Weekly real estate market update 2/16/24… new listings take a big jump up

New listings took a big jump up this week after the Super Bowl, which is the ‘official’ start of the spring real estate season.

What is even more significant is the fact that new listings have been ahead of last year every week so far this year. Even though coming soon listings dropped, they are still ahead of last year.

Pending sales and multiple offers rose in tandem, and showings were also ahead of last year. As we move forward, it will be interesting to see if 2024 showings follow the same bumps up and down as 2023.

I got a surprise call from Bloomberg News this week asking about the market… it is making promising signs of the start of a good year. I have a condo and a townhouse coming soon… let me know if you would like to learn more.

Achieving homeownership is more difficult for some buyers than others. See the post below from our blog at Keeping Matters Current for information on sources of assistance available for different groups… and click here for a link to Down Payment Resources in our market.

Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com

Homeownership is a major part of the American Dream. But, the path to achieving this dream can be quite difficult. While progress has been made to improve fair housing access, households of color still face unique challenges on the road to owning a home. Working with the right real estate experts can make all the difference for diverse buyers.

It’s clear that achieving homeownership is more challenging for certain groups because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Black households continue to have the lowest homeownership rate nationally (see graph below):

Homeownership is an important part of building household wealth that can be passed down to future generations. According to a report by the National Association of Realtors (NAR), almost half of Black homebuyers in 2023 were first-time buyers. That means many didn’t have home equity they could use toward their home purchase.

That financial hurdle alone makes buying a home more challenging, especially at a time when affordability is a major concern for first-time buyers. Jessica Lautz, Deputy Chief Economist at NAR says:

“It’s an incredibly difficult market for all home buyers right now, especially first-time home buyers and especially first-time home buyers of color.”

Because of these challenges, there are several down payment assistance programs specifically aimed at helping minority buyers fulfill their homeownership dreams:

  • The 3By30 program offers valuable resources for Black buyers, making it easier for them to secure a down payment and buy a home.
  • For Native Americans, Down Payment Resource highlights 42 U.S. homebuyer assistance programs across 14 states that make homeownership more attainable by providing support with down payments and other costs.
  • Fannie Mae provides down payment assistance to eligible first-time homebuyers living in Latino communities.

Even if you don’t qualify for these programs, there are many other federal, state, and local options available to look into. And a real estate professional can help you find the ones that best meet your needs.

For minority homebuyers, the challenges that remain can be a point of pain and frustration. That’s why it’s so important for members of diverse groups to have the right team of experts on their sides throughout the homebuying process. These professionals aren’t only experienced advisors who understand the market and give the best advice, they’re also compassionate educators who will advocate for your best interests every step of the way.

Bottom Line

Let’s connect to make sure you have the information and support you need as you walk the path to homeownership.

Written By

I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

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The HomesMSP Team is committed to meeting you where you are and listening… really listening to understand you so we can use our extensive knowledge of the market and local neighborhoods to give you personalized service.