Mortgage applications for new homes surged in January as a lack of existing homes continued to fuel the demand for new construction.
Mortgage applications for new home purchases rose 19.1% in January on a year-over-year basis, the 12th consecutive month with an annual increase. Applications were up 38% from the previous month, according to the Mortgage Bankers Association (MBA) Builder Application Survey for January.
According to MBA estimates, new single-family home sales were at a seasonally adjusted annual rate of 700,000 units in January, the highest pace since October 2023. The pace was up 16.9% from December’s rate of 599,000 units.
“Applications for new home purchases were strong in January, as newly built homes remained an attractive option for prospective homebuyers who looked to take advantage of lower mortgage rates during the month,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement.
In January, conventional loans accounted for 64.5% of loan applications for new homes. Federal Housing Administration (FHA) loans accounted for 24.8% of applications, U.S. Department of Veteran Affairs (VA) loans took a 10.3% share and U.S. Department of Agriculture (USDA) loans accounted for 0.4%.
The average loan size for new homes decreased to $401,282 in January, down from $405,368 in December.
Homebuilders are feeling optimistic about the spring buying season. Homebuilder confidence shot up to a five-month high in February, according to the National Association of Home Builders’ most recent survey.
MBA’s survey tracks new home mortgage application volume from mortgage subsidiaries of homebuilders across the country.
MPA: How does Carolina Ventures navigate economic fluctuations, especially in terms of interest rate changes and housing market dynamics? WB: We don’t dwell on the market or recommend that clients do so, either. With so many buyers looking for new homes, inventory in our area is the bigger challenge, not interest rate fluctuations. Business executives, … [Read more…]
Looking for the best fun jobs that pay well? Many people dream of having a job they love that also pays well. I completely get it – you don’t want to hate working a job that you’ll be at 40 hours a week! I’m very grateful to have a job that I love. I don’t…
Looking for the best fun jobs that pay well?
Many people dream of having a job they love that also pays well. I completely get it – you don’t want to hate working a job that you’ll be at 40 hours a week!
I’m very grateful to have a job that I love. I don’t dread any day of the week, and I genuinely love what I do. Due to that, I hope everyone gets to feel the same about their job as well.
Thankfully, it’s easy to find a job that lets you do what you enjoy and still pays you a good paycheck. Whether you love working online or driving fast cars, there are many job options that let you have fun while also making good money.
Whether you want to make extra income or find a full-time job, there are many fun jobs that pay well that may interest you.
Fun Jobs That Pay Well
When you’re looking for a job, it’s great to find one that you find fun and that also pays well. Here are some top choices to start with:
Bloggers work from anywhere and write about topics such as family, recipes, personal finance, travel, and more. This is what I do, and I think it’s a ton of fun. Plus, it pays very well!
Art therapists use creativity to help others. They draw or paint as a way to support people’s emotional health. This job requires a master’s degree, but it combines art with helping people, which can be very rewarding.
A Ferrari driving instructor teaches others how to drive a luxury sports car. It’s not just exciting; it can also pay between $90,000 and $120,000 a year.
If you like spotting mistakes in content, then finding a proofreading job may be perfect for you. Proofreaders act like an extra set of eyes to read articles, papers, books, ads, and other written content.
Below are over 40 other fun jobs that pay well that I recommend learning more about.
1. Blogger
If you want to find a fun job that pays well, my favorite way is to start a blog. That’s exactly what I do for a living!
A blog is content written on a website. It usually includes articles like what you’re reading here.
You can blog about something you’re passionate about or something you know a lot about. Or even a topic you want to learn more about (people love following others’ firsthand journeys!).
I began Making Sense of Cents in 2011, and since then, my blog has earned me over $5,000,000 over the years.
I started my blog on a whim to share my own money journey. At first, I didn’t even know people could earn money from blogs or how to make a successful one. And now, it’s my full-time job!
There are many ways to make money blogging such as:
Advertising revenue (banner ads that you see in blog posts)
Sponsored blog posts (when a blogger partners with a company to promote a specific item or company)
Affiliate marketing (when a blogger receives income for referring readers to a product)
Selling digital products or services (such as courses, clothing, books, and more)
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
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Want to see how I built a $5,000,000 blog?
In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
2. Printables designer
Making and selling printables can be a fun way to earn money. When you create printables on Etsy, you only need to make one digital file for each product. After that, you can sell it many times to make more money.
Printables are things you can find online and print at home.
These can be things like a planner, coloring pages, wall art prints, greeting cards, gift tags, and so much more.
I buy printables frequently, and so do others all the time. Recently, I bought a printable for my daughter and it was a useful tool to help teach her the alphabet. I love that I can easily search what I’m looking for and get exactly what I want – plus I can print it right at home quickly!
Recommended reading: How I Make Money Selling Printables On Etsy
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
3. Voice actor
A voice-over actor is someone you hear but don’t usually see in things like videos on YouTube, documentaries, radio ads, TV ads, corporate talks, online courses, audiobooks, video games, movies, and cartoons.
Voice actors don’t necessarily need experience for this job (although it can be helpful later on). What’s important is having a voice that matches what the company is searching for.
Recommended reading: How To Become A Voice Over Actor
4. Photographer
As a photographer, you get a special chance to capture moments and tell stories with your camera. Photography has many different areas where you can focus, and they can be both satisfying and financially rewarding.
Here are some examples:
Photojournalist – You document events for media outlets, such as National Geographic.
Wedding Photographer – Your role would be capturing wedding moments in couples’ lives.
Stock photo photographer – Photographers can sell their pictures on stock image sites, which are really popular. These sites let customers purchase pictures for things like websites, TV shows, books, and social media.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
5. Buy and sell flipper
Being a buy-and-sell flipper means you’re into flipping items for profit.
This includes getting undervalued things from flea markets, garage sales, or online places and then selling them for more money.
This could be things like clothing, electronics, furniture, cars, and so much more. Basically, anything and everything!
Your success depends on how good you are at finding good deals, knowing the values in the market, and selling things again for a profit.
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This free workshop will teach you how to get into the flipping business. It will teach you how to resell furniture, electronics, appliances, and anything else you can find.
6. Proofreader
As a proofreader, your careful attention to detail can become a rewarding career. Proofreading means going through texts to fix grammar, spelling, and punctuation mistakes before they get published. This job is important to make sure written content is clear and doesn’t have errors.
Many people, like authors, website owners, and students often hire proofreaders to make their work better. There’s a big need for proofreaders, and you can find jobs on various platforms.
Even the best writers can make mistakes in grammar, punctuation, and spelling. That’s why getting a proofreader can be really helpful for almost everyone.
In fact, although I have written over 2,000 articles, I have a proofreader who will have proofread this very blog post.
Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year)
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
7. Freelance writer
Freelance writers create content for clients, like blog posts and advertising. Freelance writing usually involves working independently. Clients give you a topic, you write about it, and then you might receive feedback, like suggestions to improve or add paragraphs.
You can write about any topic that you want to – such as travel, money, home, and so on.
How much you make as a freelance writer depends on your experience and the topics you write about. When you start, you might earn around $50 to $75 for a 500-word article. As you get better, you can charge more. For a 1,000-word article, you could make between $100 and $150. If you do well over time, you can ask for even higher rates.
I was a freelance writer for many years before transitioning to full-time writing here on Making Sense of Cents. It’s a great career where you can mostly work from home on your own.
Recommended reading: 14 Places To Find Freelance Writing Jobs
8. Graphic designer
A graphic designer is someone who makes designs for people and businesses. As a digital designer, you might create images, social media graphics, printables, T-shirt designs, business cards, stickers, logos, and more.
As a graphic designer, your main job is to communicate through visuals. You use a mix of typography, images, color, and layout to convey messages and brand identities. This field gives you the freedom to express your creativity in different ways, whether it’s through digital designs or print materials.
Recommended reading: How To Make Money As A Digital Designer
9. Social media manager
Being a social media manager is an exciting career choice and your main job is to take care of how a company or person appears online on different platforms. Your tasks include interacting with followers, selecting content, and planning social media posts.
Here are the key areas you typically need to focus on:
Content creation – Create fresh, original posts tailored to each platform.
Engagement – Interact with the audience by responding to comments and direct messages.
