There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either yours or your landlord’s.As The Joint Center for Housing Studies at Harvard University explains:“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down … [Read more...]
‘Old Millennials’ Are Diving Head-First into Homeownership [INFOGRAPHIC]
Some Highlights:‘Old Millennials’ are defined as 25-36 year olds according to the US Census Bureau.According to NAR’s latest Profile of Home Buyers & Sellers, the median age of all first-time home buyers is 31 years old.More and more ‘Old Millennials’ are realizing that homeownership is within their reach now! … [Read more...]
4 Stats That PROVE This Is NOT 2005 All over Again
Recent research by the National Association of Realtors (NAR) examined certain red flags that caused the housing crisis in 2005, and then compared them to today’s real estate market. Today, we want to concentrate on four of those red flags.Price to Rent RatioPrice to Income RatioMortgage TransactionsHouse FlippingAll four categories were outside historical norms in 2005. Home prices were way above normal ratios when compared to both rents and incomes at the time.NAR explained that mortgage transactions as a … [Read more...]
Real Life vs. Reality TV: 5 Myths Explained
Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV ‘show hole’*? We’ve all been there… watching entire seasons of “Love it or List it,” “Fixer Upper,” “House Hunters,” “Flip or Flop,” “Property Brothers,” and so many more, just in one sitting. When you’re in the middle of your real estate themed show marathon, you might start to think that everything you see on TV must … [Read more...]
How Do Rising Prices Impact Your Home Equity?
Yesterday, we shared the results of the latest Home Price Expectation Survey by Pulsenomics. One of the big takeaways from the survey is that over the next five years, home prices will appreciate 3.5% per year on average, and cumulatively will grow by around 18%.So what does this mean for homeowners and their equity position?For example, let’s assume a young couple purchased and closed on a $250,000 home in January of this year. If we only look at the projected increase in the price of that home, how much … [Read more...]
Where Are Home Prices Headed Over the Next 5 Years?
Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey.Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.The results of their latest survey:Home values will appreciate by … [Read more...]
What States Give You the Most ‘Bang for Your Buck’? [INFOGRAPHIC]
Some Highlights:Thinking of moving across the country? How far will your money take you?The majority of states in the Midwest and South offer a lower cost of living compared to Northeast and Western states.The ‘Biggest Bang for your Buck’ comes in Mississippi where, compared to the national average, you can actually purchase $115.34 worth of goods for $100. … [Read more...]
Luxury Home Sales & the Impact of the Stock Market
In a recent post, CoreLogic looked at the correlation between stocks and the sales of upper-end properties ($1 Million+ sales price). The report revealed: “The powerful ‘wealth effects’ generated by the rapid rise in equities between 2009 and 2015 drove a large rise in the sales of homes that sold for $1 million or more.Historically, sales of homes priced $1 million or more averaged 1.2 percent of all home sales. The spread between high-end sales and equities widened during the housing bubble … [Read more...]
Real Estate Values Today Compared to Pre-2008 Peak
This housing market has many people talking about home values; where they are and where they are headed. It’s also interesting to look back and see how home prices compare to values prior to the housing crisis.Every quarter, Freddie Mac releases their House Price Index. The index usually provides monthly home values for:the nation as a wholeeach of the 50 states367 metropolitan statistical areasThis quarter, the report also included a look at today’s home values as compared to Pre-2008 values. Here is a … [Read more...]
Home Sales Up in Every Price Range over $100K!
The National Association of Realtors’ most recent Existing Home Sales Report revealed that home sales were up rather dramatically over last year in five of the six price ranges they measure.Homes priced between $100-250K showed a modest increase at 3.4%. This not only points to the lower inventory of homes available for sale in this price range but also speaks to the overall strength of the housing market.Sales of homes over $250,000 increased by double digit percentages with sales in … [Read more...]
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