Some Highlights: After a surge in March, existing home sales and new home sales slowed due to a drop in inventory available for sale in the start-up and trade-up categories. Median existing home prices surged for the 62nd straight month, up 6.0% over last year to $244,800. New home prices slowed as builders have started to turn their focus toward single family, smaller homes. … [Read more...]
How’s the Real Estate Market? Find Out What the Experts Are Saying
As we head into summer, it is a great time to review how the 2017 real estate market is doing so far. Here is what the experts are saying: Doug Duncan, Fannie Mae Chief Economist “Positive demographic factors should continue to reshape the housing market, as rising employment and incomes appear to be positively influencing millennial homeownership rates.” Diana Olick, CNBC “Even as more homes come on the market for this traditionally popular sales season, they’re flying off fast, with … [Read more...]
5 Reasons to Hire a Real Estate Professional When Buying or Selling!
Whether you are buying or selling a home it can be quite an adventurous journey, which is why you need an experienced real estate professional to guide you on the path to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO. The 5 reasons you NEED a real estate professional in your corner haven’t changed, but have rather been strengthened by the projections of higher mortgage interest rates & home prices as the market … [Read more...]
Why Americans Consider Moving to Another State? [INFOGRAPHIC]
Some Highlights:In a recent Harris Poll, Americans listed "change in climate/weather" as their top reason for wanting to relocate.41% would move for a “better job opportunity.”Being closer to loved ones filled out 3 of the top 6 reasons why Americans move. … [Read more...]
Selling Your Home? Is Your Listing ‘Pet-Friendly’?
One of the many benefits of owning your own home is the freedom to find your ‘furever’ friend. By pointing out the aspects of your home that make it ‘pet-friendly’ in your listing, you’ll attract these buyers rather than alienate the 61% of American households that have a pet!If you are one of the many homeowners looking to list your home for sale, how do you stand out to the millions of pet parents searching for their dream homes?Whether a dog person, a cat person, or someone who … [Read more...]
3 Reasons the Housing Market is NOT in a Bubble
With housing prices appreciating at levels that far exceed historical norms, some are fearful that the market is heading for another bubble. To alleviate that fear, we just need to look back at the reasons that caused the bubble ten years ago.Last decade, demand for housing was artificially propped up because mortgage lending standards were way too lenient. People that were not qualified to purchase were able to attain a mortgage anyway. Prices began to skyrocket. This increase in demand caused homebuilders in many … [Read more...]
Inventory Shortages Are Slowing Down the Market
The real estate market is moving more and more into a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the summer, supply is not keeping up.Here are the thoughts of a few industry experts on … [Read more...]
Is the Current Pace of Home Sales Maintainable?
There are some experts questioning whether the current pace of residential home sales is maintainable. Are too many people buying homes like in 2004-2006? Are we headed for another housing crisis? Actually, if we look closely at the numbers, we can see that we are looking at a very healthy real estate market.Why the concern?Some are looking at the last four years of home sales and comparing them to the three years just prior to the housing bubble. Looking at the graph below, we can understand that thinking.However, … [Read more...]
Homes are Selling Fast Across the Country [INFOGRAPHIC]
Some Highlights:The National Association of REALTORS® surveyed their members for their monthly Confidence Index.The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.Homes sold in 60 days or less in 36 out of 50 states, and Washington D.C.Homes typically went under contract in 34 days in March! … [Read more...]
3 Charts That Shout, ‘List Your Home Today!’
In school, we all learned the theory of supply and demand. When the demand for an item is greater than the supply of that item, the price will surely rise.SUPPLYThe National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 3.8-month supply. This is considerably lower than the 6-month supply necessary for a normal market.DEMANDEvery month NAR reports on the number of buyers out in the market looking for homes, which is also known as buyer traffic. … [Read more...]
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