Is Buyer Demand Slipping? Home buyer demand is showing signs of cooling this fall, fueled by growing uncertainty in the economy, according to a new report by brokerage Redfin, which analyzes housing market demand based on the brokerage’s home tour and offer data.
Offers slid 12 percent in September compared to August, reflecting a typical fall season slowdown but also concern over the government shutdown, according to the report. The number of offers made by clients posted its largest monthly drop this year, according to the report. The decline in offers from home buyers is in stark contrast to the 4.5 percent increase seen last year during this time, when the housing market was just beginning to gain momentum, the report notes.
Why it may be best to buy or sell by year-end: On Jan. 1, 2014, a new provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act goes into effect. The “qualified residential mortgage,” or QRM, may have far-reaching effects that will lessen the number of people who ultimately can obtain home loans. Read more...
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