Two decades after hitting store shelves, Magic Erasers have developed a miraculous reputation, and for good reason. Soap scum? Banished. Wall scuffs? Begone. Sticker residue from your thrift store finds? No one will ever know the deal you got (unless you tell them). Turns out, these magical sponges aren’t supernatural scrubbers, but rather repurposed insulating foam. Magic Erasers are made from melamine foam, a sound-absorbing material typically used in recording studios. Its sandpaper-like texture just so happens to be incredibly effective at blasting through stuck-on stains and grime. Magic Erasers can be used nearly anywhere in your home, but they do have some limitations. Avoid these spots to keep the cleaning magic alive and your countertops scuff-free.
Stainless steel seems invincible, though it’s no match for Magic Erasers, which are estimated to have the same power as 5,000-grit sandpaper. That level of abrasiveness is enough to scratch stainless steel and leave behind dull patches on its polished finish.
Not every countertop can withstand the intensity of a melamine sponge, particularly ones made from stone. Marble and granite countertops can scuff and lose their smooth feel, and butcher block countertops can be roughed up from Magic Erasers. Find a more delicate option for these countertops lest you damage the fine surfaces.
Just like butcher blocks, wooden surfaces like cabinets, hardwood floors, and furniture can be damaged by melamine sponges. Their grit can strip off varnish and ruin veneers, damaging wooden accents in your home.
Keeping electronics clean cuts back on germs and grime, though it’s best done without a melamine sponge, which can destroy the protective coating on phone and tablet screens. Avoid damaging scratches by using disinfecting wipes or a soft cloth to clear away dust.
The scientists behind Magic Erasers suggest swapping out melamine sponges for the dishwashing variety when it comes to cleaning non-stick cookware. The sandpaper texture can cause the coating to flake off or wear away prematurely, leaving these skillets and pots unusable.
Scraping bugs off your car’s paint is a tedious workout for your arms, which is why you might be tempted to reach for a melamine sponge. Not so fast — Magic Erasers can wear through the protective clear coat or, worse, degrade the paint below.
Painted and plastic surfaces collect dust and grime, too, but they’re not well-served by Magic Erasers. These sponges can scrub through glossy paint and leave bare spots, and are too abrasive for most smooth or glossy plastic surfaces.
Magic Erasers are safe to use, though cleaning experts recommend a few precautions for the best tidying experience possible. While advertisements show these sponges used with bare hands, wearing a pair of cleaning gloves can keep the sandpaper-like grit from irritating your hands. Never use melamine sponges with chemicals — only with water, and always wet; when dry, Magic Erasers can become overly abrasive and cause damage to items you’re cleaning. But the key to preventing unexpected damage is spot-testing: giving new surfaces a small scrub in an innocuous spot before a full once-over with a melamine sponge guarantees your home and the items in it stay clean and scuff-free.
Nicole Garner Meeker Writer
Nicole Garner Meeker is a freelance writer, research editor, and Optimism contributor. Based in St. Louis, she’s an enthusiastic gardener, fiber artist, and connoisseur of fine snacks.
We all have that one chore we secretly enjoy doing. Maybe it’s folding laundry and the zen state you can enter when you do it or pulling a vacuum across a carpet and hearing all the bits of debris you just sucked up. But most chores don’t fall into this category. Not even close. Most chores are, well… a chore. A recent Yelp survey shows which of these tasks irk us Americans the most. Did your most despised activity make the list?
From muddy paw prints to food spills, carpets can be a headache to clean — which is why many Americans hire a professional rather than deal with it themselves. For those up for the challenge, consider this portable carpet cleaner from Bissell. It tackles tough stains with relative ease and makes this undesirable duty a little less annoying.
Part of what makes getting old stains out of the sofa a difficult task is that you may end up causing more damage if you don’t use the right supplies. While it doesn’t make it any more fun to tackle the problem, there are quality fabric cleaners that can help penetrate deep stains and make removal a breeze. Follow the cleaning instructions on the bottle to avoid causing any further damage to the upholstery.
Window washing poses several headaches depending on the type of home you live in. Cleaning windows can be both difficult and dangerous, and whether you live in a high rise or a single-story home, unsightly streaking is an annoyance. If you can clean your windows on your own, the right product can make this chore much easier — such as this solution by Windex, which promises “streak-free shine” and crystal clear glass for outdoor windows.