Strategy planning – Use data analytics to drive social media strategies, aiming for increased engagement and reach.
The salary can vary, and you can choose to do this job either part-time or full-time.
10. Social media influencer
Related to the above, you can make money with your own social media accounts as well.
Have you ever followed someone on Instagram or TikTok and thought to yourself that it would be fun if you could do something similar?
Social media influencers use different online platforms to create, share, and connect with content that their audience likes. Your success depends on growing a big group of followers and establishing yourself as a trusted voice in your specific area.
As an influencer, you’ll create your brand by sharing your interests, pictures, and opinions on social media platforms such as Instagram, TikTok, Facebook, and others.
You can earn money through sponsored posts (when brands pay you to promote their products or services in your Instagram posts), affiliate marketing (earning commissions from sales through your referral links), and by creating digital products like ebooks or online courses.
I’ve been a social media influencer for years, monetizing my Instagram and Facebook accounts. It’s a great experience as I get to collaborate with companies I love and promote products I already use.
11. Veterinarian
If you have a passion for animals, then becoming a veterinarian may be a great fit for you.
Veterinarians have a skilled and fulfilling role dedicated to animal health and welfare. The main responsibility is to provide medical care to animals, diagnose health problems, and perform surgeries.
Vets work in private clinics, animal hospitals, research facilities, zoos, and more.
The veterinarian career path is rewarding as it lets you blend a love for animals with the chance to make a positive impact on their lives.
To become a veterinarian, you must complete a Doctor of Veterinary Medicine (DVM) program and obtain a state license to practice. This usually involves:
A bachelor’s degree
A four-year veterinary program
The national average salary for veterinarians is around $100,000 per year.
12. Marine biologist
One job that I dreamed of as a kid was to become a marine biologist. It always sounded like so much fun to work with water and sea animals.
Marine biologists study marine organisms and how they behave and interact with the environment. Your work might take you from coastal wetlands to the deepest parts of the ocean.
Here are some of the things they do:
Conduct research on marine wildlife and ecosystems
Monitor the health of marine habitats
Develop conservation plans
Educate the public and policymakers
Marine biologists are important for understanding marine life and contributing to ocean conservation efforts.
13. Mystery shopper
Retailers, restaurants, and financial institutions need mystery shoppers for detailed feedback to improve their customer service and products.
This might not be a full-time job, but it can provide you with some extra money each month.
I remember when I first learned about mystery shoppers. I was working at a clothing store, and we would have mystery shoppers come in to see how we were doing. We never knew who the mystery shopper was, but we would get to read their report afterward and see what they thought of us.
After learning about mystery shopping, I found a website where I could become one as well. It sounded like fun to get paid to shop.
I would make about $150 to $200 per month through mystery shopping, and I also got free items and services, like $100 to spend at restaurants (where I had to provide feedback while I was there), makeup, and more.
Recommended reading: How To Become A Mystery Shopper
14. Architect
Architects have a special mix of creativity and technical skills, allowing them to design buildings that are not just attractive but also functional and safe.
Their role includes making detailed plans, and considering factors like sustainability, budget, and client needs.
To become an architect, you typically need a bachelor’s or master’s degree in architecture and you’ll need state licensure, which is obtained by passing the Architect Registration Examination (ARE).
15. Stunt person
A stunt person is a cool job where you use your physical skills to create exciting action scenes for movies, TV, and live shows. It’s a big part of making the action look real and thrilling.
To do this job, you might need lots of training in things like martial arts, gymnastics, or extreme sports. You also have to be good at handling pressure and follow safety rules closely.
16. Professional video gamer
Yes, if you like video games, you may actually be able to make money as a professional video gamer.
While the amount of money you can make will definitely vary, top gamers have the potential to earn from tournament prizes, sponsorships, and streaming content for fans:
Tournaments: Prize pools can be large, reaching into the millions for top-ranking competitions.
Streaming: Platforms like Twitch and YouTube pay through ads, subscriptions, and donations.
Sponsorships: Companies may endorse you and pay you with sponsorships or free items.
You could maybe even find a job working for a video game designer, testing out video games so that companies can improve their video game design.
Recommended reading: How Much Do Twitch Streamers Make?
17. Chocolatier
Many people at some point in their lives want to become the person who makes chocolate and candy – sounds amazing after all, right?
A chocolatier is someone who uses cooking and art skills to make chocolates. It’s a job that needs creativity, precision, and a good sense of taste.
You might work for yourself, making chocolates, or you may even work for a large chocolate company. I know people who do both!
18. Personal trainer
If you want to find a job that you’ll love, becoming a personal trainer may be it.
Personal trainers play an active role by combining fitness with motivational skills to help people reach their health and fitness goals. This job includes:
Assessing clients’ fitness levels and health conditions
Developing personalized workout and nutrition plans
Demonstrating exercises and routines to clients
Tracking clients’ progress and adjusting plans as needed
How much you earn as a personal trainer can change a lot based on where you work, your qualifications, and the clients you get. Personal trainers usually make an average of $40,000 to $70,000 per year.
19. Supercar driving instructor
Supercar driving instructors have an exciting job where they help people learn how to drive fast cars on racetracks.
The role includes teaching safety and giving an exciting experience as well as explaining how to handle the vehicles, follow track rules, and use advanced driving techniques.
You can usually earn a high income doing this, plus you get to drive some of the world’s most exotic supercars.
20. Toy designer
Being a toy designer is probably most children’s dream career. After all, who hasn’t loved toys at one point in their life?
The toy industry is always looking for creative designers to make new toys that will grab kids’ attention and imagination.
Toy designers have a cool job where they mix creativity with making things work well. The main aim is to create toys that are fun and help kids learn and grow. This special job combines artistic skills with knowing about how children think and learn.
21. Restaurant critic
Restaurant critics evaluate dining establishments and share their experiences through written reviews. Their main responsibility is to provide an unbiased review of the food quality, service, ambiance, and overall dining experience.
To gain experience and get started, begin by developing your taste buds and learning about different cuisines. This can involve:
Going to cooking workshops
Exploring different food places when you travel
Creating your own blog or starting an Instagram dedicated to food
22. Brewmaster
If you love craft beers and enjoy understanding how fermentation works, becoming a brewmaster could be a fun and rewarding career.
Brewmasters manage the brewing process, such as creating recipes, choosing ingredients, and making sure the quality is top-notch during production.
To start, you might need formal education, such as a degree in brewing science or a related field. However, some brewmasters climb the ladder from roles like brewing assistants, gaining experience through on-the-job learning.
23. Fashion designer
Fashion designers make clothing, accessories, and shoes, and they draw designs, pick fabrics and patterns, and guide how the products designed should be made.
Fashion designing can be a fulfilling career if you love fashion and enjoy creating. It gives you a chance to express yourself personally and can even lead to getting noticed in the industry.
24. Food stylist
Food stylists combine culinary art with aesthetics, making sure that dishes not only taste good but also look delicious and perfect for photographs.
Their duties include choosing ingredients thoughtfully, preparing the food, and presenting it in a way that’s visually attractive. This is important for different media like advertising, packaging, cookbooks, and film.
25. Event planner
Event planners organize events, from big corporate conferences to small weddings. Their main job is to make sure every part of the event matches the client’s vision, fits the budget, and meets the goals.
According to Glassdoor, the average pay for an event planner is around $50,000 per year. Your salary can change based on things like your experience, where you work, and the size and type of events you handle.
26. Animator
If you’re looking for fun jobs that pay well, then becoming an animator may be it!
Animators make visual creations, and their main focus is on designing characters, environments, and entire worlds in 2D or 3D formats.
Here’s what you may work on:
Character design: Create and develop characters for various media.
Story development: Collaborate on storyboards to plan out visual narratives.
Animation: Work with digital tools to animate drawings and models.
The animation industry values creativity and technical skills and also pays competitive salaries with the opportunity to contribute to exciting storytelling processes. Whether you’re involved in creating animated TV shows, movies, or video games, being an animator can be both enjoyable and financially rewarding.
27. Real estate agent
Real estate agents are professionals who help people buy and sell properties, such as houses and commercial buildings.
I know a few real estate agents, and they all seem to love their jobs. They get to see beautiful new homes and properties and help their clients find their dream property.
