

Interestingly, Rochester, NY, the only metro area with a decline in housing inventory (4%), still managed to see an 8.7% rise in median prices, reaching $277,000. Despite these increases, these cities remain a haven for bargain hunters, offering relatively low-priced homes amidst a backdrop of rising real estate values.

Exploring Affordable Metro Areas

  • Birmingham, AL: With a median list price of $290,000, Birmingham has experienced a modest annual price increase of 4%. Notably, the city has seen a substantial 27.6% rise in inventory over the past year. For example, a property like 2872 Norwood Blvd is currently listed for sale at $279,900, offering buyers a glimpse into the affordability of the area.
  • Buffalo, NY: The metro area boasts a median list price of $270,000, reflecting a significant annual price increase of 9.7%. Inventory has also grown by 4.2% over the past year. A sample listing, such as 714 Mount Vernon Rd priced at $269,900, showcases the affordability Buffalo has to offer.
  • Cleveland, OH: With a median list price of $227,000, Cleveland has seen an 8.4% annual price increase. While inventory growth has been more modest at 0.4%, properties like 3134 W 73rd St, listed for $220,000, exemplify the affordability of the area.
  • Detroit, MI: Detroit's median list price stands at $238,000, with a modest annual price change of 1.2%. Inventory has increased by 3.6% over the past year. For instance, a property like 1331 Cadillac Blvd, listed for $200,000, provides insight into the affordability of the city.
  • Pittsburgh, PA: Pittsburgh boasts a median list price of $240,000, experiencing a notable annual price increase of 11.6%. Inventory growth has been robust at 10.8%. A property like 141 Sheldon Ave, listed for $229,900, illustrates the affordability of Pittsburgh.
  • Rochester, NY: Despite a decline in inventory (-4.0%), Rochester has seen a significant annual price increase of 8.7%, with a median list price of $277,000. A listing such as 170 South Ave, priced at $250,000, provides a glimpse into the affordability of the area.
  • St. Louis, MO: With a median list price of $292,000, St. Louis has experienced a modest annual price change of 4.7%. Inventory growth has been robust at 14.2%. A property like 2328 Bellevue Ave, listed for $275,000, showcases the affordability of St. Louis.

Navigating the Current Housing Market

While nationwide home prices have seen marginal growth, the combination of rising prices and high mortgage rates has intensified the challenges for prospective buyers. In March, home prices increased by 0.2% compared to the previous year. When factoring in today's mortgage rates, financing 80% of the typical home became $63 more expensive per month, raising the required household income to $88,600 for purchasing the median-priced home, excluding tax and insurance costs.

For homebuyers unable to meet this financial threshold, exploring areas where homes are priced under $300,000 offers valuable flexibility and affordability.

While the overall trend in the housing market suggests increasing prices and limited inventory, these seven cities provide a ray of hope for homebuyers seeking affordability. With median prices below $300,000 and an increase in available listings, these metros offer opportunities for those looking to enter the housing market without breaking the bank. As the real estate landscape continues to evolve, it's essential for

How Much Does a House Cost in New York City?

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Ah, New York City. The city that never sleeps, the land of opportunity, and…a place with notoriously expensive housing. If you're dreaming of owning a house in the heart of the Big Apple, you might be wondering: just how much will it set you back?

The truth is, there's no one-size-fits-all answer. The cost of a house in New York City can vary greatly depending on several factors:

  • Borough: Manhattan is by far the most expensive borough, with Brooklyn and Queens following behind. Staten Island and the Bronx tend to have lower home prices. Manhattan boasts iconic areas like Soho and Tribeca, where luxury high-rises and trendy apartments push housing prices through the roof. Brooklyn offers a more diverse range, with areas like Park Slope and Brooklyn Heights commanding premium prices for brownstones and townhouses, while further out neighborhoods might offer better value for detached homes.
  • Neighborhood: Prices can fluctuate significantly within each borough. Trendy areas like Soho or Tribeca will cost a premium, while more residential neighborhoods might offer better value. Even within a specific neighborhood, factors like proximity to parks, subway lines, and schools can influence housing costs.
  • Size and Style: A detached single-family home will naturally cost more than a townhouse or condo. Square footage also plays a big role. Expect sprawling luxury estates in certain areas to come with a multi-million dollar price tag, while cozy apartments will obviously be more affordable.

Here's a breakdown to give you a general idea:

Average Price: $453,138 – $2 million+
Median Listing Price (as of February 2024): ~$825,000

Beyond Averages: A City of Diverse Options

Remember, these are just averages. New York City offers a range of housing options at various price points, catering to a diverse range of budgets and lifestyles. Here are some examples:

  • High-End: Luxury homes in Manhattan can easily reach into the millions (think $10 million and up). These sprawling estates boast multiple floors, prime locations, and top-of-the-line amenities.
  • Mid-Range: Townhouses in Brooklyn or Queens might range from $500,000 to $1 million. These charming homes offer a taste of classic New York living with a bit more space than a typical apartment.
  • More Affordable: Staten Island and some areas of the Bronx can offer detached houses for under $500,000. These neighborhoods may provide a more suburban feel with a connection to the city through commuter rail lines.

