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...]
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...]
Foreclosure Rate Drops to Pre-Crisis Levels [INFOGRAPHIC]
Some Highlights:Only 2.9% of homes are in serious delinquency, down 17.1% from July 2015.This is the 57th consecutive month with a year-over-year decline.The national foreclosure rate has returned to August 2007 levels, at only 0.9%. … [Read more...]
5 Stats that Prove the Real Estate Market is Getting Stronger
Whenever there is talk about an improving housing market, some begin to show concern that we may be headed toward another housing bubble that will be followed by a crash similar to the one we saw last decade.Here are five data points that show the housing market will continue to recover, and that a new housing crisis is not about to take shape.1) Mortgage availability is increasing, but is nowhere near the levels we saw in 2004-2006.A buyer’s chances of being approved for a mortgage have increased over the … [Read more...]
76% Of US Homeowners Now Have at Least 20% Equity in Their Homes!
CoreLogic’s latest Equity Report revealed that 91.1% of all mortgaged properties are now in a positive equity situation, while 75.9% now have significant equity (defined as more than 20%)! The report also revealed that 548,000 households regained equity in the second quarter of 2016 and are no longer under water.Price Appreciation = Good News for HomeownersFrank Nothaft, CoreLogic’s Chief Economist, explains:“Home-value gains have played a large part in restoring home equity. … [Read more...]
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