Plus, they usually set their own schedule, which can help you create a better work-life balance.
28. Private investigator
Private investigators conduct investigations on various matters, including legal, financial, and personal issues.
This may include doing things like surveilling someone to get information, interviewing people to get details, researching public and legal documents, as well as gathering evidence for cases.
Here are some steps to becoming a private investigator:
Have a high school diploma or equivalent. Perhaps even get a degree or certification in criminal justice or a related field.
Gain experience in a related field such as law enforcement or the military.
Acquire a private investigator license, as required by your state.
29. Romance novelist
Starting a career as a romance novelist can bring both fulfillment and income. If you love storytelling and especially romance, this can be a fun one to think about.
Recommended reading: How to Make Money Self-Publishing Short Romance Novels
30. Interior designer
Interior designers mix creativity with practicality to decorate the insides of properties. Their job is to design and put in place the aesthetic and functional aspects of residential or commercial spaces.
Your job would be to create an environment that looks good and is comfortable for your clients.
31. Airline pilot
Airline pilots have a career that is both exciting and has the potential to make a lot of money. Their main job is to pilot commercial aircraft, flying from one place to another, and making sure everyone on board, including passengers and crew, stays safe.
Some of their daily duties include:
Conduct pre-flight inspections
Navigate the aircraft
Communicate with air traffic control
Monitor weather conditions and aircraft systems
Lead the crew and manage any in-flight issues
32. Drone pilot
Drones have gained popularity lately, not just for recreational use but also for jobs requiring aerial photos and videos. This creates a growing opportunity for individuals to start small businesses and make money with their drones.
Your job as a drone pilot may be to:
Take high-quality images and videos from unique perspectives, such as for real estate, construction, or events.
Perform inspections, surveys, and mapping for various industries like mining or agriculture.
Analyze data and images to give insights to clients.
Recommended reading: How To Make Money With A Drone
33. Sommelier
Sommeliers have a lot of knowledge of wine and can share it in a fun way.
This job is usually found in upscale restaurants, and this role involves suggesting wines that go well with customers’ meals, conducting wine tastings, managing wine service, and taking care of the wine cellar.
34. Chef
Chefs, of course, play an extremely important role in a restaurant kitchen, crafting menus and overlooking meal execution. Their primary responsibilities include tasks like:
Menu Design: They create food menus for a restaurant.
Food Preparation: They oversee and sometimes partake in the detailed preparation of ingredients.
Cooking: They cook the restaurant meals and oversee other cooks in the kitchen.
35. Cruise director
Cruise directors make sure passengers have an unforgettable experience aboard a cruise ship. This job requires a fun personality and excellent skills in managing both entertainment programs and a team of staff members.
Their responsibilities include planning and supervising all onboard entertainment, such as shows, events, and activities.
We went on an around the world cruise recently and had an amazing cruise director. It looked like such a fun job, and they got to travel everywhere that we did (of course!).
Recommended reading: How To Get Paid To Travel The World (18 Realistic Ideas!)
36. Astronomer
Astronomy is a field that combines the excitement of exploring the cosmos with the satisfaction of solving complex problems. As an astronomer, you enter a world dedicated to understanding celestial phenomena and the principles of the universe.
Usually, a Ph.D. in astronomy or a closely related field is needed to conduct independent research or work at a university. However, with a bachelor’s or master’s degree, you might find opportunities at planetariums, observatories, or assisting with research.
37. Netflix tagger
If you’re seeking a fun yet rewarding job, becoming a Netflix tagger could be an interesting option. In this job, you watch Netflix content and assign specific labels to shows and movies, influencing the platform’s recommendation algorithm.
To get started, you will need to apply through the Netflix jobs portal, where available positions are listed. Experience in film and media studies, while not mandatory, can give you an advantage.
Recommended reading: 7 Best Ways To Get Paid To Watch Netflix
37. Geologist
Geologists explore and study the earth’s composition, processes, and history.
Their job can lead to finding valuable resources like minerals, oil, and gas, and they also have an important part in environmental conservation and predicting natural disasters.
38. Dog walker
If you love pets, then this is the fun paying job for you!
Dog walkers do exactly that – walk dogs while their owners are busy, such as at work or on vacation. If you like dogs, then this can be a fun way to spend time with animals and get paid for it.
To become a sought-after dog walker, you should be reliable, good with animals, and you should have excellent customer service skills to build connections with clients. Dog walking allows you to enjoy the fresh air, bond with different dogs, and make money doing something you love.
Recommended reading: 7 Best Dog Walking Apps To Make Extra Money
39. Ethical hacker
Ethical hackers think and operate like malicious hackers but with a specific goal: identifying and fixing security vulnerabilities before they can be exploited.
They act as safeguards, testing and securing systems to prevent potential breaches for companies.
This job involves a lot of problem-solving skills, as you are looking for possible security problems.
40. Travel agent
If you like planning trips, then becoming a travel agent may be a great way to have a fun high-paying job.
Travel agents craft and sell travel experiences. They help advise clients on different travel destinations and arrange transportation, hotels, tours, and more. It’s a job that not only pays well but allows you to help others travel.
You may help people plan their honeymoon, a trip to Disney World, an around-the-world cruise, and so much more. There are travel planners for every kind of trip that you can think of.
Your knowledge and skill in handling the challenges of travel planning make you a very important help to travelers who want their experiences to be stress free.
The average annual salary can vary by a lot, and this can be either a part-time or full-time job. There is a lot of job growth too, as more and more people are going on vacations!
41. Personal shopper
Personal shoppers give a shopping service for clients who either lack the time or the style to select their own stuff. As a personal shopper, your job may range from picking clothing to finding the perfect gift.
You may work at a high-end retail store, or you may be a freelance personal shopper – there are many jobs in this field!
42. Park ranger
Have you ever been to a beautiful place like Yosemite National Park and wondered what it would be like to work there?
Park rangers work in places like beautiful national parks and get to enjoy the scenery every single day. Their responsibilities include protecting and managing parks, wildlife, and historical sites and making sure that both the natural resources and the visitors exploring them are safe.
To become a park ranger, you usually need a combination of education in fields related to conservation, environmental science, or wildlife management, and relevant work experience.
Recommended reading: 15 Outdoor Jobs For People Who Love Being Outside
43. Tour guide
Being a tour guide gives you a chance to share your love for travel or history with others, all while making a living. You’ll get to be in different places like historical sites, museums, or outdoor adventures.
This can be a low-stress job with a big fun factor – as you get to explore places that you probably already love and are an expert at.
Recommended reading: How to Make Money as an Airbnb Experience Host
44. Yacht crew
Working on a yacht can be a thrilling job that mixes travel, adventure, and the chance to meet new people, along with the possibility of earning good money.
If you work on a yacht, your job could be as a captain, mechanic, server, cleaner, chef, and more. If you’re on a smaller boat, you might even handle all these tasks.
Jobs on a yacht or big sailing boat are usually hard work, but the perk is that you get to travel with most expenses covered, while also earning a high income.
45. Flight attendant
Being a flight attendant is important for making sure passengers are comfortable and safe. You’re like the friendly face of the airline during flights, taking care of different needs and keeping service standards high.
Plus, you get to enjoy the unique perk of discounted or free travel, which is a big perk of becoming a flight attendant.
Flight attendants can earn a good income, and the benefits are excellent. They usually make between $50,000 to over $100,000 a year. The training to become a flight attendant usually takes around 1 to 2 months.
Recommended reading: How To Become A Flight Attendant And Make $61,640 Each Year
46. Art therapist
Art therapists combine the creative process with psychological healing to provide a unique kind of mental health therapy. They conduct one-on-one or group therapy sessions, and being an art therapist can be very fulfilling as you help people discover their voice and heal through art.
Art therapists work at schools, psychiatric hospitals, veterans associations, and more. Usually, you need a master’s degree to enter this field.
They use art therapy to assist people in expressing their emotions, dealing with complex feelings, and enhancing self-awareness. Their job isn’t just about being artistic; it’s deeply connected to therapeutic practices that help a variety of clients.
Another job similar to this is becoming a music therapist.
Frequently Asked Questions
Below are answers to common questions about how to find fun jobs that pay well.
