Richmond Area Weekender Guide

Here are some of the MARCUMsold Team's favorite things to do in-and-around Richmond, KY!

What: Movies In The Park

Where: Irvine-McDowell Park,  Richmond

When: Sept 2nd, Sept 23rd & Sept 30th

Details: Join us for a FREE Movie in the Park! We will be showing "Encanto" at dusk! Food Trucks such as Comete Alguito, Poppy's Ice Cream and Cotton & Cone will all be on site!

What: The 2nd Annual Millstone Festival

Where: Downtown Richmond

When: Saturday, October 1, 2022 from 11 AM – 10 PM

Details: The City of Richmond and Dreaming Creek Brewery proudly presents the 2nd Annual Millstone Festival on Saturday, October 1st from 11AM to 10PM in Downtown Richmond!

The event will feature lots of fun activities for all ages. There will be community booths and craft vendors, food and beverage vendors, a beer and wine garden, a kid's area, a petting zoo, and the Medlock Car Cruise. There will also be live music performances by Rags and Riches, Scott T. Smith, Vintage Voodoo and Grayson Jenkins!

Dreaming Creek Brewery will also host a Homebrew Contest. For more information on this contest, please call (859) 575 - 7111.

Follow our Social Media or visit our Website at www.richmond.ky.us/parks to stay updated on all things Millstone Festival!

You can also contact the Richmond Parks and Recreation Department at (859) 623 - 8753 or parksandrec@richmond.ky.us for more information!

What: 1st Annual #MARCUMsold Nurture Nature Day

Where: White Hall State Historic Site

When: Saturday, October 8th 2022 from 10AM – 12PM

Details: Come help us replenish our community by planting trees. Because the real estate industry is such a paper intensive business, we want to do our part by replacing a small portion of trees we waste. Will have donated and will be planting 193 trees ! We need your help.... come in comfy clothes and bring a shovel. Let's dig in and help give back to the earth!!

What: EKU Homecoming 2022

Where: Eastern Kentucky University

When: Oct 21 at 12 AM – Oct 22 at 11:59 PM

Details: EKU Homecoming is October 21-22! We are excited to offer a full calendar of in person, signature events throughout the week, as well as other events hosted by different departments and areas of campus.

Join us, both in person and virtually, as we gather for food, fun, laughter, and shared memories celebrating the Campus Beautiful and the Eastern family! Visit homecoming.eku.edu for a list of all our events.

What: Halloween Hoedown

Where: Downtown, 104 S Third Street, Richmond

When: Thursday, Oct 27th, 6PM-8PM

Details: Our annual Halloween Hoedown is happening in Downtown Richmond on Thursday, October 27th from 6:00 pm to 8:00 pm! We will have games, community vendors, candy, music, inflatables, a petting zoo, snack vendors and other activities!

We are currently looking for Community Vendors to set up booths at this event! Applications can be found at Richmond.ky.us/parks.

For questions, call (859) 623 - 8753 or email parksandrec@richmond.ky.us.

What: Mall-ster Mash (Trick or Treat Party)

Where: The Shoppes at Richmond Mall 

When: Saturday, October 29, 2022 from 6 PM – 8 PM

Details: The Shoppes at Richmond Mall and Vineyard Church are hosting a community Trick or Treat Mall-ster Mash.

Put your costumes on, grab your pillowcase and visit The Shoppes at Richmond Mall for music, activities and treats!

* To find the current calendar of events hosted by the Madison County Public Library  CLICK HERE

When should you buy a home in the current market? There's no doubt this market is confusing, with one expert recommending selling now to get peak value for a home and others saying to wait for the market to correct. If you're buying, your perspective is much different. You want to save money but still have your pick of lots of property for sale. Confused? That's because this is a challenging market with many things to think about before you buy, especially home affordability.

When you work with your agent to break down how home affordability applies in your specific desired neighborhood and region, you'll have a better idea of the best move for you. These factors will help contribute to that decision.

The Pandemic Housing Boom Is Correcting

Beyond all other factors, when you consider home affordability, you have to focus on the changes brought by the pandemic. Suddenly, people were buying homes quickly, and due to the limited number of homes listed for sale on the market, the laws of supply and demand took over. That led to rapidly increasing home prices. The double-digit home price growth of the last few years isn't something the market can sustain. If you're tired of being outbid for a home you love, that could soon be a thing of the past. All of this demand led to an increased number of homes being built, a run on steel and lumber, and refrigerators becoming hard to find.

