Heading into the spring buying market, there are strong trends starting to emerge. The inventory of homes for sale has increased on a year-over-year basis for eight months in a row. Home price appreciation has continued to grow, although at a slower rate. The homeownership rate has reached heights last seen in 2014, with millennials and Generation X leading the way! Let’s dive a little deeper into some of the recent reports that have been released and what they mean for the spring buying season! National … [Read more...]
How to Have a Unique Open House
According to the National Association of Realtors, total inventory has been growing for six months straight, as has the number of buyers looking to find their dream home. In a market where inventory is increasing, you want to stand out in the crowd! This quote from Grandscope puts it well: “You can differentiate from competition by WOWing or exciting customers, not just trying to compete on price.” What better way than to be creative with your Open House! Here are a few ideas for how to do this in … [Read more...]
The Housing Market Will “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 has been holding back the market. Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right. Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially in areas of the country impacted by arctic … [Read more...]
Home Prices Up 5.73% Across the Country! [INFOGRAPHIC]
Some Highlights: The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report. In the report, home prices are compared both regionally and by state. Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more! … [Read more...]
No Worries… Home Prices Coming in for a SOFT Landing
Home prices have appreciated considerably over the last five years. This has some concerned that we may be in for another dramatic correction. However, recent statistics suggest home values will not crash as they did a decade ago. Instead, this time they will come in for a soft landing. The previous housing market was fueled by an artificial demand created by mortgage standards that were far too lenient. When this demand was shut off, a flood of inventory came to market. This included heavily discounted distressed … [Read more...]
Interest Rates Hit New 12 Month Low!
According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven’t been seen since February 2018! Last week’s survey results reported an interest rate of 4.35%. This is a welcome change from the near 5% rates seen in mid-November. At 4.32%, the second week of February 2018 was the last time rates were this low. This can be seen in the chart below. Freddie Mac’s Chief Economist, Sam … [Read more...]
What are the Benefits of Becoming a Homeowner?
Every family has a list of important dates. We celebrate birthdays, anniversaries, pet adoptions…and the list goes on. For 64.4 percent of households in the United States, this list includes the day they became a homeowner for the first time! Why is this date important? Homeownership is not just a roof over your head! It represents shelter, stability, wealth, and pride! For decades, homeownership has been an important part of the American Dream! However, many question if the next generations see the same … [Read more...]
How Can I Increase My Family’s Net Worth?
Every three years, the Federal Reserve conducts their Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016. The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013). These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter. Owning a home is a … [Read more...]
3 Tips for Making Your Dream of Buying A Home Come True [INFOGRAPHIC]
Some Highlights: Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking too much about it. Living within a budget right now will help you save money for down payments while also paying down other debts that might be holding you back. What are you willing to cut back on to make your dreams of homeownership a reality? … [Read more...]
3 Reasons Why We Are Not Heading Toward Another Housing Crash
With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of twelve years ago. Here are three key metrics that will explain why: Home Prices Mortgage Standards Foreclosure Rates HOME PRICES A decade ago, home prices depreciated dramatically, losing about 29% of their value over a four-year period (2008-2011). Today, prices are not depreciating. The level of appreciation … [Read more...]
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