Today I talked about Real Estate numbers and specifically about Rent Payments around the nation as well as Mortgage Purchase Applications.
- As of October 6, apartment rent payments for October were unchanged compared to the same period last year, according to the National Multifamily Housing Council. The NMHC’s rent tracker shows that 79.4% of apartment households have made full or partial rent payments for October and is actually up slightly from the 76.4% who had made such payments by September 6. A recent study shows that Las Vegas and New Orleans led the country in missed September rent payments. This report further highlights the uneven impact of pandemic-related unemployment as both of those cities are highly dependent on the hard-hit tourism and hospitality sectors. As a result, unemployment is higher in both cities, leading to more missed rent payments.
- Mortgage purchase applications for the week ending October 2 increased 2% from the previous week and are up 21% compared to the same week the prior year, according to the Mortgage Bankers Association. Purchase applications have now been tracking above the prior year’s rate for 20 consecutive weeks. The MBA’s refinance index jumped 8% from the prior week, hitting its highest level since mid-August. Refinance loans are currently about two-thirds of total mortgage activity.
Selling Your House is the Right Move, Right Now:
1) Demand from homebuyers has skyrocketed this year, which means today’s sellers are poised to win big.
2) This ideal moment in time to sell your house won’t last forever, though.
3) With more sellers coming to the market in the spring, waiting until next year means buyers will have more choices, so your home may not stand out from the crowd.
In my Smithville update, I talked about Governor Mike Parson's visiting the Double-A Co-Op and A Meal that counts downtown yesterday. It was a great day for Smithville.