The Federal Reserve took the reins in reeling in that excessive cost and rapid growth. To do that, they boosted the key lending rate, which is likely to lead to an increase in mortgage rates for some time. As frustrating as that may sound, as a home buyer who likely needs to buy a home with a loan, there are some key benefits to it.

What Will Home Affordability Look Like in 2023?

If all goes to plan, the increase in interest rates could curb inflation quickly, and a result of that could include some improvements in overall home affordability for those who are looking to buy a home. There’s no way to know what could happen, but here’s what many expect:

Interest rates: If you wait until 2023, interest rates on most mortgage loans will likely be higher. That means you may spend more to buy the home when it comes to the loan costs. That doesn’t mean those prices are going to be significantly higher, but it could mean a few percentage points.

Home inventory: While there’s no way to say you’ll never be outbid again, the chances are lower in the next year as inventory becomes more predictable in most areas. With more inventory available, there are also fewer reasons that home values will skyrocket in those bidding wars. Higher inventory leads to better access to buying what you want.

Home prices: It’s unlikely there will be a significant housing value drop in the coming year, but home values may stop growing as quickly. There is some evidence of currently listed homes seeing price reductions right now, which could mean lower prices in some areas.

Will You Be Able to Afford More House Next Year, Though?

There’s no crystal ball to tell us the future of what’s to come. If you can afford to buy a home today that fits your needs and is within your budget, buy now. You may be better off buying now instead of waiting for the unpredictable real estate market of 2023.

More so, inflation is a factor. Though it is unlikely that you will find home prices rising due to inflation, you are likely to find it a bigger pinch on your budget.

With mortgage rates on the rise, there’s no doubt that buying now if you qualify for a lower interest rate is the better option overall. It will save you money to secure even an interest rate that's even a fraction lower this year than next year. For example, the monthly payment on a 30-year fixed rate loan at 2.99% could be $1,073, while it’s $1,184 on a 3.99% loan.

If you can afford to buy a home now and have the financing to do so, there's no real benefit to buying next year. Prices aren't likely to be much lower, though inventory may be a bit better. If you're able to find your dream home, it may be time to make your move now instead of waiting.

If you’re thinking about buying a home today, there’s welcome news. Even though it’s still a sellers’ market, it’s a more moderate sellers’ market than last year. And the days of feeling like you may need to waive contingencies or pay drastically over asking price to get your offer considered may be coming to a close.

Today, you should have less competition and more negotiating power as a buyer. That’s because the intensity of buyer demand and bidding wars is easing this year. So, if bidding wars were the biggest factor that had you sitting on the sidelines, here are two trends that may be just what you need to re-enter the market.

1. The Return of Contingencies

Over the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or inspection, to try to win a bidding war. But now, fewer people are waiving the inspection and appraisal.

The latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving their home inspection and appraisal is declining. And a recent survey from realtor.com confirms more sellers are accepting offers that include these conditions today. According to their August study:

95% of sellers reported buyers requested a home inspection

67% of sellers negotiated with buyers on repairs as a result of the inspection findings

This goes to show buyers are more able to include these conditions in their offers today and negotiate as needed based on the outcome of the inspection.

2. Sellers Are More Willing To Help with Closing Costs

Generally, closing costs range between 2% and 5% of the purchase price for the home. Before the pandemic, it was a common negotiation tactic for sellers to cover some of the buyer’s closing costs to sweeten the deal. This didn’t happen as much during the peak buyer frenzy over the past two years.

Today, as the market shifts and demand slows, data from realtor.com suggests this is making a comeback. A recent article shows 32% of sellers paid some or all of their buyer’s closing costs. This may be a negotiation tool you’ll see as you go to purchase a home. Just keep in mind, limits on closing cost credits are set by your lender and can vary by state and loan type. Work closely with your loan advisor to understand how much a seller can contribute to closing costs in your area.

Bottom Line

Regardless of the extremely competitive housing market of the past several years, today’s data suggests negotiations are starting to come back on the table. This is good news if you’re planning to enter the housing market. To find out how the market is shifting in our area, let’s connect.

Football season is upon us and to kick off the fall, we're sharing what a $1 million dollar listing looks like in each of the 32 pro football cities. From Green Bay to L.A (and everywhere between), there are some spectacular homes close to each stadium!

