As we are about to bring in the New Year, families across the country will be deciding if this is the year that they will sell their current house and move into their dream home. Many will decide that it is smarter to wait until the spring “buyer’s market” to list their house. In the past, that might have made sense. However, this winter is not like recent years.The recent jump in mortgage rates has forced buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! … [Read more...]
Existing Home Sales Surge Through The Holidays [INFOGRAPHIC]
Some Highlights:November’s Existing Home Sales report revealed that sales are now at an annual pace of 5.61 million which is “now the highest since February 2007 (5.79 million) and is 15.4% higher than a year ago (4.86 million).”Total housing inventory (or the inventory of homes for sale) fell 8.0% from last month and is now 9.3% lower than November 2015.Inventory has dropped year-over-year for the last 18 months.The median price for all home sales in November was $234,900, up 6.8% from last year … [Read more...]
Why You Shouldn’t Take Your House Off the Market During the Holidays
If you are one of the many homeowners who is debating taking your home off the market for the next few weeks, don’t! You will miss the great opportunity you have right now!The latest Existing Home Sales Report from The National Association of Realtors (NAR), revealed that the inventory of homes for sale has dropped to a 4.3-month supply.Historically, a 6-month supply is necessary for a ‘normal’ market, explained below:There are more buyers that are ready, willing, and able to buy now than there … [Read more...]
Home Prices: Where Will They Be in 5 Years?
Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey.Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.The results of their latest survey:Home values will appreciate by 4.0% over the … [Read more...]
Will Increasing Mortgage Rates Impact Home Prices?
There are some who are calling for a decrease in home prices should mortgage interest rates begin to rise rapidly. Intuitively, this makes sense as the cost of a home is determined by the price of the home, plus the cost of financing that home. If mortgage interest rates increase, fewer people will be able to buy, and logic says prices will fall if demand decreases.However, history shows us that this has not been the case the last four times mortgage interest rates dramatically increased.Here is a graph showing … [Read more...]
When Is a Good Time to Rent? Not Now!
People often ask if now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent.The Census Bureau recently released their third quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with the decision of whether you should renew your lease or not, you might be … [Read more...]
Existing Home Sales Surge Forward Through Fall [INFOGRAPHIC]
Some Highlights:The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.First-time homebuyers made up 33% of all sales in October.Homes are selling quickly with 43% of homes on the market for less than a month.A limited supply continues to drive up prices for the 56th consecutive month. … [Read more...]
A Lack of Listings Remains ‘Huge’ Challenge in the Market
The housing crisis is finally in the rearview mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures & short sales) are at their lowest mark in over 8 years. This has been, and will continue to be, a great year for real estate.However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. According to the National Association of Realtors (NAR), buyer traffic and demand … [Read more...]
NAR Reports Show Now Is a Great Time to Sell!
We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. The last two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now continues to be a great time to sell your house.Let’s look at the data covered by the latest Pending Home Sales Report and Existing Home Sales Report.THE PENDING HOME SALES REPORTThe report announced that pending home sales (homes going into contract) … [Read more...]
Think All Millennials Live in Their Parent’s Basement? Think Again!
According to the Census Bureau, millennials have overtaken baby boomers as the largest generation in U.S. History. Millennials, or America's youth born between 1982-2000, now represent more than one quarter of the nation’s population, totaling 83.1 million.There has been a lot of talk about how, as a generation, millennials have ‘failed to launch’ into adulthood and have delayed moving out of their family’s home. Some experts have even questioned whether or not millennials want to move … [Read more...]
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