On his personal website, self-made millionaire David Bach makes a striking statement: “Not prioritizing homeownership is the single biggest mistake millennials are making.” He further stated, “Buying a home is an escalator to wealth.” Bach explains: “Young adults in particular aren’t hopping on this escalator, and it’s a costly mistake…If millennials don’t buy a home, their chances of actually having any wealth in this country are … [Read more...]
Existing Home Sales Point Toward a Good Time to Sell [INFOGRAPHIC]
Some Highlights: Existing Home Sales dropped 1.7% from May to a seasonally adjusted annual rate of 5.27 million in June. Low inventory levels are still a factor in the market. The current supply of homes for sale is at 4.4 months, which is less than the optimal 6-month supply. Median home prices were up 4.3% from June 2018, hitting $285,700. This marked the 88th consecutive month with year-over-year price gains. … [Read more...]
How to Judge the Impact of the Next Economic Slowdown on Housing
We’ve experienced economic growth for almost a decade, which is the longest recovery in the nation’s history. Experts know a recession can’t be too far off, but when will this economic slowdown actually occur? Pulsenomics just released a special report revealing that nearly 6 out of 10 of the 90 economists, investment strategists, and market analysts surveyed believe the next recession will occur by the end of next year. Here’s the breakdown: 9% believe a recession will occur this year 50% … [Read more...]
Why Now Is the Perfect Time to Sell Your House
As a homeowner, it’s always tempting to dream about the next big project you’re going to tackle. The possibilities are endless. Should I renovate? Should I refinance? Should I stay? Should I move? The list goes on and on. In today’s housing market, it’s actually a great time to shift your thoughts toward selling your house and moving up into the home of your dreams. Here’s why: Inventory is on the rise, but there’s still an overall shortage of houses for sale (less than a 6-month … [Read more...]
How to Increase Your Equity Over the Next 5 Years
Many of the questions currently surrounding the real estate industry focus on home prices and where they are heading. The most recent Home Price Expectation Survey (HPES) helps target these projected answers. Here are the results from the Q2 2019 Survey: Home values will appreciate by 4.1% in 2019 The average annual appreciation will be 3.2% over the next 5 years The cumulative appreciation will be 16.8% by 2023 Even experts representing the most “bearish” quartile of the survey project a cumulative … [Read more...]
3 Expert Insights On Inventory In The Current Market
The current housing landscape presents greater home values, low interest rates, and high buyer demand. All of these factors point to the strong market forecasted to continue throughout the rest of the year. There is, however, one thing that may cause the industry to tap the brakes: an overall lack of housing inventory. Buyer demand naturally increases during the summer months, but the current supply is not keeping up. Here is a look at what a few industry experts have to say: Lawrence Yun, Chief … [Read more...]
Home Prices Up 5.05% 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...]
3 Powerful Reasons to Buy a Home Now
Whether you are a first-time buyer or looking to move up to the home of your dreams, now is a great time to purchase a home. Here are three major reasons to buy today. 1. Affordability Many people focus solely on price when talking about home affordability. Since home prices have appreciated throughout the past year, they assume homes are less affordable. However, affordability is determined by three components: Price Wages Mortgage Interest Rate Prices are up, but so are wages – and interest rates have … [Read more...]
Mid-Year Housing Market Update: Three Things to Know Today
Shifting trends and industry-leading research are pointing toward some valuable projections about the status of the housing market for the rest of the year. If you’re thinking of buying or selling, or if you just want to know what experts are saying is on the horizon, here are the top three things to put on your radar as we head into the coming months: Home prices are appreciating at a more normal rate: Home prices have been appreciating for about ten years now. Experts at the Home Price Expectation Survey, … [Read more...]
What Experts are Saying About the Current Housing Market
We’re halfway through the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the experts predict for the second half of 2019. Here’s what some have to say: Danielle Hale, Chief Economist at realtor.com “Lower mortgage rates, higher wages and more homes for sale have helped counteract rising home prices, and ultimately, made it so that buyers are able to afford more than last year.” “Our outlook implies 4% growth for the … [Read more...]
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