📍 Glendale, Arizona

Listed at $1,000,000

Take a Look

📍 Atlanta, Georgia

Listed at $1,195,000

Take a Look

📍 Charlotte, North Carolina

Listed at $1,179,000

Take a Look

📍 Chicago, Illinois

Listed at $1,069,000

Take a Look

📍 Arlington, Texas

Listed at $1,100,001

Take a Look

📍 Detroit, Michigan

Listed at $1,200,000

Take a Look

📍 Green Bay, Wisconsin

Listed at $1,140,000

Take a Look

📍 Inglewood, California

Listed at $1,099,000

Take a Look

📍 Minneapolis, Minnesota

Listed at $1,050,000

Take a Look

📍 New Orleans, Louisiana

Listed at $1,025,000

Take a Look

📍 East Rutherford, New Jersey

Listed at $999.990

Take a Look

📍 Philadelphia, Pennsylvania

Listed at $1,095,000

Take a Look

📍 Santa Clara, California

Listed at $1,098,000

Take a Look

📍 Seattle, Washington

Listed at $1,050,000

Take a Look

📍 Tampa Bay, Florida

Listed at $1,095,000

Take a Look

📍 Landover, Maryland

Listed at $950,000

Take a Look

📍 Baltimore, Maryland

Listed at $1,195,000

Take a Look

📍 Orchard Park, New York

Listed at $1,075,000

Take a Look

📍 Cincinnati, Ohio

Listed at $1,100,000

Take a Look

📍 Cleveland, Ohio

Listed at $1,134,000

Take a Look

📍 Denver, Colorado

Listed at $1,000,000

Take a Look

📍 Houston, Texas

Listed at $1,100,000

Take a Look

📍 Indianapolis, Indiana 

Listed at $1,050,000

Take a Look

📍 Jacksonville, Florida

Listed at $1,200,000

Take a Look

📍 Kansas City, Missouri

Listed at $1,085,000

Take a Look

📍 Paradise, Nevada

Listed at $1,184,000

Take a Look

📍 Inglewood, California

Listed at $1,099,000

Take a Look

📍 Miami Gardens, Florida

Listed at $1,050,000

Take a Look

📍 Foxborough, Massachusetts

Listed at $979,995

Take a Look

📍 East Rutherford, New Jersey

Listed at $1,300,000

Take a Look

📍 Pittsburgh, Pennsylvania

Listed at $1,175,000

Take a Look

📍 Nashville, Tennessee

Listed at $1,099,000

Take a Look

MARCUMsold is a proud supporter of the @AlzKYIN mission to support caregivers and fund research to end Alzheimer’s. Join us on Saturday, October 8 at Rupp Arena at Central Bank Center by signing up at https://act.alz.org/lexington, and help us connect Kentucky and Indiana families to vital caregiver tools.  https://bit.ly/alzhelps.

What: Movies In The Park

Where: Irvine-McDowell Park,  Richmond

When: Sept 2nd, Sept 23rd & Sept 30th

Details: Join us for a FREE Movie in the Park! We will be showing "Encanto" at dusk! Food Trucks such as Comete Alguito, Poppy's Ice Cream and Cotton & Cone will all be on site!

What: Art Club

Where: Richmond Area Arts Council

When: Sept 11th (11 weeks long)

Details: The Richmond Area Arts Council will be offering evening art classes for grades 1-5 in the fall! Classes will be taught by Wendee Combs Clark. The tuition cost includes all materials. Registration is available by calling 859-624-4242 or through the Richmond Area Arts Council's website at www.artsinrichmond.org.

What: Spoonbread Festival

Where: Berea Folk Center

When: Sept 16th-18th, 2022

Details: The Berea Chamber of Commerce invites you to join in the fun of a fabulously exciting hometown festival that has grown larger every year for more than 25+ years!

This exciting festival offers: free admission, free entertainment, a hot air balloon glow, a motorcycle show, a car show, a parade, plus tons of vendors and foods to enjoy and so much more!

Come visit the Spoonbread Festival in the beautiful foothills of the Appalachian mountains at our convenient location off I-75 at Exit 76 & 77 at Berea, KY.

What: Family Nature Day

Where: Maywood Environmental & Educational Laboratory

When: Saturday, Sept 17th, 10AM-3PM

Details: We're so excited to partner with EKU Division of Natural Areas again for the Family Nature Day at Maywoods Environmental and Educational Laboratory on Saturday, September 17th from 10am-3pm. 