What is the most high-paying fun job?
The most high-paying fun job can vary based on your skills and interests. Some high-paying fun jobs include being a blogger, pilot, stunt person, and romance book author.
What are random jobs that pay well?
There are many unique jobs, such as a private island caretaker, yacht captain, or a voice-over artist.
Which is the most exciting and highest paying job in this world?
This will depend on who you ask! Maybe it’s being a pilot, a stunt person, an actor, or something else.
What are some fun jobs that pay six figures?
Some fun jobs that pay over $100,000 may include becoming a blogger, selling printables, photographer, architect, and more.
What are some low-stress fun jobs that pay well?
Jobs like a yoga instructor or a massage therapist can be low stress and fun, and they provide a good income, especially when experienced or working in more affluent areas.
What are some fun jobs that pay well without a degree?
You can pursue jobs such as a social media influencer, a real estate agent, or a personal trainer, which can pay well and be rewarding without requiring a traditional four-year degree.
Best Fun Jobs That Pay Well – Summary
I hope you enjoyed this article on the best fun jobs that pay well.
There are many fun careers that pay a part-time or full-time income.
Careers like voice acting, managing social media, and ethical hacking not only pay well but also let you have a good balance between work and life. The key is to know your talents and find the right fit in these exciting jobs.
I have been working a fun job for many years now, and I really really love it. It makes each day enjoyable and I actually look forward to work. I hope that you get to one day say the same as well.
What do you think are the best fun jobs that pay well?
Welcome to Summerlin, the epitome of tranquility and luxury living in the heart of Las Vegas.
With its meticulously designed neighborhoods and vast array of exclusive amenities, Summerlin truly embodies the perfect blend of opulence and serenity.
From exquisite gated communities to world-class golf courses and award-winning schools, every aspect of life in Summerlin is centered around providing the utmost comfort and convenience.
And people have started to take notice.
Summerlin has seen an influx of new residents in the past few years, fast becoming Nevada’s top-selling community.
In the first half of 2023 alone, an impressive total of 544 new homes were sold in the master-planned community, pushing it to rank #5 nationally in new home sales in a recent midyear report by national real estate consultant RCLCO.
Celebrities too have been flocking to the area, with A-listers like Mark Wahlberg ditching the glamorous L.A. lifestyle and buying homes in Summerlin, Nevada.
To get a better feel of the local real estate market, we’ve reached out to industry expert Cami Lincowski, a prominent luxury Las Vegas real estate agent and former star of HGTV’s Say Yes to the Nest.
Talking about the appeal of the area of its rise in popularity, Cami tells us that “Summerlin is not only thriving, but when you throw in the latest and greatest shopping & high-rated restaurants the valley has to offer; there’s no denying that this area ranks amongst the top cities to call home.”
So let’s take a closer look at what makes this Las Vegas Valley community such a great place to live.
The luxury lifestyle in Summerlin
Summerlin is synonymous with luxury.
This master-planned community boasts some of the most prestigious homes in Las Vegas, offering residents an unparalleled level of elegance and sophistication. From sprawling mansions to stylish townhouses, Summerlin has something to suit every taste and preference.
The meticulously designed neighborhoods of Summerlin showcase architectural excellence and attention to detail.
Gated communities like The Ridges, Tournament Hills, The Lakes, and Red Rock Country Club provide residents with a sense of exclusivity and security. Impeccably landscaped streets and manicured lawns add to the overall aesthetic appeal, creating a sense of grandeur at every turn.
More recently, The Summit Club has emerged as the pinnacle of luxury living in Summerlin. The 555-acre resort community south of The Ridges (and only 9 miles away from the Las Vegas strip) is the only fully private residential golf and lifestyle club community in all of Las Vegas.
In addition to the stunning homes, Summerlin offers a wealth of amenities that cater to the luxury lifestyle.
Residents have access to world-class golf courses, private country clubs, and state-of-the-art fitness centers. The community also boasts a wide range of recreational facilities, including tennis courts, swimming pools, and parks, ensuring that there is always something to do for those seeking an active lifestyle.
The real estate market in Summerlin
The real estate market in Summerlin is thriving, thanks to its reputation as one of the most desirable places to live in Las Vegas. But you do have to have deep pockets – or an outstanding credit score – to afford to buy here.
The demand for homes in Summerlin has been steadily increasing over the years, leading to a rise in property values. The community’s prime location, coupled with its exceptional amenities and quality of life, make it an attractive choice for both homebuyers and investors.
But despite being a top luxury home destination, Summerlin’s house prices can accommodate a wide range of budgets — and are considerably less prohibitive compared to those found in other top luxury markets on the West or East Coasts.
“Anyone can call Summerlin home,” luxury agent Cami Lincowski tells us. “With price ranges starting at $400k & tipping the scale at $15m+, this city is not just made of city lights, but all walks of life.”
The community offers a wide range of housing options, from single-family homes to luxury condominiums and townhouses.
Whether you are looking to buy a home or invest in real estate, Summerlin offers a wealth of opportunities. The community’s diverse housing options cater to a range of budgets and lifestyles, ensuring that there is something for everyone.
Celebrities that call it home
With the Mansion Tax adding fuel to the California exodus, many of the Golden State’s affluent residents started flocking to new luxury markets — with A-listers and famous individuals choosing to make Las Vegas their new primary residence.
Naturally, Summerlin emerged as a top choice.
Celebrities to have called Summerlin home include actor Mark Wahlberg (who sold his sprawling $55 million LA mansion to move here), Grammy Award-winning singer Celine Dion, who sold her freshly-built Summit Club house for a record $30 million, and several Golden Knights players.
NHL pro Max Pacioretty played only four seasons with the Vegas Golden Knights (2018-2022) but went all in when it came to making himself at home in Sin City. The Carolina Hurricanes left winger owned a 10,000+ sq. ft. home in The Ridges community, which he sold for top dollar last year.
Pacioretty’s spectacular estate “netted” a cool $11 million, a record for the high-end The Ridges community.
Rob Roy, the CEO, founder, and chairman of Switch Communications Group, also paid $33 million for 5 acres to build a luxury estate in the same Summerlin resort community.
And while Wahlberg recently sold one of his Summerlin homes for $16.6 million one year after buying it, he made it clear he loves living here and has no plans of leaving the Las Vegas community. He’s just waiting for his other mansion to be completed.
Top neighborhoods in Summerlin
Summerlin is home to a number of top-notch neighborhoods, each with its own unique charm and character. Here are some of the most sought-after areas in the community:
#1 The Ridges
Located at the base of the Red Rock Canyon, The Ridges is an exclusive gated community known for its luxurious homes and breathtaking views. With its private golf course and world-class amenities, it is one of the most coveted neighborhoods in Summerlin.
#2 Tournament Hills
Situated around the TPC at Summerlin Golf Course, Tournament Hills offers residents the opportunity to live near one of the best golf courses in Las Vegas. The neighborhood features a mix of custom-built homes and luxury estates, providing a premium living experience.
#3 The Gardens
Nestled among lush green landscapes and scenic walking trails, The Gardens is a peaceful and picturesque neighborhood in Summerlin. With its tree-lined streets and well-maintained parks, it offers residents a serene and idyllic setting.
Tranquility and natural beauty
One of the most remarkable aspects of Summerlin is its breathtaking natural beauty.
Nestled against the majestic Red Rock Canyon, the community offers stunning views of the surrounding desert landscape. The vibrant hues of red and orange against the clear blue sky create a picturesque backdrop that is hard to find elsewhere in Las Vegas.
Summerlin is a nature lover’s paradise, with over 150 parks and more than 150 miles of trails to explore. Whether you enjoy hiking, biking, or simply taking a leisurely stroll, there is a trail for every skill level. The community is also home to numerous lakes and ponds, perfect for fishing or enjoying a peaceful picnic by the water.
For those seeking a more tranquil experience, Summerlin offers an abundance of peaceful retreats. The community’s botanical gardens and meditation centers provide a serene environment for relaxation and introspection. Escape the hustle and bustle of city life and immerse yourself in the tranquility that this community has to offer.
Amenities and recreational activities
Summerlin is not just a place to live; it is a lifestyle.