Not all Americans have a pool, but those who do are all too familiar with the headache of removing loose leaves, cleaning the filter, and dealing with all of the other integral components of pool maintenance. But things don’t have to be so difficult — you can outsource the job of keeping your pool fresh to this robotic pool cleaner. This handy, cordless robot easily cleans pools with up to 860-square-feet in area.
Mattresses suffer from some of the worst staining of any piece of furniture in the home. The good news is that you can buy products that prevent stains before they even happen, such as a waterproof mattress protector. This product shields your bed from the wear, tear, and stains of everyday life, and unlike your mattress, you can throw it into the washing machine when it gets too dirty.
We all make an effort to cut back on junk and simplify our living spaces, but it’s never that easy. We often find that the mess is redirected to easy storage spaces, like attics and, more commonly, the garage. There are simple ways you can cut down on clutter on your own, however. Buying stackable plastic storage bins will help organize the mess and protect items from being exposed to the harsh climate of an uninsulated garage.
Professional organizers are in high demand for a good reason. While professional organizing was ranked fourth in terms of chores that Americans would prefer to avoid themselves, not every person has the financial means to afford someone who can help them organize their closet. There’s no easy fix to this problem, but you can take baby steps to clean things up on your own. You can also use products to help declutter one room at a time — such as by installing magnetic storage racks to organize all of those loose spices and utensils in your kitchen.
No one likes getting down on their hands and knees to scrub their oven. While some ovens have made kitchen clean-up easy with self-cleaning options, products like Easy-Off are also designed to help you quickly deal with grime.
Eco-cleaning is a catch-all term for using products that contain environmentally-friendly ingredients. While this is idyllic in concept, finding those cleaning supplies can be more hassle than it’s worth if you’re not sure of what to look for, thus making it the second most-hated chore among Americans. Sure, you can always hire a cleaning service that claims to use environmentally-friendly materials, but that’s likely going to cost you a pretty penny. Instead, there are plenty of green products that you can easily purchase on Amazon, such as this eco-friendly toilet bowl cleaner from Ecover.
The number one most-hated chore in the country is cleaning tile and grout. You’d be hard pressed to find someone who likes scrubbing away at that moldy bathroom tile for hours on end, as it leaves you sweaty and exhausted. While so many Americans would rather pay any price for someone who can keep their bathroom in tip top shape, hiring a professional service is more of a luxury than a need. Products such as the Rubbermaid Power Scrubber help make cleaning tile and grout easier than ever, and will help remove those unsightly dark stains in a matter of minutes.
Bennett Kleinman Staff Writer
Bennett Kleinman is a New York City-based staff writer for Optimism Media. He is also a freelance comedy writer, devoted New York Yankees and New Jersey Devils fan, and thinks plain seltzer is the best drink ever invented.
During the dog days of summer, there’s nothing like returning home, cranking the AC, and standing directly in front of the vent for a solid 30 minutes. But while it may tempt you to set the thermostat as low as possible during these warmer months, doing so isn’t such a great idea. In terms of personal comfort, nothing beats cool air flowing through the entire house. But setting the thermostat too low could force your HVAC system to work overtime, which may result in lofty utility bills and, over time, a stressed system. Here’s how to set your thermostat during the summer in order to properly balance comfort and affordability.
Prices are accurate as of June 3, 2024. Subject to change. All featured products and deals are selected independently and objectively by the author. Better Report may receive a share of sales via affiliate links in content.
No matter the season, the World Health Organization recommends keeping household room temperature between 68 degrees Fahrenheit and 70 degrees Fahrenheit. It’s also important to avoid setting the thermostat below 64.4 degrees Fahrenheit, as doing so may force the HVAC system to work extra hard, which will add to the cost of your utility bills. But those are recommendations for more neutral climates, and the guidelines may differ amid the extreme heat of summer.
Interestingly enough, while you may assume that you should lower the thermostat on hot summer days, it’s actually recommended that you keep the device set at 78 degrees Fahrenheit. This is at least according to Energy Star, an energy-efficiency program run by the U.S. Environmental and Protection Agency. The hotter it is outside, the harder it is for your HVAC system to keep the interior of the house cold. So the lower you set the temperature, the more energy and money it will take to keep the home cool. 68 degrees is believed to be the ideal midpoint to keep interior temperatures at a comfortable level while also keeping monthly utility bills on the lower end. At the end of the day, personal preferences matter, and those who prefer colder temperatures may vehemently disagree with this recommendation.
