Some Highlights: Existing Home Sales are now at an annual pace of 5.46 million. Inventory of existing homes for sale dropped to a 4-month supply, marking the 35th month in a row of declines. The median price of homes sold in April was $257,900. This is the 74th consecutive month of year-over-year price gains. … [Read more...]
Selling Your House on Your Own Could Cost You
In this extremely hot real estate market, some homeowners might consider selling their homes on their own which is known as a For Sale by Owner (FSBO). They rationalize that they don’t need a real estate agent and believe that they can save the fee for the services a real estate agent offers. However, a study by Collateral Analytics reveals that FSBOs don’t actually save anything, and in some cases may be costing themselves more, by not listing with an agent. In the study, they analyzed home sales in a … [Read more...]
Don’t Wait to Sell Your House! Buyers Are Out Now
Recently released data from the National Association of Realtors (NAR) suggests that a now is a great time to sell your home. The concept of ‘supply & demand’ reveals that the best price for an item is realized when the supply of that item is low and the demand for that item is high. Let’s see how this applies to the current residential real estate market. SUPPLY It is no secret that the supply of homes for sale has been far below the number needed to sustain a normal market for over a … [Read more...]
Moving Up to Your Dream Home? Don’t Wait!
Mortgage interest rates have risen by more than half of a point since the beginning of the year, and many assume that if mortgage rates rise, home values will fall. History, however, has shown this not to be true. Where are home values today compared to the beginning of the year? While rates have been rising, so have home values. Here are the most recent monthly price increases reported in the Home Price Insights Report from CoreLogic: January: Prices were up 0.5% over the month before. February: Prices were up 1% … [Read more...]
Access: An Important Factor in Getting Your House SOLD!
So, you’ve decided to sell your house. You’ve hired a real estate professional to help you through the entire process, and they have asked you what level of access you want to provide to your 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 can provide to your agent so that he or she can show your home. Here are five levels of access that you can give to buyers, along … [Read more...]
5 Ways Tax Reform Has Impacted the 2018 Housing Market
Starting late last year, some predicted that the 2018 tax changes would cripple the housing market. Headlines warned of the potential for double-digit price depreciation and suggested that buyer demand could drop like a rock. There was even sentiment that homeownership could lose its coveted status as a major component of the American Dream. Now that the first quarter numbers are in, we can begin to decipher the actual that impact tax reform has had on the real estate market. 1. Has tax reform killed off home … [Read more...]
Real Estate Tops Best Investment Poll for 5th Year Running
Every year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds. For the fifth year in a row, real estate has come out on top as the best long-term investment! This year’s results showed that 34% of Americans chose real estate, followed by stocks at 26%. The full results are shown in the chart below. The study makes it a point to draw attention to the contrast in the … [Read more...]
What If I Wait Until Next Year to Buy a Home?
We recently shared that national home prices have increased by 6.7% year-over-year. Over that same time period, interest rates have remained historically low which has allowed many buyers to enter the market. As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the … [Read more...]
50% of Homes Sold in 30 Days in March [INFOGRAPHIC]
Some Highlights: The National Association of REALTORS® recently surveyed their members for their 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 less than 60 days in 35 out of 50 states and Washington D.C. Homes typically went under contract in 30 days in March! … [Read more...]
4 Reasons Why Today’s Housing Market is NOT 2006 All Over Again
With home prices rising again this year, some are concerned that we may be repeating the 2006 housing bubble that caused families so much pain when it collapsed. Today’s market is quite different than the bubble market of twelve years ago. There are four key metrics that explain why: Home Prices Mortgage Standards Mortgage Debt Housing Affordability 1. HOME PRICES There is no doubt that home prices have reached 2006 levels in many markets across the country. However, after more than a decade, home prices … [Read more...]
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