Some industry experts are saying that the housing market may be heading for a slowdown in 2017 based on rising home prices and a jump in mortgage interest rates. One of the data points they use is 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 … [Read more...]
What Would a Millennial Baby Boom Mean for Housing?
Recently released data from the National Center for Health Statistics revealed that 1.3 million Millennial women gave birth for the first time in 2015. There are now over 16 million women in this generation who have become mothers.“All told, Millennial women (those born between 1981 to 1997) accounted for about eight in ten (82%) of U.S. births in 2015.”The data also shows that this generation has waited until later in life to become parents as only 42% of Millennial women were moms in 2014, compared to … [Read more...]
5 Myths About Real Estate Reality TV Explained
Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV binge session? We’ve all been there… watching entire seasons of “Love it or List it,” “Fixer Upper,” “House Hunters,” “Property Brothers,” and so many more, just in one sitting.When you’re in the middle of your real estate themed show marathon, you might start to think that everything you see on TV must be how it works in real life, but you may need … [Read more...]
Why Pre-Approval Should Be Your First Step
In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your … [Read more...]
Prices Rose 7.1% Year-Over-Year [INFOGRAPHIC]
Some Highlights:CoreLogic’s latest Home Price Index shows that prices rose by 7.1% across the United States year-over-year.With mortgage interest rates rising in the short term, CoreLogic believes price appreciation will slow to 4.7% by this time next year.49 out of 50 states, and the District of Columbia, all had positive appreciation over the last 12 months, with the only exception being the state of Connecticut, which experienced a -0.5% appreciation. … [Read more...]
Is This the Year to Move Up to Your Dream Home? If So, Do it Early
It appears that Americans are regaining faith in the U.S. economy. The following indexes have each shown a dramatic jump in consumer confidence in their latest surveys:The University of Michigan Consumer Sentiment IndexNational Federation of Independent Businesses' Small Business Optimism IndexCNBC All-America Economic SurveyThe Conference Board Consumer Confidence SurveyIt usually means good news for the housing market when the country sees an optimistic future. People begin to dream again about the home their … [Read more...]
Top 3 Things Second-Wave Baby Boomers Look for in a Home
According to data from the U.S Census bureau, there are approximately 76.4 million baby boomers living in the United States today. Contrary to what many think, there are very different segments within this generation, and one piece that sets them apart are their housing needs.John McManus, editorial director of Hanley Wood’s Residential Group says his company “is focusing on the preferences of the younger half, or second-wave baby boomers, as they exhibit different needs than the older … [Read more...]
You Need a Professional on Your Team When Buying a Home
Many people wonder whether they should hire a real estate professional to assist them in buying their dream home or if they should first try to do it on their own. In today’s market: you need an experienced professional!You Need an Expert Guide if You Are Traveling a Dangerous PathThe field of real estate is loaded with land mines; you need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and is ready for you to move into can be … [Read more...]
If Your Home Hasn’t Sold Yet… Check the Price!
The residential housing market has been hot. Home sales have bounced back solidly and are now at their second highest pace since February 2007. Demand has remained strong throughout the winter as many real estate professionals are reporting bidding wars with many homes selling above listing price. What about your house?If your house hasn’t sold, it is probably because of the price.If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market … [Read more...]
3 Tips for Making Your Dream of Buying a Home Come True [INFOGRAPHIC]
Some Highlights:Realtor.com recently shared “5 Habits to Start Now If You Hope to Buy a Home in 2017.”Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking a lot about it.Living within a budget now will help you save money for down payments and pay down other debts that might be holding you back. … [Read more...]
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