In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal.If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the selling price when performing the appraisal for the bank.Every month, … [Read more...]
The Role Access Plays in Getting Your House SOLD!
So you’ve decided to sell your house. You’ve hired a real estate professional to help you with the entire process and they have asked you what level of access you want to provide to potential buyers.There are four elements to a quality listing. At the top of the list is Access, followed by Condition, Financing and Price. There are many levels of access that you could provide to your agent to be able to show your home.Here are five levels of access that you could give a buyer with a brief … [Read more...]
The Past, Present & Future of Home Prices
CoreLogic released their most current Home Price Index last week. In the report, they revealed home appreciation in three categories: percentage appreciation over the last year, over the last month and projected over the next twelve months.Here are state maps for each category: The Past – home appreciation over the last 12 monthsThe Present – home appreciation over the last monthThe Future – home appreciation projected over the next 12 monthsBottom LineHomes … [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...]
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...]
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