There are some that think that housing affordability is a challenge. Historically, that’s not true. Others think that home prices are approaching bubble values. If we look back over the last sixteen years, that is also not the case. As a matter of fact, the numbers show that the U.S. residential real estate market is doing just fine.Here are two articles and excerpts that make this point:The Housing Market Is Finally Starting to Look Healthy – The NY Times“It has been an excruciatingly long time … [Read more...]
Home Values: DEFINITELY NOT in Bubble Range!!
There are some industry pundits claiming that residential home values have risen too quickly and that current levels are on the verge of another housing bubble. It is easy to see how this thinking has taken form if we look at a graph of home prices from 2000 to today.The graph definitely looks like a rollercoaster ride. And, as prices begin to reach 2006 levels again, it “seems logical” that the next part of the ride would be downhill. However, this graph includes the anomaly of the price bubble and the … [Read more...]
How Supply & Demand Impacts the Real Estate Market [INFOGRAPHIC]
Some Highlights:The Concept of Supply & Demand is a simple one. The best time to sell something is when supply of that item is low & demand for that item is high!Anything under a 6-month supply is a Seller’s Market!There has not been a 6-months inventory supply since August 2012!Buyer Demand continues to out-pace Seller Supply! … [Read more...]
How Scary is the Housing Affordability Index?
Some industry pundits are saying that the housing market may be heading for a slowdown. One of the data points they use is the falling numbers of the Housing Affordability Index, as reported by the National Association of Realtors (NAR).Here is how NAR defines the index:“The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data.”Basically, a value of … [Read more...]
Housing Market Slowing Down? Don’t Tell Builders!
Many experts have been calling upon home builders to ramp up construction to help with the lack of existing inventory for sale. For the past two months, new home sales have surged, with July’s total coming in at the highest since October 2007.The latest estimates from the US Census Bureau and Department of Housing and Urban Development show that sales in July were 31.3% higher than this time last year, and 12.4% higher than last month, at a seasonally adjusted annual rate of … [Read more...]
‘Old Millennials’ Are Diving Head-First into Homeownership [INFOGRAPHIC]
Some Highlights:‘Old Millennials’ are defined as 25-36 year olds according to the US Census Bureau.According to NAR’s latest Profile of Home Buyers & Sellers, the median age of all first-time home buyers is 31 years old.More and more ‘Old Millennials’ are realizing that homeownership is within their reach now! … [Read more...]
4 Stats That PROVE This Is NOT 2005 All over Again
Recent research by the National Association of Realtors (NAR) examined certain red flags that caused the housing crisis in 2005, and then compared them to today’s real estate market. Today, we want to concentrate on four of those red flags.Price to Rent RatioPrice to Income RatioMortgage TransactionsHouse FlippingAll four categories were outside historical norms in 2005. Home prices were way above normal ratios when compared to both rents and incomes at the time.NAR explained that mortgage transactions as a … [Read more...]
What States Give You the Most ‘Bang for Your Buck’? [INFOGRAPHIC]
Some Highlights:Thinking of moving across the country? How far will your money take you?The majority of states in the Midwest and South offer a lower cost of living compared to Northeast and Western states.The ‘Biggest Bang for your Buck’ comes in Mississippi where, compared to the national average, you can actually purchase $115.34 worth of goods for $100. … [Read more...]
Home Sales Up in Every Price Range over $100K!
The National Association of Realtors’ most recent Existing Home Sales Report revealed that home sales were up rather dramatically over last year in five of the six price ranges they measure.Homes priced between $100-250K showed a modest increase at 3.4%. This not only points to the lower inventory of homes available for sale in this price range but also speaks to the overall strength of the housing market.Sales of homes over $250,000 increased by double digit percentages with sales in … [Read more...]
Warren Buffett: There is No Housing Bubble
With home prices expected to appreciate by over 5% this year, some are beginning to worry about a new housing bubble forming. Warren Buffet addressed this issue last week in an article by Fortune Magazine. He simply explained: “I don’t see a nationwide bubble in real estate right now at all.” Later, when questioned whether real estate and/or mortgaging could present the same challenges for the economy as they did in 2008, Buffet said: “I don’t think we will have a repeat of … [Read more...]
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