At nighttime, you should lower the thermostat to between 60 degrees Fahrenheit and 67 degrees Fahrenheit in order to prioritize proper sleep health. That’s because the colder temperatures encourage the body to produce higher amounts of melatonin, a hormone that regulates circadian rhythm and leads to a deeper sleep.
The other reason to lower the thermostat temperature late at night is that it doesn’t cost as much to keep your house cool. Temperatures drop outside as soon as the sun sets, so your HVAC system won’t have to work as hard to combat the heat. The lower temps lead to a cozy night’s sleep without the added financial burden.
When you leave the house to go to work or run an errand, it’s recommended that you raise the temperature of the thermostat by around seven degrees. That means if you keep it set at 78°F, then set it to 85 degrees Fahrenheit right before you walk out the door. This helps you save even more on your utility bills, as you won’t waste energy trying to cool a home without anyone inside. It’s not like you can’t turn it back down the second you walk in the door.
Returning to a hot home is obviously a concern, but you can alleviate those worries by investing in a smart thermostat that can be remotely controlled with your phone. Just log into the app on your way home, set the temperature back to around 78 degrees, and you’ll return home to a cozy environment.
Bennett Kleinman Staff Writer
Bennett Kleinman is a New York City-based staff writer for Optimism Media. He is also a freelance comedy writer, devoted New York Yankees and New Jersey Devils fan, and thinks plain seltzer is the best drink ever invented.
Paula Peters Chambers writes for general-interest and specialty magazines. She covers everything from people and business profiles to science and medicine to the arts and home design and decor. She lives in Richmond, Virginia, where she enjoys baking, ringing handbells, and listening to live music.
Nothing is better than feeling a sense of accomplishment after scrubbing your home from top to bottom — the floors sparkle, the furniture is dust-free, and the water stains on your shower are gone. But there are spots in every home that are often neglected during a cleaning session and become intimidating collections of dust, dirt, and grime. Don’t worry — once you know about these 10 dirtiest spots in your home plus the products you need to keep them clean, you’ll find them easy to take care of.
Prices are accurate as of May 28th, 2024. Subject to change. All featured products and deals are selected independently and objectively by the author. Better Report may receive a share of sales via affiliate links in content.
Garbage disposals clean up your kitchen messes, though they tend to harbor their own, hidden along the underside of the rubbery gasket between the sink and compactor chute. It’s important to prioritize this area since garbage disposals can shoot aerosolized water and bacterial particles back into your kitchen. To clean the compactor, unplug the appliance, flip up the rubber splash guard (also called a flange or baffle), and clean using a grease-dissolving dish soap. Cleaning this area each time you wipe down your sink can also help remove food debris, smells, and slime buildup.
InSinkErator makes some of the best garbage disposals that money can buy. The brand’s patented MultiGrind technology shreds food waste into ultra-fine scraps, thus making the sink less likely to clog than if you were to use a more traditional garbage disposal. With InSinkErator, you can select from more their powerful models to quieter ones depending on your personal budget and preferences.
While we’re on the topic of garbage, nobody likes a smelly household full of unpleasant odors wafting through the air. If you’re looking to keep your home feeling fresh, then there’s no better product than the Mila air purifier. This incredible tool ensures clean air in every room, and also handles smoke and dust particles with ease. These air purifiers are great for each room in the house, from the kitchen to the bathroom and everywhere in between.
If sink faucets provide clean water, surely they’re clean themselves? Not quite. Faucet aerators — the tiny mesh filter that helps provide a smooth stream — can develop water and mineral buildup, though it’s not hard to remove. Housekeeping experts recommend removing the faucet aerator (found at the tip of the faucet, where water comes out) every two to three months and soaking it in vinegar for at least 15 minutes. Give the piece a gentle brush using an old toothbrush to remove any stuck-on residue, and simply screw the aerator back in place for a smooth-running sink.
When it comes to keeping dishes clean, you’re going to need clean water plus a reliable soap. That’s why you should buy Dawn Powerwash spray, which is some of the highest-quality soap on the market. This product tackles tough grease and grime, leaving every dish looking sparkly clean. Dawn is also ideal in the laundry room for getting those tough grease stains out of your favorite piece of apparel.
If we’re talking about miracle cleaning products, then there are few better options than melamine sponge foam pads. These items are great for tackling grime that forms in the kitchen, bathroom, and even on floors and walls. Snag some melamine sponges and your home will be shining brighter than ever before.