The community offers an impressive array of amenities and recreational activities that cater to residents of all ages. From world-class golf courses to community centers and sports facilities, there is something for everyone.
Golf enthusiasts will be delighted by the exceptional courses that Summerlin has to offer.
The TPC at Summerlin is a championship golf course designed by renowned architect Bobby Weed. With its challenging fairways and breathtaking views, it is a favorite among golfers of all skill levels. The community is also home to the Red Rock Country Club, which features two Arnold Palmer-designed courses and a host of other amenities.
In addition to golf, Summerlin offers a wide range of recreational activities. The community’s numerous parks and trails provide ample opportunities for outdoor enthusiasts to stay active.
Tennis courts, basketball courts, and soccer fields are available for those who enjoy team sports. And for those who prefer indoor activities, the community’s state-of-the-art fitness centers and swimming pools provide plenty of options.
Schools and education options
Summerlin is not only known for its luxury homes and amenities; it is also home to some of the best schools in Las Vegas. The community offers a wide range of educational options, from top-rated public schools to prestigious private institutions.
The Clark County School District serves the majority of students in Summerlin, offering a comprehensive curriculum and a strong emphasis on academic excellence. The district’s schools consistently rank among the best in the state, providing students with a quality education that prepares them for future success.
For those seeking a private education, Summerlin is home to several esteemed institutions.
The Alexander Dawson School is a renowned independent school that offers a challenging and well-rounded education. The Meadows School, another prestigious private institution, is known for its rigorous academic program and strong college preparatory curriculum.
When it comes to shopping and dining, Summerlin has it all. The community is home to The Shops at Summerlin, a premier shopping destination that offers a wide range of retail and dining options.
From high-end fashion boutiques to popular chain stores, there is something for every shopper.
Food enthusiasts will also be delighted by the diverse culinary scene in Summerlin. The community boasts a wide range of restaurants, offering everything from casual dining to fine dining experiences. Whether you are craving sushi, steak, or Italian cuisine, you will find it all in Summerlin.
Summerlin’s proximity to the Las Vegas Strip
One of the unique aspects of living in Summerlin is its close proximity to the Las Vegas Strip. While the community offers a peaceful and serene environment, the bustling energy of the Strip is just a short drive away.
Residents can easily access all the excitement that Las Vegas has to offer, from world-class entertainment and nightlife to renowned restaurants and shopping.
The convenience of being near the Strip allows residents of Summerlin to enjoy the best of both worlds. They can retreat to the tranquility of their luxurious homes after a night out on the town, providing the perfect balance between opulence and excitement.
Why Summerlin is the ideal place to live in Las Vegas
To sum things up, Summerlin is a community that embodies the perfect blend of luxury and tranquility. Its meticulously designed neighborhoods, breathtaking natural beauty, and array of exclusive amenities make it an ideal place to live in Las Vegas.
Whether you are seeking a luxurious retreat or a place to call home, Summerlin offers a lifestyle unlike any other. From world-class golf courses to award-winning schools and gourmet dining, every aspect of life in Summerlin is centered around providing the utmost comfort and convenience.
Escape the hustle and bustle of the Strip and immerse yourself in the beauty and serenity of Summerlin.
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New Home Sales, Inventory, Pricing. All Good News for Builders and Buyers
New home sales finished 2023 on a positive note, posting seasonally adjusted numbers higher than in both November and the prior December. The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed homes during the month were at an annual rate of 664,000 units. Further, the November rate was adjusted from 590,000 to 615,000 units. The December estimate is 8.0 percent above the revised November estimate and a 4.4 percent improvement over the pace in December 2022. Analysts polled by Econoday had a consensus forecast of 650,000.
New home prices slipped slightly from a year earlier. The median price of a home sold in December 2023 was $413,200 compared to $432,100 in December 2023. The average price fell from $495,600 to $487,300.
On an unadjusted basis, sales last month were estimated at 50,000 units, up from 42,000 in November. For the entirety of 2023, sales totaled 668,000 units, a 4.2 percent increase over the 2022 sales of 641,000.
At the end of the reporting period, an estimated 453,000 new homes were available for purchase, projected to be an 8.2-month supply at the current sales pace. This is nearly identical to the assumed inventory in December 2022.
December was a strong month in the Northeast. Sales increased 32.0 percent from November, although it was also the only region coming in lower (they were down 2.9 percent) on an annual basis. In the Midwest, sales were up 9.2 percent and 6.0 percent over the previous two sales periods and the South posted increases of 10.6 percent and 3.7 percent, respectively. Sales in the West eked out gains of 0.9 percent month-over-month and 0.4 percent on an annual basis.
Last month, DataDigest explored market experts’ expectations for 2024, with the consensus calling for a moderately better housing market than 2023.
But a meeting of the Federal Open Market Committee the following week set off a market frenzy over expectations of interest rate cuts, moving mortgage rates down well ahead of experts’ forecasts and prompting a subsequent DataDigest that asked whether the picture for 2024 had changed.
On Jan. 18, Fannie Mae weighed in: yes.
Fannie Mae’s latest monthly forecast for the housing market predicts much lower mortgage rates than its December forecast — and thus more home sales and mortgage originations.
Mortgage rates, which dropped precipitously the week of the FOMC meeting, are key to Fannie Mae’s rosier view of the road ahead in 2024. Fannie Mae’s quarterly rate forecasts this month were far lower than last month’s and were its lowest forecasts in at least six months.
“Following the Fed ‘pivot’ in December, an anticipation of more dovish policy, and the recent decline in interest rates, our mortgage rate forecast has been revised meaningfully lower this month,” Fannie Mae wrote in its forecast release.
Mortgage rates have hovered around 6.7% — Fannie Mae’s December forecast for 2024’s average — since mid-December, and the company’s forecast for 2024’s average is now 6.1% with rates dropping below 6% by year end. This should prompt a “gradual recovery” in home sales and single-family mortgage origination, according to Fannie Mae Senior Vice President and Chief Economist Doug Duncan.
“Inflation’s decline and the resultant Fed pivot to signaling future rate cuts lead us to believe that home sales and mortgage originations likely bottomed out in the second half of 2023 and that a gradual improvement is now underway,” he said in a statement.
“We expect mortgage rates to dip below 6 percent by year-end 2024 and for homebuilders to continue to add new supply, both of which should aid affordability. Additionally, the decline in mortgage rates is likely to push refinancing volumes upward, along with some pickup in purchase financing.”
The company’s quarterly forecasts for existing and new homes are up significantly from its forecasts from recent months.
Its forecasts for single-family purchase and refinance originations are also above its recent forecasts, although not as dramatically higher as with home sales.
Although Fannie Mae’s outlook for 2024 is up, Duncan warned against getting too carried away.
“However, even at less than 6 percent, we think rates will still have a significant way to go in order to meaningfully reduce the ‘lock-in effect’ experienced by homeowners who refinanced or bought during the pandemic,” he said.
Traders disagree
The yield on 10-year U.S. Treasury notes — a major factor in setting mortgage rates — opened December at 4.2%. On the heels of mid-month FOMC meeting, the rate fell to a low of 3.8% on Dec. 27.
That drop has been completely erased already in 2024, with the latest rate above 4.1%.
The steep rebound was fueled in part by comments Federal Reserve Governor Christopher Waller made at a virtual event hosted by the Brookings Institution on Jan. 16. Waller said rates should be cut “methodically and carefully” and added, “I see no reason to move as quickly or cut as rapidly as in the past.”
Equity traders, too, have been skittish regarding interest-rate-sensitive stocks — the same stocks that fueled a late December stock market rally. Traders sold off stocks of real estate investment trusts and speculative tech companies last week, but share prices have rebounded so far this week.
The pullbacks signal bond and equity traders are becoming less optimistic about a March rate cut. We’ll have to wait until February’s forecast to see if Fannie Mae’s optimism holds or if traders’ skepticism spreads.