This is a free event for all ages. The purpose of this event is to inspire children & families to love nature and learn about the great outdoors. There will be outdoor educational workshops and other fun activities on site. 

To learn more about the other Natural Areas that EKU has to offer visit: https://naturalareas.eku.edu/

Questions? Call 859-623-8753 or email parksandrec@richmond.ky.us

What: Tracks for Packs 5K Run/Walk "10th Year Anniversary"

Where: Richmond Centre

When: Saturday, September 17, 2022 at 7 AM – 10:30 AM

Details: Hosted by Eastside Community Church to benefit the Madison County Backpack Program.

2022 Presenting Sponsor ~ Chenault Vineyards

The annual “Tracks for Packs 5K Run/Walk” is scheduled for Saturday, September 17, 2022 at Richmond Centre in Richmond, Kentucky. This is our 10th Year Anniversary! The race is hosted by Eastside Community Church as a fundraiser for the Madison County Backpack Program which sends home backpacks filled with useful food such as ravioli, soups, fruit snacks, chips, cereal, popcorn, and other snacks for children who may be hungry over the weekend.

The Madison County School with the most participants wins $500!

Come join us as we raise funds for the Madison County Backpack Program

Sign up by CLICKING HERE

What: EKU Homecoming 2022

Where: Eastern Kentucky University

When: Oct 21 at 12 AM – Oct 22 at 11:59 PM

Details: EKU Homecoming is October 21-22! We are excited to offer a full calendar of in person, signature events throughout the week, as well as other events hosted by different departments and areas of campus.

Join us, both in person and virtually, as we gather for food, fun, laughter, and shared memories celebrating the Campus Beautiful and the Eastern family! Visit homecoming.eku.edu for a list of all our events.

What: Halloween Hoedown

Where: Downtown, 104 S Third Street, Richmond

When: Thursday, Oct 27th, 6PM-8PM

Details: Our annual Halloween Hoedown is happening in Downtown Richmond on Thursday, October 27th from 6:00 pm to 8:00 pm! We will have games, community vendors, candy, music, inflatables, a petting zoo, snack vendors and other activities!

We are currently looking for Community Vendors to set up booths at this event! Applications can be found at Richmond.ky.us/parks.

For questions, call (859) 623 - 8753 or email parksandrec@richmond.ky.us.

* To find the current calendar of events hosted by the Madison County Public Library  CLICK HERE

If you’re thinking about buying a home, you likely have a lot of factors on your mind. You’re weighing your own needs against higher mortgage rates, today’s home prices, and more to try to decide if you want to jump into the market. While some buyers may wait things out, there’s a reason serious buyers are making moves right now, and that’s the growing number of homes for sale.

So far this year, housing inventory has been increasing and that’s making the prospect of finding your dream home less difficult. While there are always reasons you could delay making a big decision, there are also always reasons to consider moving forward. And having a growing number of options for your home search may be exactly what you needed to feel more confident in making a move.

What’s Causing Housing Inventory To Grow?

As new data comes out, we’re getting an updated picture of why housing supply is increasing so much this year. As Bill McBride, Author of Calculated Risk, explains:

“We are seeing a significant change in inventory, but no pickup in new listings. Most of the increase in inventory so far has been due to softer demand – likely because of higher mortgage rates.”

Basically, the inventory growth is primarily from homes staying on the market a bit longer (known as active listings). And that’s happening because higher mortgage rates and home prices have helped moderate the peak frenzy of buyer demand.

The graph below uses data from realtor.com to show how much active listings have risen over the past five months as a result (shown in green):

Why This Growth Is Good News for You

Regardless of the source, the increase in available housing supply is good for buyers. More housing supply actively for sale means you have more options as your search for your next home. A recent article from realtor.com explains just how significant the inventory growth has been and why it’s good news for your plans to buy:

“Nationally, the inventory of homes actively for sale on a typical day in July increased by 30.7% over the past year, the largest increase in inventory in the data history and higher than last month’s growth rate of 18.7% which was itself record-breaking. This amounted to 176,000 more homes actively for sale on a typical day in July compared to the previous year and more choice for buyers who are still looking for a new home.”

The growth this year is certainly good news for you, especially if you’ve had trouble finding a home that meets your needs. If you start your search today, those additional options should make it less difficult to find a home than it would have been over the past two years.