Very few people remember to clean this spot — kitchen cabinet tops are essentially out of sight and out of mind. However, doing so can remove any accumulating grease and dust buildup. A stepladder and vacuum hose attachment makes it easy to tackle dust, and a household degreaser can conquer any greasy spots from airborne cooking oils. Getting cabinet tops clean can feel like a chore, though it’s not one you’ll need to undertake regularly. Cleaning experts recommend tidying this spot once a month. You can even speed up dusting by laying newspaper or wax paper along your cabinet tops to catch any future grime.
This plastic-free, nontoxic cleaner from Puracy is great for cleaning any hard surface in the home. Even better, it does so without leaving streaks behind. Just group a packet of Puracy, mix with tap water, and use a spray bottle to tackle that pesky dirt and grime anywhere in the house.
Keeping your kitchen countertops neat and tidy is just as important as keeping the tops of each cabinet clean. This steel frame drying rack from simplehuman is a sleek addition to any kitchen, and keeps clutter off the counters and out the sink. This dish rack even drains directly into the sink for added convenience.
One of the best investments you can make in the kitchen is a high-quality cast iron pan. We recommend the Our Place Cast Iron Pan — a skillet with a modern design and stylish glossy exterior. But owning a cast iron pan requires additional care. For more information and similar products, check out our helpful guide to cast iron kitchenware.
Toilets send up a small spray of water and fecal matter when flushed, which can travel nearly five feet in about eight seconds. Most aerosolized particles travel upwards and backward, landing on the wall behind the toilet. You can reduce bacteria buildup in this spot by wiping down the wall with an enzyme cleaner — simply spray the wall, wait a few minutes for it to activate, and wipe it away.
The brand simplehuman makes great products for the bathroom as well, including this toilet brush with a drip-free design. This tool is perfect for keeping the toilet looking fresh and clean, and is far more effective than its affordable price may suggest.
The bathroom is ground zero when it comes to unpleasant odors. But with HEX deodorizing spray, those undesirable smells can become a thing of the past. HEX is also great for deodorizing stinky shoes and other dirty apparel, and is fragrance free which makes it ideal for those with sensitive skin.
Moving this hefty appliance isn’t something most people frequently do, making it easy for spills and crumbs to linger longer than you’d like. Pull the stove away from the wall (a towel, bathmat, or furniture sliders can prevent floor scuffs and make this Herculean task easier), then gently scrape off any food buildup using a plastic dish scraper or putty knife. Follow up with an all-purpose cleaner to remove any residue on the stove, cabinet sides, and wall.
You’re going to need a powerful vacuum cleaner that’s up to the task of cleaning behind the stove, and there’s possibly no better product than the Dyson V12 Detect Slim vacuum. This powerful yet thin device can easily fit into those tight spaces in order to tackle any dirt and grime that it may encounter.
If you’ve got tile or hardwood floors, then the PurSteam 10-in-1 steam mop can give them a solid clean that looks as if it was done by a professional. This product is also great for cleaning toilets, couches, windows, and anything else that may need a good scrub down.
Whether you’re cleaning behind the stove or anywhere else in the house, mysterious sticky residue can be hard to remove. Get yourself some Goo Gone, which is great for removing those pesky messes in the blink of an eye. Goo Gone is also fantastic for removing any sticky residue that’s leftover from price tags, bumper stickers, and more.
If you heat and cool your home with an HVAC system, it’s likely already on your to-do list to change the air filters. What’s often overlooked are the wall vent covers and floor registers, which still often accumulate dust and dirt. You can touch up these spots monthly by vacuuming over the slotted vents. However, housekeeping professionals recommend doing a deeper cleanse twice a year by removing the covers and washing them in hot, soapy water.
Wall vent covers are especially prone to gathering dust, but OXO-brand dusters are perfect for eliminating that dusty buildup. But these dusters can handle so much more than just dirty vents, and can easily clean up dust in any room of the house. OXO also sells products that are specifically designed to eliminate dust from electronics.
If you’re dealing with vents that are high off the ground, then the DOCAZOO dusting kit can help. This product features a six-foot extension pole that’s easy to assemble, which allows you to tackle any dusty area that may normally be out of reach.
