Some Highlights: Existing home sales are currently at an annual pace of 5.32 million and have increased on a monthly basis for the last two months. The inventory of existing homes for sale remains below the 6-months needed for a normal market and is now at a 3.9-month supply. Inventory remains low due to high demand from buyers who are still looking for houses to buy! … [Read more...]
4 Quick Reasons NOT to Fear a Housing Crash
There is a lot of uncertainty regarding the real estate market heading into 2019. That uncertainty has raised concerns that we may be headed toward another housing crash like the one we experienced a decade ago. Here are four reasons why today’s market is much different: 1. There are fewer foreclosures now than there were in 2006 A major challenge in 2006 was the number of foreclosures. There will always be foreclosures, but they spiked by over 100% prior to the crash. Foreclosures sold at a discount and, in … [Read more...]
Homeownership Remains a Huge Part of the American Dream
As we head into 2019, many news outlets and housing experts warn that the housing market may slow down. Over the last six years, the inventory of homes for sale has been near historic lows, which has been the force behind increasing home prices. This has been great news for sellers as many of them have been able to capitalize on the demand in the market and sell their homes quickly and at a great profit. One of the big reasons why inventory has remained so low for so long is that an entire generation of home buyers … [Read more...]
No Bubble Here! How New Mortgage Standards Are Helping
Real estate is shifting to a more normal market; the days of national home appreciation topping 6% annually are over and inventories are increasing which is causing bidding wars to almost disappear. Some see these as signs that the market will soon come tumbling down as it did in 2008. As it becomes easier for buyers to obtain mortgages, many are suggesting that this is definite proof that banks are repeating the same mistakes they made a decade ago. Today, we want to assure everyone that we are not heading to … [Read more...]
What If I Wait A Year to Buy a Home?
National home prices have increased by 5.4% since this time last year. Over that same time period, interest rates have remained near historic lows which has allowed many buyers to enter the market and lock in low rates. 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...]
The Tale of Two Markets [INFOGRAPHIC]
Some Highlights: An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those differences are doing to prices! Inventory continues to rise in the luxury and premium home markets which is causing prices to cool. Demand continues to rise with lower-than-normal inventory levels in the starter and trade-up home markets, causing prices to rise on a year-over-year basis for 80 consecutive … [Read more...]
2008 vs. Now: Are Owners Using Their Homes as ATMs Again?
Over the last six years, we have experienced strong price appreciation which has increased home equity levels dramatically. As the number of “cash-out” refinances begins to approach numbers last seen during the crash, some are afraid that we may be repeating last decade’s mistake. However, a closer look at the numbers shows that homeowners are being much more responsible with their home equity this time around. What happened then… When real estate values began to surge last decade, people … [Read more...]
Homeowners Aged 65+ Have 48x More Net Worth Than Renters
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data covers responses from 2013-2016. The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013). These numbers reveal that the net worth of a homeowner is over 44 times … [Read more...]
Further Proof It’s NOT 2008 All Over Again
Home sales numbers are leveling off, the rate of price appreciation has slowed to more historically normal averages, and inventory is finally increasing. We are headed into a more normal housing market. However, some are seeing these adjustments as red flags and are suggesting that we are headed back to the same challenges we experienced in 2008. Today, let’s look at one set of statistics that prove the current market is nothing like the one that preceded the housing crash last decade. The previous bubble was … [Read more...]
24% of Renters Believe Winter is the Best Time to Buy a Home
In real estate, the spring is often seen as the ideal time to buy or sell a house. The term “Spring Buyer’s Season” exists for a reason, as renters and those looking to move on from their current home thaw out from the winter and hit the market ready to buy. According to Bank of America’s annual Home Buyer Insights Report, 41% of renters surveyed agree that spring is the best time to buy a home. The surprising result, however, is that when ranking the seasons, winter comes in second at … [Read more...]
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