If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.Ask yourself the following 3 questions to help determine if now is actually a good time for you to buy in today’s market.1. Why am I buying a home in the first place?This truly is the most important question to answer. Forget the finances for a minute. … [Read more...]
Mortgage Rates by Decade Compared to Today [INFOGRAPHIC]
Some Highlights:The interest rate you secure for your mortgage greatly influences your monthly housing costs.In the 1980s, 30-year fixed mortgage rates averaged in the high 12s making the monthly principal and interest payment over $2,000.Interest rates are still at historic lows; this is a great time lock in your housing cost and protect yourself from increasing rents, or refinance your current mortgage. … [Read more...]
Why We Need More Newly Constructed Homes
The number of new home sales is far off historic norms. The National Association of Realtors (NAR) just reported that the percentage of all house sales that were newly constructed homes has fallen to the lowest numbers in forty years. Here is a graph showing the percentages:This should come as no surprise as the number of new housing starts has fallen dramatically over the last several years:Bottom LineWe need more new construction for two reasons:It will relieve some of the pent-up buying demand that is causing … [Read more...]
Have You Put Aside Enough for Closing Costs?
There are many potential homebuyers, and even sellers, who believe that you need at least a 20% down payment in order to buy a home, or move on to their next home. Time after time, we have dispelled this myth by showing that there are many loan programs that allow you to put down as little as 3% (or 0% with a VA loan).If you have saved up your down payment and are ready to start your home search, one other piece of the puzzle is to make sure that you have saved enough for your closing costs.Freddie Mac defines … [Read more...]
Strong Buyer Demand Continues to Outpace Inventory of Homes for Sale
The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).Buyer DemandThe map below was created after asking the question: “How would your rate … [Read more...]
Think You Should FSBO? 5 Reasons to Think Again!
In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers.Here are the top five reasons:1. Exposure to Prospective BuyersRecent studies have shown that 88% of buyers search online for a home. That is in comparison to only 21% looking at print newspaper ads. Most real estate … [Read more...]
Lack of Existing Home Sales Inventory Impacting Sales [INFOGRAPHIC]
Some Highlights:Existing home inventory is down 10.1% from last year.A lack of inventory explains the modest increase in home sales (0.8% year-over-year) despite strong buyer demand.Existing home prices increased 5.1% year-over-year, which is directly related to the lack of inventory. … [Read more...]
Home Sales Expected to Increase Nicely in 2017
The National Association of Realtors, The Mortgage Bankers’ Association, Freddie Mac and Fannie Mae are all projecting that home sales will increase in 2017. Here is a chart showing what each entity is projecting in sales for this year and the next.As we can see, each is projecting sizable increases in home sales next year. If you have considered selling your house recently, now may be the time to put it on the market. … [Read more...]
Why We All Need A ‘Phil Dunphy’ On Our Side
Whether or not you’ve ever seen an episode of Modern Family, or know who Phil Dunphy’s character is, the concept of knowing that you have someone in your corner who is looking out for your best interests is something we all want.When it comes to buying a home, whether you are a rookie homebuyer or have gone through the process many times, having a local real estate expert who is well versed in the neighborhood you are looking to move into, and the trends of the area, should be your goal.For those who … [Read more...]
US Housing Market Moving Further into ‘Buy Territory’
According to the latest Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. housing market has continued to move deeper into buy territory, supporting the belief that housing markets across the country remain a sound investment.The BH&J Index is a quarterly report that attempts to answer the question:In today’s housing market, is it better to rent or buy a home?The index examines the entire US housing market and then isolates 23 major cities for comparison. The researchers … [Read more...]
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