This BB2 blower from Nitecore provides added power to eliminate dust from tight cracks and other hard to reach places. This tiny handheld product creates nearly 50 mph wind speeds, resulting in enough pressure to dislodge even the peskiest of dust mites. Optional add-ons include brushes that can be used to clean cameras and their lenses.
Countertop baristas save money compared to rolling through the coffee shop drive-through, though they have a major downside. According to a study by the National Sanitation Foundation, half of tested household coffee makers were brewing up major bacterial growth. Coffee maker reservoirs — aka the built-in water tank — tend to collect yeast and mold, regardless of how simple or complex the machine is. However, combating these organisms is simple: mix equal parts of water and vinegar, pour into the tank, and set the machine to brew mode. You should do this about once a month.
Coffee makers get dirty every morning that we use them, as gunk builds up inside the machine over time. To help clean out your coffee maker, use this descaler from Impresa. Take just half a bottle, put it into the machine, and run the device through a brewing cycle. This simple act can extend the life of the machine and also improve the taste of your morning coffee.
Good coffee starts with clean, refreshing water, and LARQ is one of the companies when it comes to water purification. Take for instance the LARQ stainless steel water bottle, which has a UV water purifier under the cap to help sanitize its contents. LARQ also sells water pitchers that purify your water so that it’s ready to drink right out of the fridge.
Contrary to common belief, you do have to clean your dishwasher. While it may not seem like it — after all, the machine’s interior gets sudsy as it cleans your dishware — dishwashers are actually susceptible to bacteria buildup. Help your dishwasher do a better job with a deep clean — hand-washing the inside with hot water and dishwashing liquid can knock down soap scum and stuck-on food debris. But most importantly, remember to clean the dishwasher filter at least once per month. Also, keeping the dishwasher door slightly ajar while not in use helps dry out any fungi-friendly moisture.
Nobody likes the idea of using harsh chemical products to clean the plates that we all eat off of. Thanks to Dirty Labs, you needn’t worry about this issue any longer. Their fragrance-free dishwasher detergent uses enzyme cleaning technology to achieve a thorough clean, so say goodbye to those other chemical-ridden detergents.
Dish sponges are commonly considered germy hotspots, and for good reason. A 2017 study found 362 kinds of bacteria on kitchen sponges, with up to 45 billion microbes per square centimeter. Compared to other grimy household spots, sponges can contain just as high concentrations of bacteria as toilets — but that doesn’t mean you have to stop using them. Sponges can be boiled or microwaved to reduce their bacterial load, though that won’t help them last forever. Sponges should be replaced about every two weeks or more if they look worse for wear in a shorter period.
Don’t let the cute faces fool you — Scrub Daddy is one of the toughest dish sponges out there on the market, and is good for up to eight weeks before it starts to accumulate dirt. And don’t forget about Scrub Mommy, which is an equally tremendous product that’s great for tackling tough stains and dirt in any room of the house.
Replacing your toothbrush every three months isn’t the only way to stay on top of a clean bathroom routine. Surprisingly, your toothbrush holder also collects germy microbes. The National Sanitation Foundation ranks toothbrush holders as the third-dirtiest spot in your home because of where they live — germs from your toothbrush can cling to the holder, and bacteria from sinks and invisible toilet spray can land in this container. Wash your toothbrush holder once a week by tossing it in the dishwasher, washing it with hot, soapy water, or wiping it down with a sanitizing wipe.
A good toothbrush is essential when it comes to proper dental hygiene, and there are few better options than the Philips Sonicare DiamondClean Smart electric toothbrush. This toothbrush removes 10 times more plaque than any standard manual toothbrush, and keeps gums seven times healthier on average. For more incredible products that can boost your oral hygiene, check out this helpful guide.
Results: This method worked fine for me. I don’t think I noticed a huge difference, and it certainly didn’t make the cutlery shine the way the cream of tartar did. But there were fewer hard water stains, and the ones that remained were easier to wipe away. The lift level was much easier, though, so I might keep the foil in there for a few washes to see if it improves over time.
Rating: 3.5/5
Remove Stains from a Baking Sheet with Hydrogen Peroxide and Baking Soda
I’ve tried numerous methods to remove grease and cooking stains from my baking sheets, and all have failed. So when I saw the before and after results on videos using this hack, I knew I had to try it.
Results: Alas, this was another method that failed. I let the mixture sit for four hours and scrubbed my pans really hard, but none of the tough stains came out. However, I saw some videos online that recommended eight, so it may need more time. (But who has eight hours to let a pan sit?)
