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Thinking about buying a home this spring? You'll want to check out the latest update to the income needed to buy a median-priced home in the top 50 metro areas.

Thinking about buying a home this spring? You'll want to check out the latest update to the income needed to buy a median-priced home in the top 50 metro areas.

HSH in the news - 2024

February 3, 2024: "Best Money Moves in 2024", a Bottom Line financial planning and strategy article prominently featured advice from Keith Gumbinger, HSH.com's Vice President.

For Better Consumer Deals
Mortgage and auto-loan rates are high, but if consumers plan, they can save.
Housing
If you are a seller: You have a solid advantage. Homes have experienced ­tremendous price increases over the past few years. Inventories are low so you should be able to sell quickly at asking price. Caveat: Make sure the numbers work for purchasing your next residence. Unless you are downsizing, you are likely exchanging a low 30-year fixed mortgage rate for one in the 7.25% to 7.75% range now.
If you stay in your home for a few more years and renovate, focus on projects that offer the highest return - screened-in porches, window replacements and composite deck additions.
If you are a buyer: The market has not been this unaffordable since the 1980s. If you must buy now, plan to refinance in the future - I expect mortgage rates to come down to the 5.5% range over the next few years. On the other hand, putting off a purchase may not hurt your chances of buying a home - US housing prices are expected to rise at a slower pace in 2024. Cash buyers may be able to make an offer below asking price in return for a quick closing date.

January 31, 2024: "Mortgage Rate Projections: What We Expect From Today’s Fed Meeting", a CNET/Money look at the Federal Reserve's actions and effects on housing and mortgage markets by Katherine Watt included HSH.com vice president Keith Gumbinger as a featured participant:

Why won’t the Fed cut rates at the January meeting?
"While considerable progress has been made, the Fed is still waiting for more evidence that inflation is on a sustainable downward path. Since the economy doesn’t appear to actually need lower rates to help lift economic growth, the Fed can afford to be patient."
When will the Fed start cutting interest rates?
"There is a chance that the first cut in rates could come as early as the March 19-20 meeting, but the April 30-May 1 seems more likely at the moment, and that provided that core inflation takes another step or two down by then."
Will interest rate cuts mean lower mortgage rates?
"Mortgage rates will continue to settle provided that inflation continues to move to the Fed’s 2% core PCE goal and the Fed continues to signal that they will be lowering rates on a more or less regular basis."

Back to HSH.com in the News — 2023

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