While the economy continues to expand and added 2.7 million jobs in 2023, signs point to a normalization in the labor market as job growth is expected to moderate in 2024. MORE
While mortgage rates have moved sideways since mid-December, housing continues to be impacted by higher mortgage rates with total home sales on track to be the lowest since 2012. MORE
Facing higher borrowing costs, borrowers are paying more discount points to buy down their mortgage rate, but they may not be getting the benefit. MORE
Recent developments
U.S. economy: According to the latest estimate of U.S. economic growth for Q3 2023, the economy grew at a seasonally adjusted annualized rate (SAAR) of 4.9%, slightly slower than the second estimate but still the fastest since Q4 2021— and among the fastest growth in the last 20 years. Consumption spending growth was revised down from a SAAR of 3.6% in the second estimate to 3.1% in the final estimate. This was mainly led by a decline in spending on services but remained the largest contributor to growth at 2.1 percentage points. After nine consecutive quarters of negative growth, residential investment growth came in much stronger than the initial estimates at a SAAR of 6.7%.
The labor market remained much stronger than expected in 2023 and defied expectations of a slowdown. The economy added 216,000 jobs in December, bringing the total jobs added in 2023 to 2.7 million.1 While total jobs added in 2023 was lower than the historical highs of 2021 and 2022, job growth was still remarkable given the high interest rate environment the economy faced. The unemployment rate remained unchanged in December at 3.7% compared to November 2023, but moved up 0.3 percentage points over the year.
While job growth remained significant over the year, some indications of a softer labor market are starting to creep in. The labor force participation rate as well as employment to population ratio decreased 0.3 percentage points over the month to 62.5% and 60.1% respectively. Downward revisions to October and November job growth meant the 3-month average job gain in the fourth quarter of 2023 was the lowest since the third quarter of 2019, if we exclude the 2020 recession. However, the torrid pace of job growth was unlikely to be sustained and employment growth is approaching levels consistent with a balanced labor market. Heading into 2024, we might see a moderation in job growth, which would be more consistent with long-run growth in the U.S. labor force. Job openings edged down slightly to 8.8 million in November 2023, according to the Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Survey. The ratio of job openings to unemployed, a metric that the Federal Reserve has been tracking to gauge the strength of the labor market, declined from a high of around 1.8 in January 2023 to 1.4 in November.
Inflation continues to trend towards the Federal Reserve’s target rate of 2%. The preferred measure of inflation of the Federal Reserve, the Core Personal Consumption Expenditure (PCE) measure increased at a rate of 3.2% year over year, the smallest annual increase since May 2021.2 While inflation has been moderating as the labor market normalizes, a reacceleration of home prices along with still high average hourly earnings growth at 4.1% year over year, could mean that getting to the 2% target might take longer than expected.
U.S. housing market: The housing market felt the impact of higher rates in 2023 with total annual home sales on track to be the lowest since 2012. Total (existing and new) home sales reached 4.4 million units in November 2023, down 1.2% as compared to October 2023 and 6.2% below November 2022. Total home sales averaged around 4.8 million from January through November 2023. Existing home sales were at 3.8 million as of November 2023 and averaged 4.1 million through November 2023.3 The existing housing inventory grew 15.3% year to date in November but the level of inventory (1.1 million homes available for sale in November) remains extremely low by historical standards.4 The rate-lock effect, which was the main driver of the lack of existing inventory, continued to push buyers towards the new home market. The number of new homes available for sale increased 2.7% year-to-date and was up 2.5% from the previous month. Overall, the sales of new homes averaged 666,000 in 2023 as compared to 637,000 in 2022.5
Falling interest rates have spurred the confidence of both potential homebuyers as well as the homebuilders. The Housing Market Index, which had decreased since August increased in December 2023. While existing home sales increased in November, pending home sales for November were still weak and saw a 5.2% decrease from the previous year. The FHFA Purchase-Only Home Price Index indicated that as of October of 2023, home prices rose 6.1% year to date, and as more home buyers enter the market amidst the lack of inventory, the pressure on prices could increase further.
U.S. mortgage market: Mortgage rates were on an upward trajectory for most of 2023, reaching 23-year highs in October. However, since the last week of October, rates have been declining mainly on the expectation of rate cuts by the Federal Reserve along with easing inflationary pressures. The average 30-year fixed-rate mortgage, as measured by Freddie Mac’s Primary Mortgage Market Survey® (PMMS®), fell almost one percentage point from the last week in October through mid-December. Despite the decline in recent weeks, mortgage rates are 13 basis points higher than they were at the beginning of the year. Mortgage activity also declined with purchase applications down almost 12% in 2023 and total applications down 7% even as refinance applications increased 15% over the year.6
Tighter financial conditions and higher overall interest rates are starting to impact mortgage delinquency rates. Total mortgage delinquency rates were up 0.25 percentage points from 3.37% in Q2 2023 to 3.62% in Q3 2023 according to the MBA’s National Delinquency Survey. The delinquency rate on conventional mortgages increased from 2.29% to 2.5% in Q3 2023 while the delinquency rate of VA loans was up from 3.7% to 3.76% over the same period. The largest increase was in the delinquency rate of FHA loans which increased 0.55 percentage points from 8.95% in Q2 to 9.5% in Q3. Interestingly, serious delinquency rates (90+ DQs) went down across the board between Q2 and Q3. Foreclosure starts increased from 0.13% in Q2 to 0.19% in Q3 2023 but remain low compared to its historical average.
Outlook
The U.S. economy exhibited tremendous resilience last year on strong consumer spending. We expect economic growth to slow this year as consumer spending starts to fade. Under our baseline scenario, with a slowing economy, the unemployment rate will see a modest uptick, and inflation will continue to moderate.
With inflation remaining above the Federal Reserve’s target rate of 2%, we do not expect the Federal Reserve to start cutting the federal fund rates immediately. However, it will continue to pause on interest rate hikes. We expect rate cuts in the second half of the year if the job market cools off enough to keep inflation muted. Under this scenario, we expect mortgage rates to ease throughout the year while remaining in the 6% range.
Falling rates will breathe some life into the housing market with some recovery in home sales. However, home sales are expected to grow only modestly due to a lack of inventory in the market. The demand for housing, however, will remain high based on a large share of Millennial first-time homebuyers looking to buy homes, which will push home prices up. We forecast home prices to increase 2.8% in 2024 and 2.0% in 2025 nationally.
Under our baseline scenario, we expect increases in both purchase and refinance volumes this year and into 2025. On purchase originations, higher home sales and growth in home prices will drive the dollar volumes of purchase originations up. However, we do not expect purchase origination volumes to reach the levels seen in 2021 and 2022 as lack of inventory will limit home sales. The drop in mortgage rates will push refinance originations up, as buyers who obtained higher interest rates in 2023 will likely refinance into lower rates. However, rates remaining around the 6% range will not provide enough refinance incentives to millions of homeowners who currently have rates below 6%. And therefore, we expect refinance volume to grow only modestly this year. Overall, we forecast total origination volumes to improve this year and into the next.
January 2024 SPOTLIGHT:
Declining affordability led borrowers to pay more discount points to buy down rates, but our research suggests it may not be worth it
Mortgage rates, as measured by Freddie Mac’s PMMS®, increased significantly in 2023 compared to the record lows of the past few years. On October 26, 2023, the average 30-year fixed-rate mortgage stood at 7.79%, a 23-year high. Since then, mortgage rates have moderated, but remain high by recent historical standards. These higher mortgage rates led many borrowers to make the decision to pay points in order to lower the rate when purchasing a house or refinancing an existing mortgage. During the low interest rate environment, few borrowers opted to pay discount points when obtaining a mortgage, but as rates started creeping up in the early 2022, we saw more borrowers paying discount points to lower their rate.
Using Freddie Mac closing data, we examined how often borrowers pay discount points and how many points they pay. For this analysis, the points we are focusing on are for permanent interest rate reductions throughout the life of the loan.7 To that end, we looked at a borrower profile that roughly matches our PMMS® population: mortgage for a home purchase or refinance of a one-unit, single-family owner-occupied property with a fully amortizing 30-year fixed-rate mortgage. We further restricted our sample to borrowers with conforming loans, and with credit scores 740 or above and a loan-to-value (LTV) ratio between 75 and 80 (inclusive).