Rating: 0/5
Create a paste of equal parts cornstarch and baking soda, add a little water, and put the mixture onto the spot. Let it sit for 30 minutes until dry, and then wipe it off.
Results: Clean suede shoes! Never again do we need to fear dripping oil!
Kellie Stewart is a writer, editor, and mediocre cook who hails from sunny Arizona. Thanks to her toddler, she has no spare time, but if she did, you’d find her drinking Diet Coke and reading every book she can get her hands on.
Items made of ceramic, silicone, and metal are typically dishwasher safe, but other kitchenware may melt, stain, or warp inside the dishwasher. If you’re unsure, look for a dishwasher-safe symbol to confirm. There are several varieties, but the symbols usually involve a plate or glassware inside a square. However, not all items feature these symbols, so when in doubt, wash them by hand.
Load Items Onto the Proper Racks
The lower rack gets much hotter than the upper rack in most dishwashers, so it’s important to load items that may warp due to too much heat on the upper rack, such as plastic cups and utensils. Sturdier pots and pans are better suited for the lower rack.
Bennett KleinmanStaff Writer
Bennett Kleinman is a New York City-based staff writer for Optimism Media. He is also a freelance comedy writer, devoted New York Yankees and New Jersey Devils fan, and thinks plain seltzer is the best drink ever invented.
Cleaning your blinds is one of the most frustrating household tasks. No one wants to go through the hassle of awkwardly removing blinds from the windows whenever they need dusting. The good news is with a bit of planning and patience, you can make your blinds look like they’ve just come home from the store without having to wrestle them into the tub for a deep clean.
How to Clean Plastic Blinds
Dip a clean sponge into a bucket filled with warm water and mild dish soap, and gently wipe down each blind — yes, while they’re still hanging. Be sure to lay a blanket or tarp underneath them to catch any dripping water. Dry with a clean towel and air dry for an hour before returning the blinds to their normal position. This process can be used on plastic, faux wood, and other similarly-manufactured blinds.
How to Clean Wooden Blinds
Never use water to clean wooden blinds; it can warp the material and cause discoloration. Instead, use a feather duster and a bristle brush for any stubborn dirt. After removing any debris, lightly spray the blinds with antibacterial spray and wipe with a dry cloth. Let the blinds air dry for an hour before returning to their standard position.
How to Clean Metal Blinds
Metal blinds can be pre-treated with anti-static chemicals to repel dust, but they must still be cleaned to remove any grime and build-up. Use a sponge and warm, soapy water to clean the blinds. Wipe them off with a dry cloth to prevent streaking before vacuuming with a brush attachment to remove any remaining dust. Let the blinds air dry.
Bennett KleinmanStaff Writer
Bennett Kleinman is a New York City-based staff writer for Optimism Media. He is also a freelance comedy writer, devoted New York Yankees and New Jersey Devils fan, and thinks plain seltzer is the best drink ever invented.
Mortgage rates continued their downward trend with the average rate for a 30-year fixed home loan dropping from 7.09% last week to 7.02% for the week ending May 16, according to Freddie Mac.
“Mortgage rates decreased for the second consecutive week,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Given the news that inflation eased slightly, the 10-year Treasury yield dipped, leading to lower mortgage rates. The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective homebuyers.”
Mortgage rates have been on a repetitive see-saw lately, bouncing between the mid-6% range and to over 7%, so whether this week’s movement will make a difference in the sluggish spring housing market remains to be seen.
“Mortgage rates remain stubbornly close to 7%,” says Realtor.com® economist Jiayi Xu. “To see mortgage rates dip further below 7%, persistent evidence showing inflation back on the path to 2% will be necessary.”
Until then, buyers might want to focus instead on the housing market breakthrough that’s been four years in the making.
“Last week saw the highest number of homes for sale since August 2020, a significant milestone,” says Realtor.com senior economic research analyst Hannah Jones in her latest analysis. “The recent strength in listing activity means buyers are seeing more homes for sale than they have seen in almost four years.”
Will a rush of homes hitting the listing pages tempt both buyers and sellers to accept high mortgage rates and dive in? Here’s what the latest real estate data means for homebuyers and sellers in our most recent installment of “How’s the Housing Market This Week?”
The latest mortgage rate outlook
Despite this week’s dip, mortgage rates have remained stubbornly high, largely powered by the robust economy.
