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 … [Read more...]
Don’t Disqualify Yourself… 52% of Approved Loans Have A FICO® Score Under 750
The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market. One such study by the Wharton School of Business at the University of Pennsylvania revealed that many millennials have not yet considered purchasing homes simply because they don’t believe they can qualify for a mortgage. A recent article about millennials by Realtor.com explained … [Read more...]
Home Prices Up 6.64% Across the Country! [INFOGRAPHIC]
Some Highlights: The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report. In the report, home prices are compared both regionally and by state. Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more! Alaska & West Virginia were the only states where home prices are lower than they were last year. … [Read more...]
Want to Keep Up with the Joneses? Now’s the Time
Does your current house fit your needs? Does it seem like everyone else is moving up and moving on to more luxurious surroundings? Are you wondering what it would take to start living your dream life? Market conditions around the country have presented an opportunity like no other for those who are looking to make the jump to a premium or luxury home. The National Association of Realtors reports that national inventory levels are now at a 4.3-month supply. A normal market, where prices appreciate with inflation, … [Read more...]
58% of Homeowners See a Drop in Home Values Coming
According to the recently released Modern Homebuyer Survey from ValueInsured, 58 percent of homeowners think there will be a “housing bubble and price correction” within the next 2 years. After what transpired just ten years ago, we can understand the concern Americans have about the current increase in home prices. However, this market has very little in common with what happened last decade. The two major causes of the housing crash were: A vast oversupply of housing inventory caused by home builders … [Read more...]
Sellers: Your Home is an Oasis in an Inventory Desert
First-time homebuyers are flocking to the real estate market by the thousands to find their dream homes in order to make their dreams of homeownership a reality. Unfortunately for many, the inventory of starter and trade-up homes in the US has struggled to keep up with demand! According to the National Association of Realtors (NAR), the inventory of homes for sale dropped 7.1% year-over-year to a 4.3-month supply and is down for the 25th consecutive month. Some homeowners may be hesitant to list their homes for … [Read more...]
Homes Are Selling Quickly Nationwide
The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report, which revealed that homes were on the market for an average of 28 days in June. This is a slight increase from the 27 days reported in May, but down from 34 days reported a year ago. 54% of homes across the country were on the market for less than a month in June! Among the 27 states with homes selling in 30 days or less are Washington, Utah, California, and Colorado. The map below was created using … [Read more...]
Homeowner’s Net Worth Is Still Greater Than a Renter’s
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). The latest survey data, covering 2014-2016 will be released later this year. In the meantime, Lawrence Yun, the National Association of Realtors’ Chief Economist estimates that the gap has … [Read more...]
Hey, Millennial Homeowners!! It May Be Time to Sell
Contrary to what many believe, Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S. than any other age group in 2017 and the most recent Census Bureau report shows that the homeownership rate among Millennials is finally on the rise. Many Millennials took advantage of post housing crash prices and the First-Time Homebuyers’ Tax Credit and jumped into homeownership in 2010. If you are one of these buyers, now may be the time to sell for … [Read more...]
93.9% Of Homes in The US Have Positive Equity
CoreLogic’s latest Equity Report revealed that ninety-one thousand residential properties regained equity in Q1 2017. The outlook for 2017 remains positive as well, as an additional 600 thousand properties will regain equity if home prices rise another 5% this year. The study also revealed that: Roughly 63% of all homeowners have seen their equity increase since Q1 2016 The average homeowner gained about $14,000 in equity between Q1 2016 and Q1 2017 Only 1.6% of residential properties are … [Read more...]
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