Some Highlights This is the 48th consecutive month with year-over-year price gains. Lawrence Yun, NAR's Chief Economist says that, "The main issue continues to be a supply & affordability problem. Finding the right property at an affordable price is burdening many potential buyers." Inventory is still below historic normals at a 4.4 month supply. … [Read more...]
Further Proof This Isn’t a Housing Bubble
Two weeks ago, we posted a blog which explained that current increases in home prices were the result of the well-known concept of supply & demand and should not lead to conversations of a new housing bubble. Today, we want to look at home prices as compared to current incomes. Here is a graph showing the monthly mortgage payment on a median priced home in the U.S. over the last 25 years: Mortgage payments are currently well below the historic average over that time period. Purchasers are not overextending … [Read more...]
91.5% of Homes in the US have Positive Equity
CoreLogic’s latest Equity Report revealed that one million borrowers regained equity in their homes in 2015. The outlook for 2016 remains positive as well, as an additional 850,000 properties would regain equity if home prices rose another 5% this year. The study also revealed: 95% of homes valued over $200,000 now have a positive equity position 87% of homes valued under $200,000 have entered a positive position The 11.5% growth in home equity in Q4 marked the 13th consecutive quarter of double digit … [Read more...]
3 Charts That Scream ‘List Your Home Today’
In school we all learned the Theory of Supply and Demand. When the demand for an item is greater than the supply of that item, the price will surely rise. SUPPLY The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 4.4-month supply. This is considerably lower than the 6-month inventory necessary for a normal market. DEMAND Every month NAR reports on the amount of buyers that are actually out in the market looking for homes, or foot traffic. As seen in the … [Read more...]
The Importance of Using an Agent To Sell Your House
When a homeowner decides to sell their house, they obviously want the best possible price with the least amount of hassles. However, for the vast majority of sellers, the most important result is to actually get the home sold. In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s behavior during the home buying process. For the past three years, 92% of all buyers have used the internet in … [Read more...]
The Mortgage Process: What You Need To Know [INFOGRAPHIC]
Some Highlights: Many buyers are purchasing a home with a down payment as little as 3%. You may already qualify for a loan, even if you don't have perfect credit. Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford. … [Read more...]
Lack of Inventory Challenging Many Housing Markets
Going into the 2016 spring market, the biggest challenge the real estate industry has is the lack of available housing inventory for sale. Here are a few experts and their thoughts on the subject: David Crowe, Chief Economist for the National Association of Home Builders: “Many sellers may not have an absolute decision as to whether to buy an existing home or a new home. So the low inventory of existing homes is locking them in place.” Ralph McLaughlin, Chief Economist with Trulia: “We are in a … [Read more...]
The Main Reason to Use a Real Estate Professional when Selling your House
Every homeowner hopes to accomplish five goals when selling their home: Sell it for the best price Sell it within a predetermined time Sell it with the least amount of hassles Close on the sale the same day they move into their new home The fifth reason is the most obvious and the most important: They want to make sure it sells. In order to dramatically increase the chances that the house sells, a homeowner should list with a real estate professional in their market. Why? Because agents have access to the vast … [Read more...]
Gap Between Homeowner’s & Appraiser’s Opinions Widen
In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. One major challenge in such a market is the bank appraisal. If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the price when performing the appraisal for the bank. Every month, Quicken Loans measures the disparity between what a homeowner believes their house is worth as compared to an … [Read more...]
What If I Wait Until Next Year To Buy A Home?
As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As either a first-time or repeat buyer, you must not be concerned only about price but also about the ‘long term cost’ of the home. Let us explain. There are many factors that influence the ‘cost’ of a home. Two of the major ones are the home’s appreciation over time, and the interest rate at which a buyer can borrow the funds necessary to purchase … [Read more...]
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