Though the Federal Reserve had promised to lower key interest rates in 2024, it has yet to do so as economic reports have been coming in strong. (Though the Fed does not set mortgage rates, the two numbers often move in the same direction.) Yet this week, a report showed that inflation fell from 3.5% in March to 3.4% in April.
“This week’s consumer price index inflation data showed improvement, a welcomed sign of progress which can positively affect mortgage rates,” says Jones. “The CPI data will likely hold more sway over the policy and economic outlook, which means we may see this positive data reflected in mortgage rates in the near term.”
Economist Xu agrees, adding, “While this improvement is a baby step forward, it’s expected to foster stability in mortgage rates at their current level and possibly even trigger further declines.”
While many might be waiting for rates to fall before entering the housing market, some buyers have a workaround for high mortgage rates: larger down payments.
The more money a buyer puts down, the more they “minimize housing payments at a high mortgage rate by minimizing loan size,” explains Jones.
The listing pages hit a four-year high
Buyers who have faced years of scarce listing pages have much to celebrate, given the data for the week ending May 11. The total number of homes for sale was strong, 35% higher than the previous year, marking 27 weeks in a row that homes have been above the previous year’s levels.
“Seller activity continued to climb annually last week and accelerated relative to the previous week’s growth,” says Jones.
However, she notes that the annual amount of fresh listings “was lower than almost every week back to early February, signifying a slowdown in new listings growth.”
New listings were up for the week ending May 11 by 6.6% from a year ago.
“New listing activity will continue to be influenced by mortgage rate movement, but cooling labor market and inflation data could mean things are moving in the right direction,” says Jones.
Home prices remain flat
The median list price didn’t rise or fall for the week ending May 11, remaining unchanged at 0.0%.
“The prices for homes on the market notched in at the same level as one year ago for the second week in a row,” says Jones. (The median-priced home cost $430,000 in April.)
A flood of homes priced in the budget-friendly $200,000 to $350,000 range might have helped to tamp down list prices compared with last year.
The pace of home sales is slowing
The pace of the market softened for the week ending May 11, with homes lingering one extra day compared with the same time a year prior. (The typical home spent 47 days on the market in April.)
“Homes sold slightly slower than one year ago last week but remained within a tight margin of the previous year, as has been the trend over the last couple of months,” says Jones.
As to the reason why, once again, all roads lead to mortgage rates. If rates cool, the pace of home sales will likely tick up.
“Improving mortgage rates could bring buyers back en masse, which could drive up competition and lead to a quicker pace of sale,” says Jones.
However, as Jones notes, it’s also important to note that homes are still selling “faster than pre-pandemic.”
Margaret Heidenry is a writer living in Brooklyn, NY. Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine.The realtor.com® editorial team highlights a curated selection of product recommendations for your consideration; clicking a link to the retailer that sells the product may earn us a commission.
Housing inventory continues to grow with 35% more listings on the market than a year ago
As the U.S. reaches its peak homebuying season, mortgage rates continue to ease week over week.
HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conforming loans at 7.45% on Tuesday, below the rate of 7.51% one week ago. At the same time one year ago, the average rate was 6.54%. The 15-year conforming fixed rate averaged 6.75% on Tuesday, down from 6.77% one week earlier.
“Bond yield keeps heading lower and mortgage spreads are getting better,” HousingWire lead analyst Logan Mohtashami said. “Since the softer labor reports happened, mortgage pricing has improved. Despite today’s hotter Producer Price Index (PPI) inflation print, yields fell again after traders digested the reports.”
The release of the Consumer Price Index (CPI) on Wednesday will allow experts to determine whether or not this trend continues, Mohtashami said.
As of May 10, there were 568,000 unsold single-family homes on the market, up 1.5% compared to the week prior.
“It’s not a massive gain, but inventory is growing and will continue to grow over the next few months,” Mike Simonsen, founder and president of Altos Research, wrote on Monday.
Compared to a year ago, there are 35% more homes on the market, a gap that continues to expand. Simonsen expects there to be 700,000 unsold homes on the market by the end of September.
During the week ending May 10, 89,000 new listings hit the market, according to Altos Research, which was 3% less than the week prior.
“There is still a sense of optimism that more sellers will help this market grow,” Simonsen said. “Ideally, the combined number of new listings should be above 100,000 each week, so it’s a bit disappointing to see only 89,000 today.”