Bottom Line

If you’re ready to jump into the market and take advantage of the increasing supply of homes for sale, let’s connect today. The opportunity is knocking, will you answer?.

There are many different reasons you might be thinking about selling your home. Perhaps you want to downsize (or upsize), perhaps you want to take advantage of the market, or maybe you need to move to another area of the country for your company. Regardless of the reasons, there are many things to consider before you speak with a real estate agent.

You probably already have a good grasp of how the home-buying process goes since you've done it at least once before. But if this is your first time selling a home, there’s plenty more to learn. Even if you have sold a home in the past, the market is always changing. 

If you're thinking about buying a home within the next year, or buying a home after you sell your current one there are a few things that you can get started on to make the process that much smoother when you are ready to go house hunting.

Deciding To Sell Your Home: What You Should Do First

Once you do decide you want to sell your home, there are several things you can do before you contact a real estate agent. The first is to prepare your home to be sold, and that usually means a lot of cleaning and sometimes some maintenance and repairs.

Even in a seller’s market, you’ll want to make your home look as inviting and attractive as possible in order to receive a great offer. Homebuyers who will be looking at your home are more likely to make an offer right away if your home appears desirable, as they’ll be hoping to secure a home before another prospective buyer comes along.

Declutter Your Living Space

When you were a first-time homebuyer, you probably saw several houses that still contained furniture and the occupants’ belongings. This is normal when the homeowners haven’t moved out yet. But you might also recall that some homes appeared a lot tidier and well-maintained than others. Think about that when preparing your own home for future sale.

You’ll want to spend a good amount of time getting rid of any clutter and junk you don’t need. Even old, worn furniture and décor items should be removed. (You can put them in a storage unit or your garage if you have space.) The idea is to present a neat living space to prospective buyers.

Make Necessary Repairs

Truthfully, this is up to you. In a seller’s market, you can likely get away with not making some repairs, since buyers are more desperate to secure a home. However, some first-time homebuyers might want the security of a home they know is in good shape. There’s also a difference between necessary repairs and home improvements.

For example, it might be necessary to replace the hot water heater but not to renovate the kitchen or the bathroom. If you’re unsure which things you should spend your money on, focus on the most obvious maintenance issues that a home inspector will definitely point out.

Check Out the Market

Have any homes similar to yours in the area sold recently? That might give you a good idea of what you could get for your home. The online sites providing estimates can serve as a good baseline, but they don’t always know the specifics of your local area or any specific improvements you’ve made in your home. Take this into consideration before you talk to a real estate agent.

The agent will, of course, be more familiar with the current conditions of the market and how things are selling in your area. And once the agent sees your home, they will be able to give you a better idea of what it might sell for. Just remember to price it realistically. Even in a seller’s market, pricing your home too high could mean you’ll be waiting a while to sell.

Finally, Contact an Agent

Once you’ve done all of the above, you are ready to contact an agent. Unless you already know an agent who you’d like to work with, you’ll want to interview a few different agents. You’ll be working with the agent of choice for a bit, so you want to ensure you feel comfortable with whomever you choose.

Ask each agent for a comparative market analysis, as well as the details of their plan on how they will market your home. You also want to ensure that the agent will have time for you and your home.

Deciding To Buy a Home: What You Should Do First

Once you do decide you're ready to buy a home, there are several things you can do before you contact a real estate agent. The first is to prepare your list of non-negotiables and really decide what you need from a home.

The real estate market moves quickly, so understanding the current market, interest rates, and more will be important closer to the time when you're getting ready to purchase.

Make Your List of Must-Haves

Do you need two or three bedrooms? Are you open-minded to a townhome or do you prefer a single-family residence? We'd recommend that you sit down and think deeply about what you need from a home and make your list of things you can't live without. This will make the house hunting process much easier, and you'll be able to share this information with your real estate agent when the time is right! 

Cushion Your Savings

Buying a home can bring several unexpected expenses your way, so the more that you can plan in advance the better. Of course, you'll need to pay the down payment on the home, but there are also closing costs and taxes. Once you move in, you'll likely need some furniture, and what if the HVAC system needs repair? Some experts recommend having six months of expenses set aside in your savings account, while others recommend having up to a year’s worth.