Housing affordability remains a significant challenge for both prospective renters and homebuyers, particularly for those who are not among the wealthiest. According to data from StreetEasy:

Median Sales Prices:

  • In 2023: The median sales price for homes that sold was $764K.
  • Decrease: This was a 2% decrease from the record high of $782K observed in 2022.
  • Recovery: By early 2024, the median sales price rose again to $785K.

Comparison with Pre-Pandemic Levels:

When compared with the period before the pandemic, it's evident that the median home price in the city has risen less dramatically than the national average:

  • Local Increase: The median home price in the city has increased by approximately 16%.
  • Nationwide Increase: In contrast, the national median home price has surged by 42%.

This discrepancy corresponds to an average annual price growth of around 4% locally and 10% nationally.

Finding Your Dream Home in the Concrete Jungle

If you're serious about buying a house in New York City, here are some next steps:

  • Refine Your Search: Consider which borough and neighborhood best suit your needs and budget. Make a list of your priorities – proximity to work, access to green spaces, school districts – and narrow your search accordingly.
  • Work with a Real Estate Agent: A good agent can help you navigate the competitive New York City market. They'll have expertise in specific neighborhoods, can connect you with appropriate listings, and guide you through the negotiation process.
  • Get Pre-Approved for a Mortgage: Knowing your budget beforehand is crucial. Pre-approval gives you a clear idea of how much house you can afford and strengthens your position when making offers.

New York City might have a hefty price tag, but it also offers an unparalleled lifestyle. By understanding the housing market and doing your research, you can increase your chances of finding your dream home in this one-of-a-kind city. Remember, there's something for everyone in the Big Apple, so don't be discouraged by the high numbers – with the right approach, you can find your perfect piece of the NYC dream.

It's important to note that these figures represent median prices, which means that half of the homes sold for more than these amounts, and half sold for less. The New York housing market is complex and dynamic, with prices influenced by economic factors, interest rates, and local demand.

For those interested in purchasing a home in New York City, it's advisable to research the current market trends and consult with real estate professionals who can provide detailed information and guidance tailored to specific needs and budgets.

Morgan Stanley Fined $2M for Oversight Failures in First Republic Stock Sale

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The financial world was recently abuzz with the news of Morgan Stanley's $2 million fine, a penalty imposed by Massachusetts' top securities regulator over the sale of First Republic shares. This case has brought to light the critical importance of monitoring insider trading and the consequences of oversight failures.

Financial Regulator Cracks Down: Morgan Stanley Pays $2M Penalty

Morgan Stanley, a renowned global financial services firm, faced allegations of failing to prevent the sale of First Republic Bank stock by a former CEO and insider of the bank. The sales occurred in the lead-up to the bank's collapse, raising questions about the adequacy of Morgan Stanley's compliance systems and the enforcement of insider trading laws.

The former CEO, identified as “Customer One,” sold over $6.8 million worth of First Republic shares between February 2022 and March 2023. These transactions were executed before a significant drop in the bank's stock price, allowing the executive to avoid substantial losses. The Massachusetts Securities Division's investigation did not accuse the former CEO of insider trading but highlighted the lack of due diligence by Morgan Stanley in monitoring these transactions.

Morgan Stanley's compliance manual explicitly prohibits trading based on material non-public information. However, the firm's employees failed to confirm whether the executive was adhering to these rules. Moreover, the firm removed a coding that would have routed the trades for further review due to a technicality in securities laws, as the shares were under the regulation of the Federal Deposit Insurance Corporation rather than the SEC.

The case underscores the complexities involved in regulating insider trading, especially when it involves high-profile individuals and large financial institutions. It also highlights the need for robust compliance systems that can effectively identify and prevent unlawful trading activities.

In response to the fine, Morgan Stanley has been ordered to conduct an internal review of its policies and procedures concerning the identification and coding of senior officers of publicly traded companies. Additionally, the firm is required to provide training to all its Massachusetts registered broker-dealers on record-keeping and the prevention of insider trading.

This incident serves as a reminder of the potential risks and ethical considerations that financial institutions must navigate. It also emphasizes the role of regulatory bodies in maintaining the integrity of the financial markets and protecting investors from the repercussions of insider trading.

As the financial industry continues to evolve, the Morgan Stanley case may prompt other firms to re-evaluate their compliance strategies and reinforce their commitment to ethical trading practices. The fine not only represents a financial penalty but also a call to action for the industry to uphold the highest standards of conduct and transparency.

The Morgan Stanley case is a pivotal moment in the ongoing effort to ensure fair and lawful trading practices in the dynamic world of finance.

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What Will Mortgage Rates Be in 2027?

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What will mortgage rates be in 2027? This question weighs heavily on the minds of potential homebuyers, investors, and homeowners considering refinancing. Understanding the future trajectory of mortgage rates can equip you with the knowledge needed to make informed financial decisions regarding purchasing a new home or managing existing debts. With recent economic forecasts signaling a decline in rates, many experts are starting to provide insights into what the housing market might look like in just a few years.

