Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase. In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner. CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of … [Read more...]
Study Shows “Millennials Deserve More Credit”
When it comes to talking about millennials, there are many stereotypes out there that have influenced the way the public feels about the generation. Whether it’s the assumption that millennials are irresponsible with money and would rather buy avocado toast than save for a down payment, or that millennials jump from job to job, the majority of these stereotypes paint the generation in a negative light. A new study by Bank of America entitled Better Money Habits Millennial Report recently came to the defense … [Read more...]
2 Major Myths Holding Back Home Buyers
Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership,” which revealed that “eighty percent of consumers either are unaware of how much lenders require for a down payment or believe all lenders require a down payment above 5 percent.” Myth #1: “I Need a 20% Down Payment” Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report: “Consumers are often unaware of the option to take … [Read more...]
U.S. Housing Inventory Crunch Continues… List Your House Today!
Every winter, families across the country decide if this will be the year that they sell their current houses and move into their dream homes. Mortgage rates hovered around 4% for all of 2017 which forced many buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW! At the same time, however, inventory levels of homes for sale have dropped dramatically as compared to this time last year. Trulia reported that “in Q4 2017, U.S. home inventory decreased by 10.5%. That … [Read more...]
5 Reasons Millennials Choose to Buy [INFOGRAPHIC]
Some Highlights: “The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home.” The top reason millennials choose to buy is to have control over their living space, at 93%. Many millennials who rent a home or apartment prior to buying their own homes dream of the day when they will be able to paint the walls … [Read more...]
If You’re Considering Selling, ACT NOW!!
Definitely an aggressive headline. However, as the final data on the 2017 housing market rolls in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME! How did we finish 2017? New-home sales were at their highest level in a decade. Sales of previously owned homes were at their highest level in more than a decade. Starts of single-family homes were their strongest in a decade and applications to build such properties advanced to the fastest pace since August 2007. And … [Read more...]
Gap Between Homeowners & Appraisers Narrows to Lowest Mark in 2 Years
In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 4% or more over the next twelve months. One major challenge in such a market is the bank appraisal. When prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank. Every … [Read more...]
Why You Need a Professional on Your Team When Buying a Home
Many people wonder whether they should hire a real estate professional to assist them in buying their dream homes or if they should first try to go through the buying process on their own. In today’s market: you need an experienced professional! You Need an Expert Guide If You Are Traveling a Dangerous Path The field of real estate is loaded with landmines; you need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and is ready for you … [Read more...]
Buying A Home Is More Affordable Than Renting In 54% Of US Counties
According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.S. counties analyzed for the report.” For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage … [Read more...]
Where Did Americans Move in 2017? [INFOGRAPHIC]
Some Highlights: Atlas Van Lines recently released the results of their annual Migration Patterns Survey in which they tracked their customer’s movement from state-to-state over the course of 2017. Idaho held on to the top spot of ‘high inbound’ states for the 2nd year in a row followed by Washington. The ‘outbound’ states seem to draw a line straight across the country from Connecticut to Wyoming. … [Read more...]
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