Get Pre-Approved

Securing a pre-approval from the bank is going to let your real estate agent and the sellers that currently own the home that you're serious and ready to purchase. This will also give you a sense of your purchasing power and help you understand the budget that you'll need to stay within.

Finally, Contact an Agent

Once you’ve done all of the above, you are ready to contact an agent! Unless you already know an agent who you’d like to work with, you’ll want to interview a few different agents. You’ll be working with the agent of choice for a bit, so you want to ensure you feel comfortable with whomever you choose.

Make sure to ask each agent about their local expertise, their track record in negotiating on behalf of buyers, and to take a look at their reviews. 

If you put off your home search at any point over the past two years, you may want to consider picking it back up based on today’s housing market conditions. Recent data shows the supply of homes for sale is increasing, giving buyers like you additional options.

But it’s important to keep in mind that while inventory is improving, it’s still a sellers’ market. And that means you need to be prepared as you set out on your home search. Here are three tips for buying the home of your dreams today.

1. Understand How Mortgage Rates Impact Your Homebuying Power

Mortgage rates have increased significantly this year, and over the past few weeks, they’ve been fluctuating quite a bit. It’s important to stay up to date on what’s happening with rates and understand how they can impact your purchasing power when you’re thinking of buying a home. The chart below can help.

Let’s say your budget allows for a monthly mortgage payment in the $2,100-$2,200 range. The green in the chart indicates a payment within or below that range, while the red is a payment that exceeds it.

As the chart shows, even a small change in mortgage rates can have a big impact on your monthly payments. If rates rise, you could exceed your budget unless you pursue a lower home loan amount. If rates fall, your purchasing power may increase, which could give you additional options for your search.

2. Be Open to Exploring Different Options During Your Search

The supply of homes for sale is improving, which gives you more homes to choose from. But historically, supply is still low. That means as you search for homes, if you still don’t find something that meets your needs, it may be worth expanding your search.

A recent article from the Washington Post highlights a few things buyers can consider today. It encourages opening yourself up to more areas. For example, if there’s a location you’ve previously ruled out (like a particular town, for example) it may be worth taking another look.

And if you’re able to, opening your search up to include other housing types, like newly built homes, condominiums, or townhomes can further increase your pool of options. Even as the inventory of homes for sale improves today, finding ways to cast a wider net during your search could help you find a hidden gem.

3. Work with a Local Real Estate Professional for Expert Guidance

Ultimately, you need to be prepared when you set out to buy a home. Jeff Ostrowski, Senior Mortgage Reporter for Bankrate, explains:

“Taking the leap to homeownership can provide a feeling of pride while boosting your long-term financial outlook, if you go in well-prepared and with your eyes open.”

No matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with a real estate professional. If you’re just starting your search, a real estate professional can help you understand your local market and search for available homes. And when it’s time to make an offer, they’ll be an expert advisor and negotiator to help yours stand out above the rest.

Bottom Line

Strategically planning your home search by understanding today’s mortgage rates, casting a wide net, and building a team of experts can be the keys to finding the home of your dreams. To make sure you have expert advice each step of the way, let’s connect.

What a difference 4 months make!  In April, the National Association of Homebuilders (NAHB) recorded a Housing Market Index (aka "builder confidence") of 77.0.  While that was off the recent peak, it was still higher than anything else before the pandemic going all the way back to 1998, and the 2nd highest pre-pandemic level since record keeping began in the mid 80's. 

Homebuilding headwinds are well known at this point.  They include things like shortages of materials and labor, but those factors alone weren't enough to put much of a dent in confidence.  It wasn't until they were joined by a rapidly rising rate environment colliding with 2 years of record-setting price appreciation that confidence really began to plummet.

In and of itself, price appreciation isn't necessarily a bad thing for homebuilding.  If it's moderate and stable, it can actually contribute in a positive way.  But 2 straight years of 20% price appreciation had already taken a toll on affordability even before 2022's rate spike.  When rates jumped at one of the fastest paces on record in the first half of the year, it added up to rapid cooling of what had been an arguably unhealthy frenzy of homebuying demand.  A vast majority of builders cited the rate spike as having the biggest impact on buyer demand.

Unsurprisingly, the portion of the homebuilder confidence index tracking present-day buyer traffic is leading the way to long-term lows.  Whereas the overall headline (which includes things like the 6 month outlook and present level of home sales) is still more than 4 points above 2014's lows, the buyer traffic component is only 1 point higher--effectively back to 2012's levels.