Mortgage Demand Rises in Early May
Last week, new purchase loan applications rose 11% and were 13% higher than the same week in 2024. This puzzled some economists, as 30-year conforming mortgage interest rates only saw a slight decrease during this time.
The increase in applications was driven by a surge in demand for conventional loans, which tend to be for larger amounts and for move-up buyers. Mortgage Banker Assocation's Chief Economist Michael Fratantoni described this as "a surprisingly strong move given lingering economic uncertainty."
Still, the April housing market was decidedly slow, as some potential buyers are still nervous about making a big financial move. While real estate agents are handling more enquiries, fewer borrowers are willing to commit by signing a deal.1
Why You'll Want to Monitor Your Social Media
It may sound easy to reply to all of the comments, questions and messages you receive on your social media accounts. But as you grow your numbers of prospects, borrowers and referral sources, it may become too time-consuming. Other problems may crop up, like:
- Not seeing mentions you're not tagged in.
- Not getting real-time crisis alerts. If a negative comment is published, you'll want to respond and solve the problem asap.
- Missing out on valuable insights.
- Not spotting trends within your territory.
Click here to see a list of popular social media monitoring tools. Some offer a limited number of free searches. You can choose the one that fits your budget and offers the features best suited to your business.2
How AI Can Improve Future Property Appraisals
Research has found that many real estate appraisals could be improved with the use of artificial intelligence (AI).
According to property intelligence specialists Restb.ai, traditional appraisals often inadvertently "cluster" homes in the middle categories. This may create a significant blind spot in the real estate appraisal process.
Generally, appraisers use the Uniform Appraisal Dataset (UAD) 6-point scale. Their study looked at over 1,000 homes and found that 86.1% of properties were rated as C3 or C4 for condition, and 97.0% as Q3 or Q4 for quality. This may obscure meaningful differences between properties.
In addition to identifying over 33% of appraisals with a risk of inadequate or missing adjustments, over 70% exhibited medium risk. The integration of AI into the appraisal process could be useful as a quality control mechanism, evaluating properties without regional bias. Another way AI could improve appraisals is that it can evaluate a home's rooms, interior and exterior, making notes of renovations and updates.3
Summery Open House Ideas
A well-planned spread at an open house impacts how your prospective buyers feel about the property - and about you.
Imaginative food selections make each visitor feel welcome. This makes it easier for them to connect emotionally with the home. They'll stay longer, explore each area, and imagine themselves living there, which is vital for such a major purchase decision.
These food and drink pairings have already proved popular in 2025.
- Charcuterie cups with mimosas or sparkling juices
- Mini quiches and iced tea with fresh herbs
- Caprese skewers with Arnold Palmer (iced tea/lemonade)
- Mini croissant sandwiches with coffee
- Cheese-stuffed mini peppers with apple cider
- Savory waffle bites with mimosas
More Buyers Going for Vintage Homes
Another reason for the increase in these homes' sales is that builders slowed their production since the financial crisis of 2008. Only 9% of new homes were built in the decade 2010-2020, which was the lowest of any decade since the 1940s, when WWII put a halt to construction.
Buyers in Buffalo, NY ended up with properties with a median age of 69 years, while median homes' age sold in Provo, Utah was the youngest at six years old. Other cities with more older homes for sale include Pittsburgh, PA, Syracuse, NY, Springfield, MA and Cleveland, OH.
Older homes have traditionally been more affordable than newer ones due to factors such as outdated features and the potential need for repairs or renovations. However, more of these homes have desirable features not seen in newer ones. These include wood-burning fireplaces, hand-carved wood features and tiled bathrooms.5
Sources: 1cnbc, 2buffer.com, 3nationalmortgageprofessional.com, 4theclose.com, 5redfin.com
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