Predicting Mortgage Rates: What Will They Be in 2027?

Key Takeaways:

  • Predicted Mortgages Rates: The average 30-year mortgage rate is expected to decrease to as low as 4.25% by 2027.
  • Market Trends: Experts forecast a gradual decline in rates from an expected average of 6.21% in 2024 to approximately 5% in 2025 and 4.5% in 2026.
  • Economic Factors: Economic indicators such as inflation, employment levels, and Federal Reserve policies will significantly influence mortgage rates moving forward.
  • Long-term Predictions: Projections suggest rates could stabilize in the 4% range by the end of 2027.

Current Trends in Mortgage Rates (2024-2026)

As we approach 2025, shifts in monetary policy and economic recovery will largely shape mortgage interest rates. The prevailing interest rates, estimated at approximately 6.5% to 7% in 2024, are anticipated to taper down as inflation rates stabilize and the Federal Reserve considers rate cuts. In fact, the average forecast for the end of 2025 is around 5%, indicating a significant drop from peak rates seen earlier in the decade. For more details on the trend, you can read about the long-term mortgage rate predictions and the impact of these rates.

A survey from the Mortgage Bankers Association indicates that many economists expect a decline in the 30-year fixed mortgage rate due to a combination of stability in inflation and a recovering economy. This sets a positive outlook leading into 2027, where forecasts of 4.25% for mortgage rates are gaining traction among market analysts.

Factors Influencing Future Mortgage Rates

  1. Federal Reserve Policies: Central to the mortgage rate landscape are the actions taken by the Federal Reserve. If they decide to lower the federal funds rate, this could prompt lenders to reduce mortgage interest rates accordingly.
  2. Economic Growth: The overall health of the economy, including GDP growth rates, will affect consumer confidence and spending. An increase in economic activity often leads to higher interest rates, but when the economy cools, rates tend to decrease.
  3. Inflation Rates: Experts believe inflation will stabilize over the next few years. The Federal Reserve's goal of controlling inflation directly impacts long-term mortgage rates. A stable inflation rate could lead to lower mortgage interest rates.
  4. Housing Market Conditions: Supply and demand dynamics within the housing market also influence mortgage rates. If home buying remains strong while inventory levels shorten, upward pressure on rates could persist. Insights into these conditions can be found in the article about the housing market trends.
  5. Global Economic Factors: International economic events, such as geopolitical tensions or changes in worldwide commodity prices, can reverberate through the American economy and influence mortgage rates. For an overview of these factors, refer to the economic forecast.

Long-term Predictions for Mortgage Rates until 2027

With all factors considered, predictions for mortgage rates suggest a continued decline into 2027. According to various economic forecasts, including insights from Morningstar, the mortgage rates for a 30-year fixed mortgage could range from 4.25% to 4.5% by the end of 2027. These estimates are reflective of anticipated economic recovery post-pandemic and a gradual relaxing of the monetary policy environment.

  • By the End of 2024: Expected average mortgage rate around 6.21%.
  • By the End of 2025: Average likely to drop to about 5%.
  • By the End of 2026: Projected average further reduced to approximately 4.5%.
  • By the End of 2027: It may stabilize at around 4.25%.

How Will This Impact Homebuyers and the Real Estate Market?

If rates drop below 5% by 2027, it could reignite interest in the housing market. Lower rates may encourage more homebuyers to enter the market, potentially leading to increased housing prices and demand. This surge in buying activity is particularly relevant, given the current constraints faced by many prospective homeowners due to high rates.

Moreover, homeowners looking to refinance will have an opportune moment to consider such decisions if rates are favorable. This refinancing wave could shift many households from higher interest burdens to more manageable ones, thereby improving consumer spending and potentially boosting the economy further. For current trends on refinancing, check out the article on mortgage refinance insights.

Experts predict that by 2025, Fannie Mae projects rates will be closer to 6.2%, making future fluctuations crucial for those interested in homeownership. Details regarding these predictions can be explored in the article on mortgage rate predictions for next year.

Regional Variations in Projections

It's essential to consider that mortgage rate predictions can vary significantly by region due to local economic conditions. For instance:

  • Urban areas subjected to high demand may see a different rate dynamic than rural regions.
  • Local legislation and housing policies could also directly influence mortgage rates, costs, and availability.

For specific insights on various housing markets, consider looking into our blog about the housing market predictions.

Final Thoughts

While the financial landscape is unpredictable and subject to rapid changes, a combination of economic growth, stabilizing inflation, and shifts in Federal monetary policy points towards a scenario where mortgage rates will gradually decline through 2027. Keeping an eye on these trends and predictions will prepare both current homeowners and future buyers to make financially sound decisions. As we venture into 2025 and beyond, staying informed about these changes will be crucial for stakeholders in the real estate market, insinuating that the years leading up to 2027 will hold significant opportunities for many.

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