We found that the share of borrowers who paid discount points increased in 2023 (Exhibit 1). For example, about 58.8% of purchase mortgage borrowers paid discount points in 2023, compared to 31.3% and 53.6% of purchase borrowers in 2021 and 2022 respectively. The share paying discount points was higher for noncash- out and cash-out refinance borrowers, 59.9% and 82.4%, respectively. Also, conditional on paying points, refinance borrowers tended to pay much higher points: 0.99 points for purchase borrowers compared to 1.16 and 1.76 points for non-cash-out and cash-out refinance borrowers, respectively.
It is interesting to note, however, that the interest rate differential between borrowers who pay discount points and those who do not pay discount points is very small. Through November 2023, the average effective rate on purchase loans for borrowers who did not pay discount points was 6.69% versus 6.86% for those who did pay points. This result seems to suggest that paying discount points may not be worth it from the consumers’ point of view. Indeed, some academic research8 has shown that in many circumstances paying discount points can be a poor financial decision. However, while our tabulation shows that borrowers who do not pay points generally receive lower mortgage rates compared to similar borrowers who do pay points, we do not control completely for borrower observed and unobserved attributes. Therefore, we cannot say with certainty that for any particular borrower, the relationship between discount points paid and interest rate is negative.9
Exhibit 2 compares the quarterly average discount points paid by Freddie Mac borrowers (home purchase, owner occupied, one-unit properties). From 2018 through 2021, borrowers that matched the PMMS® profile, (borrowers with origination LTV between 75 and 80 and FICO score 740 or higher) paid about the same average amount of points compared to all purchase borrowers. Starting in 2022 and continuing through 2023, higher credit quality borrowers tended to pay fewer points compared to all borrowers. In 2023, borrowers that matched the PMMS® profile paid on average about 0.06 less points or about 10% less compared to all purchase borrowers.
Prime borrowers who pay discount points on average have higher incomes and are obtaining higher loan balances when purchasing a home compared to borrowers who do not pay points. For example, in 2023 the average loan amount for purchase loans with points paid at origination was $360,000, compared with an average loan amount of $370,000 for mortgages where the borrowers did not pay points. In 2023, the average annual income of a “no discount points” borrower was $148,000, higher than the $140,000 average annual income for borrowers who paid points.
Our analysis on the closing files data shows that there is a difference in borrower behavior across the U.S. when it comes to paying discount points and origination fees. For example, in 2023 over 70% of prime purchase borrowers in HI, NM, WV, OR, WA, and DE paid discount points when closing on their mortgage while less than 50% of borrowers paid discount points in VT, IA, MA, IL, NE, ND, and WI. Exhibit 3 below shows the breakdown by state in 2023.
Our analysis shows that mortgage borrowers in 2023 were more willing to pay discount points than in previous years, and that the likelihood of paying points was greater for lower credit quality borrowers compared to the high-quality mortgage borrowers captured in our PMMS® profile population. We also saw that borrowers in the Midwest were less likely to pay points compared to borrowers in the Pacific and Mountain West. If interest rates stabilize in 2024, it will be interesting to observe whether borrowers opt to pay fewer points, or if the recent uptick in paying discount points is a more permanent shift in the mortgage market.
Footnotes
1 Non-Farm Employment, Bureau of Labor Statistics
2 BEA
3 National Association of Realtors (NAR)
4 From January 1999 through December 2019 the average number of existing homes available for sale averaged 2.2 million, about double the number of homes available for sale in November 2023.
5 U.S. Census Bureau and U.S. Department of Housing and Urban Development
6 Mortgage Bankers Association (MBA)
7 For an analysis of temporary buydowns see our previous Research Brief: https://www.freddiemac.com/research/insight/20230731-temporary-mortgage-rate-buydown-activity-spiked-in.
8 See for example: Agarwal, S., Ben-David, I. and Yao, V., 2017. Systematic mistakes in the mortgage market and lack of financial sophistication. Journal of Financial Economics, 123(1), pp. 42-58.
9 For a more detailed analysis see: Mota, N., Palim, M. and Woodward, S., 2022. Mortgages are still confusing… and it matters—How borrower attributes and mortgage shopping behavior impact costs. Fannie Mae Working Paper. https://www.fanniemae.com/media/45841/display
Fannie Mae has a rosy outlook for mortgage rates. The government sponsored enterprise is projecting that rates will drop below 6% by the end of 2024, which in turn will boost refi volumes and help thaw the existing home sales market.
Following years of volatility in mortgage rates, the housing market will begin its gradual return to a more normal balance in 2024.
Fannie Mae’s economic and strategic research (ESR) group expects home sales and mortgage origination activity to begin a gradual recovery in the presence of a slow-growing economy.
“Inflation’s decline and the resultant Fed pivot to signaling future rate cuts rates lead us to believe that home sales and mortgage originations likely bottomed out in the second half of 2023 and that a gradual improvement is now underway. We expect mortgage rates to dip below 6% by year-end 2024 and for homebuilders to continue to add new supply, both of which should aid affordability,” said Doug Duncan, Fannie Mae’s senior vice president and chief economist.
The ESR group expects the annualized pace of existing home sales to move up to 4.5 million units by the fourth quarter of 2024, up from 3.8 million in Q4 2023.
Overall, Fannie Mae expects that the slowly normalizing existing homes market, as well as additional housing supply from the construction of new homes, will help keep further home price growth in check in 2024.
Home prices are now expected to rise 3.2% over the year, compared to 7.1% in 2023.
Origination volume forecast for 2024
Fannie Mae forecasts the total single-family mortgage originations volume to be $1.98 trillion in 2024 and $2.44 trillion in 2025, up from $1.50 trillion in 2023.
Of the total $1.98 trillion origination volume in 2024, $1.5 trillion is projected to come from purchase origination volume, a 19% increase from $1.3 trillion in 2023.
Refinance mortgage origination volume will remain subdued as about 90% of outstanding Fannie Mae single-family conventional 30-year fixed rate mortgage loans currently have a note rate below 6%.
“So, while many recent borrowers from 2023 will begin to face meaningful benefits by refinancing, a strong refinance wave driven by rate-term borrowers is not expected in 2024. Even as rates moderate, we expect continued interest in cash-out refinancing relative to past periods, especially given heightened levels of aggregate homeowner equity available following the home price gains of the last few years,” the ESR group said.
Economic backdrop looks more positive
Another good news is that Fannie Mae removed its explicit call for a recession in 2024 and replaced it with an expectation of “below-trend growth.”
While Fannie Mae had forecast a modest downturn in 2024 up until last year, the ESR Group noted the rapid recent easing in financial conditions following the Federal Reserve’s December meeting and the solid, upward trend in real personal income growth in October and November as positive impulses for growth over the coming quarters.
As a result, Fannie Mae upgraded its 2024 economic outlook to a modest expansion of 1.1% from a 0.3% Q4/Q4 contraction of real gross domestic product (GDP).
Still, the ESR group believes the economy remains at a higher-than-normal risk for a recession in 2024.
Mixed labor market signals, recent rise in shipping rates due to attacks on container vessels in the Red Sea and easing of monetary policy opening doors for inflation to possibly reanimate are among the factors that Fannie Mae listed as risks for a recession.
“Our baseline forecast continues to show inflation trending toward the Fed’s 2% target over the course of the year, but risks to the outlook remain,” said the ESR group.
“The best news is for buyers who will see more options to choose from, increased negotiating power and reduced time pressure.”
Fran Lisner Real estate agent at Daniel Gale Sotheby’s
For most of 2023, the housing market was stuck in neutral. Rising mortgage rates weighed on both supply and demand, causing home sales to plummet.
And for a while, it seemed like mortgage rates could climb indefinitely. But mortgage rates started to reverse course in November, and suddenly, the outlook for the 2024 housing market was striking a more positive tone.
While lower mortgage rates won’t entirely crack the ceiling of what’s still a historically unaffordable housing market, 2024 is expected to be more balanced, with the potential for higher inventory and slightly lower home prices, according to Fran Lisner, real estate agent with Daniel Gale Sotheby’s. “The best news is for buyers who will see more options to choose from, increased negotiating power and reduced time pressure,” Lisner said.
As we kick off the year, prospective homebuyers are wondering what’s in store for them. We talked to several experts about their housing market predictions and top tips for today’s homebuyers. Here’s what they had to say.
Read more: Mortgage Predictions: Could 2024 Be a Better Year for Homebuyers?
