In addition, shopping for hotels has become easier since the Federal Trade Commission (FTC) introduced a rule that requires them to disclose all costs and fees in advance.
If you're still in the planning stages of your summer holiday, or ready for a quick getaway, here are some ideas.
Don't want to be stuck in a hotel? Airbnb, VRBO and Expedia have introduced all-in-one holidays that bundle your accommodations with luxuries like personal chefs and spa treatments. Choose a destination near your favorite beach, fishing area or amusement park and you're all set.Sellers now outnumber buyers primarily due to high mortgage rates and home prices, which deter many potential buyers. Additionally, the "mortgage rate lock-in" effect is easing, causing homeowners with low pandemic-era rates to finally sell due to life events or a reduced fear of taking on a new, higher mortgage. This has created an excess of listings that can linger on the market, as some sellers are now being spooked by the lack of buyer urgency.
- High mortgage rates and prices: Astronomical home prices and stubbornly high mortgage rates have made homeownership unaffordable for many, causing potential buyers to hold back or wait for better conditions.
- Easing of "mortgage rate lock-in": Homeowners with low mortgage rates from the pandemic are starting to sell, partly because the shock of high rates has lessened and partly because life circumstances (like job changes) necessitate a move.
- Buyer caution: Buyers are spooked by the current economic uncertainty, high prices, and elevated mortgage rates, leading them to be more cautious and less competitive.
- Stagnant listings: A large number of homes have been lingering on the market for a long time, increasing the total number of active listings. This is making sellers more cautious and some are even pulling their homes off the market.
- Geographic variation: While the national trend is more sellers than buyers, the market is not uniform. Some areas, like Newark, New Jersey, have a strong seller's market with more buyers than sellers, according to a report in MSN.
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- Join this year's wagon train to bigger homestead sales.
- Find out why sales of vacation homes are taking time off.
- Introduce future homeowners to a credit-building app.
- Add some crowd-pleasing features to your business bio.
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