Every homeowner hopes to accomplish five goals when selling their home: Sell it for the best price Sell it within a predetermined time Sell it with the least amount of hassles Close on the sale the same day they move into their new home The fifth reason is the most obvious and the most important: They want to make sure it sells. In order to dramatically increase the chances that the house sells, a homeowner should list with a real estate professional in their market. Why? Because agents have access to the vast … [Read more...]
Gap Between Homeowner’s & Appraiser’s Opinions Widen
In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. One major challenge in such a market is the bank appraisal. If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the price when performing the appraisal for the bank. Every month, Quicken Loans measures the disparity between what a homeowner believes their house is worth as compared to an … [Read more...]
What If I Wait Until Next Year To Buy A Home?
As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As either a first-time or repeat buyer, you must not be concerned only about price but also about the ‘long term cost’ of the home. Let us explain. There are many factors that influence the ‘cost’ of a home. Two of the major ones are the home’s appreciation over time, and the interest rate at which a buyer can borrow the funds necessary to purchase … [Read more...]
The Difference An Hour Makes This Spring [INFOGRAPHIC]
Some Highlights: Sunday, March 13th, we "Spring Forward" one hour for Daylight Savings Time (except for our friends in AZ). Every hour in the United States, 624 homes will sell and 118 homes will regain positive equity. The median home value will also increase each hour in the United States by $1.84. … [Read more...]
Yes, Home Prices Are Rising. No, a New Housing Bubble is NOT Forming
We recently reported that home prices are continuing to rise across most of the nation. This has created concern in some pundits that a housing bubble, like we saw ten years ago, is forming again. We want to explain why these concerns are unfounded. The current increase in home values can be easily explained by the theory of supply and demand. Right now, the number of families looking to purchase a home is greater than the supply of homes on the market. Here is a chart that explains how the months’ supply of … [Read more...]
Yes, Home Prices Are Rising. No, a New Housing Bubble is NOT Forming
We recently reported that home prices are continuing to rise across most of the nation. This has created concern in some pundits that a housing bubble, like we saw ten years ago, is forming again. We want to explain why these concerns are unfounded. The current increase in home values can be easily explained by the theory of supply and demand. Right now, the number of families looking to purchase a home is greater than the supply of homes on the market. Here is a chart that explains how the months’ supply of … [Read more...]
Housing Market To “Spring Forward” This Year
Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market. Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right. Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by … [Read more...]
Housing Market To “Spring Forward” This Year
Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market. Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right. Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by … [Read more...]
Study Again Finds Homeownership to be a Better Way of Producing Wealth
According to the latest Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index homeownership is a better way to produce greater wealth, on average, than renting. The BH&J Index is a quarterly report that attempts to answer the question: Is it better to rent or buy a home in today’s housing market? The index examines the entire US housing market and then isolates 23 major markets for comparison. The researchers use a “'horse race' comparison between an individual that is buying a home and an … [Read more...]
Study Again Finds Homeownership to be a Better Way of Producing Wealth
According to the latest Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index homeownership is a better way to produce greater wealth, on average, than renting. The BH&J Index is a quarterly report that attempts to answer the question: Is it better to rent or buy a home in today’s housing market? The index examines the entire US housing market and then isolates 23 major markets for comparison. The researchers use a “'horse race' comparison between an individual that is buying a home and an … [Read more...]
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