10 expert tips for buying a home in 2024
While experts are cautiously optimistic about the direction of the housing market in 2024, buying a home (especially if it’s your first time) is rarely a pain-free process. From tracking market conditions to the actual process of getting a mortgage, there are a lot of moving parts.
1. Follow what housing market experts are saying
Housing market trends are dynamic and, oftentimes, hard to understand, especially when it comes to all the factors that affect mortgage rates (the list is longer than you think).
That’s why housing market experts and economists are constantly tracking economic data to better understand where things are headed. Keeping an eye on what those experts are saying, whether by reading newsletters or listening to podcasts, can help you become a more informed buyer without getting too deep into the macroeconomic weeds.
Here are some of the podcasts I listen to that help me stay in the loop.
2. Monitor mortgage rates regularly
In 2023, mortgage rates kept climbing until they passed 8% in early fall. But soon after, rates started to trend down for the first time in months. As inflation slows and the Federal Reserve initiates interest rate cuts, experts predict mortgage rates will eventually reach 6% by the end of 2024.
“Rates are down over 1% since peaking in October, and with the Fed done with their rate hikes, we expect rates to keep falling for the next few months at least,” said Greg Heym, chief economist at Brown Harris Stevens.
But mortgage interest rates are volatile, making them difficult to predict. And while tracking mortgage rate movement isn’t the most exciting thing to do, there’s a reason experts recommend it: It can save you a lot of money and free up some room in your homebuying budget.
Your interest rate doesn’t only affect your monthly mortgage payments. It also affects the total interest you’ll pay over the course of your loan. Securing a lower rate from the beginning, even if by a few tenths of a percentage point, can save you tens of thousands of dollars over time.
Read more: Compare Current Mortgage Rates
3. Create a homebuying budget
If you haven’t already, start budgeting for your down payment and other costs associated with a home purchase, like closing costs.
The minimum down payment required by most lenders is 3% for conventional loans. But experts often recommend making a down payment closer to 20% of the property’s asking price. That way, you can take out a smaller loan and avoid having to pay private mortgage insurance.
Many lenders will approve you for a loan larger than what you need or can comfortably afford. But that means taking on more debt. “Shift from asking, ‘How much could I borrow?’ to ‘How much should I borrow?’” said Matt Vernon, head of consumer lending at Bank of America.
When creating a budget, you want to make sure you can cover your future monthly mortgage payments as well as any other debt you have, like student loans or credit card debt. At CNET, we recommend the 28/36 rule: Allocate no more than 28% of your pre-tax monthly income toward housing-related expenses and keep your total monthly household debt below 36% of your gross income.
CNET’s mortgage calculator can give you a good idea of what your future mortgage payments might look like based on a few specifics, like your credit score, projected down payment and interest rate.
Read more: How Much House Can I Afford?
4. Be flexible about location
Between 2020 and 2022, home prices saw double-digit growth. In 2023, the pace of growth slowed but prices were still up around 3% on an annual basis. Forecasts from Redfin and Realtor.com show home prices easing in the second half of 2024, but not dramatically — between 1% and 1.7%.
“I don’t predict many bargains out there because you don’t go from zero inventory to an overflow of available homes on the market, which is when you would see a substantial price drop,” said Dottie Herman, vice-chair at Douglas Elliman Real Estate. That means we won’t see any major home price declines in 2024, according to Herman.
But what real estate is doing on a national level might not reflect what’s happening in your neck of the woods. Home prices and housing supply vary by city and state, so it’s always worth looking at less expensive markets. In markets where inventory is especially tight, like New York, prices are expected to increase by 3% in 2024. Meanwhile, prices in the Austin, Texas, metro area are projected to fall by around 12%.
5. Get ahead of the competition
Many prospective buyers are sitting on the sidelines as they wait for mortgage rates to fall and affordability to improve. As mortgage rates inch lower over the course of 2024, experts expect that pent-up homebuying demand will lead to increased competition.
“If 2024 becomes a turnaround year for housing, my suggestion would be to get all of your financing straightened out and in shape, and then start looking right away before the weather changes and you are joined by competition,” said Herman. “That’s when bidding wars start, so you want to be ahead of them.”
Buying sooner rather than later, if you have the option, could grant you more negotiating power while the pace of home sales is still slow, according to Afifa Saburi, capital markets analyst at Veterans United Home Loans.
6. Consider new-home construction
Limited housing inventory is directly related to the lack of home sales: Because the majority of current homeowners have mortgage rates below 5%, they haven’t been eager to list their homes and give up their bargain interest rates for today’s higher rates.
While experts are split on how much the inventory of existing homes will increase in 2024, there is a silver lining: New construction. “Single-family construction has offered relief from scarce existing inventory conditions over the last year,” said Hannah Jones, senior economic research analyst at Realtor.com.
If supply is limited in your area, consider what new-home construction is (or will be) available this year. Buying a newly constructed home comes with a few benefits. For starters, a new home will be move-in ready and likely more energy-efficient than an older home.
Brand-new homes can often be more affordable. As a way to incentivize buyers, many home builders have been offering discounts and rate-buydowns — when you (or a seller) pay money upfront to a lender in exchange for a lower interest rate. Experts say those incentives will continue into 2024.
7. Interview multiple real estate agents
The right real estate agent can make a big difference in your homebuying journey. You want someone with good communication skills, connections and experience, but the most important thing is an agent with in-depth knowledge of your market who can help you develop the right approach, said Joseph Castillo of Compass Real Estate.
An agent familiar with your area can tell you how realistic your budget is or even point you to more affordable neighboring areas. Start by contacting several local real estate agents to discuss your needs and concerns before settling on one.
8. Explore your loan options
If cost continues to be a barrier, see if you qualify for government-backed loans or down payment assistance programs.
“While increased demand is pushing up home prices, there are loan options and grant programs for those who may be able to afford monthly mortgage payments but struggle with the upfront costs,” said Vernon.
FHA loans, VA loans and USDA loans tend to offer lower credit score and down payment requirements than conventional loans. States also provide different types of housing assistance, either through grants or interest-free loans. Check with your state or local housing authority, real estate agent or lender to find out what you may qualify for.
Read more: These 8 First-Time Homebuyer Programs Can Save You Money on Your Mortgage
9. Shop around for mortgage lenders
No matter what’s happening in the market, one step you should never skip is shopping around for mortgage lenders. Researching and comparing offers from multiple lenders will help you find someone aligned with your financial picture and save you a lot of money on your mortgage.
Mortgage interest rates and fees vary widely across lenders. That’s why experts recommend getting at least three loan estimate forms from different lenders to compare the cost of borrowing and potentially negotiate a lower mortgage rate or better loan terms.
10. Prepare to wait
If 2024 isn’t your year to buy a home, that’s OK. You can do plenty of things while you wait to put yourself in a better position when you’re ready to buy.
Improve your credit score. Your credit score is one of the main factors lenders consider when determining whether you qualify for a mortgage and at what interest rate. The minimum credit score for conventional loans is 620, but to qualify for the lowest rates, you’ll want to aim for closer to 740. Paying your credit cards on time (ideally, in full) and staying below your credit limit are great places to start.
Pay down debt. Lenders also take into account your debt-to-income ratio, or DTI. Paying down debt will lower your DTI, which means you’ll be able to borrow more — and at a better rate. As an added (and significant) bonus, it will also relieve a major financial burden and give you more room to save for long-term goals, like your down payment.
Save for a down payment. It can take a long time to save up enough cash for a down payment, but you can start small with weekly or monthly savings goals. Consider stowing your cash in a high-yield savings account or certificate of deposit (if you don’t plan to buy in the immediate future) to take advantage of compounding interest.
Is it worth buying a home in 2024?
Experts are optimistic that a combination of falling mortgage rates and slightly lower home prices will give homebuyers more options than last year. But a variety of other issues — like low inventory — are weighing on affordability. Ideally, the affordability crisis will ease and the housing market will stabilize, but that is unlikely to happen in just one year. Though 2024 might not seem like the best year to buy a house, the perfect time should be determined by your financial circumstances and long-term goals.
“Buyers often ask me if it’s the right time to make a purchase. It is, but only if you’re prepared,” said Castillo.