June 25, 2019 rummy

Let us update you with what’s currently happening in the real estate market. We have a list of three significant influencers that directly impacts our seller’s market as we know it. 1. Interest Rates One of the most important things to consider when buying a home is the interest rate you will be charged to borrow the money. In our recent post we posed the question, “Are Low Interest Rates Here To Stay?” The latest information from Freddie Mac makes it appear they are. We are currently at a 21-month low in interest rates. 2. Building Materials Talk of tariffs…

June 5, 2019 rummy

Recent studies show a new trend in the buyers market. There is a slow build-up of demand for multigenerational homes. This good news for homeowners thinking of selling their home this season. The average life expectancy in the U.S. is 78 years old! As a result, 41% of Americans in the market are searching for a home that can accommodate a multigenerational family. The graph below shows the number of people by generation that purchased a multigenerational home because they will either be taking care of an aging parent or they just want to spend time together. Of those buyers,…

May 30, 2019 rummy

As the real estate market cruise its way to full recovery, we can’t help but call out a bump on the road which may very well be an opportunity to all potential sellers out there. Buyer demand naturally increases during the summer months, but supply has not kept up. Here are the thoughts of a few industry experts on the subject: Lawrence Yun, Chief Economist at National Association of Realtors “Further increases in inventory are highly desirable to keep home prices in check, the sustained steady gains in home sales can occur when home price appreciation grows at roughly the…

March 15, 2019 rummy

With the volume of sellers who held back from selling the entire winter, we can expect the inventory to climb up as more and more sellers join in and balance out the demand. Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right. Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially in areas of the country impacted by arctic conditions. That hasn’t happened this year. Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with an increase in…

March 8, 2019 rummy

We are definitely headed to a balanced market this year. As things start to unfold, we are beginning to realize that last year’s worries are nothing more than speculations. Price hikes are starting to soften as more inventory is introduced, this is good news to sellers and buyers alike. The previous housing market was fueled by an artificial demand created by mortgage standards that were far too lenient. When this demand was shut off, a flood of inventory came to market. This included heavily discounted distressed properties (foreclosures and short sales). Today’s market is totally different. Mortgage standards are tighter…

March 7, 2019 rummy

As the rates continue on its slow and steady descent, it is now in its lowest by far in the last 12 months. This is good news to prospective buyers looking to buy their first house or existing homeowners planning to move up to their dream home. According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven’t been seen since February 2018! Last week’s survey results reported an interest rate of 4.35%. This is a welcome change from the near 5% rates seen…

March 5, 2019 rummy

With the traumatic devastation caused by the last housing bubble, it’s understandable why a lot of Americans can be a little paranoid when it comes to market fluctuations. We tend to worry about heading into another housing crash whenever we see changes in the market. Good news is, we no longer have to go through all that unnecessary stress for here are three indicators to let us know how the market then and now are different from each other. Home Prices Mortgage Standards Foreclosure Rates HOME PRICES A decade ago, home prices depreciated dramatically, losing about 29% of their value…

March 1, 2019 rummy

There have been reports that a lot of sellers are holding off from listing their homes in the market due to a forecasted decrease of buyers this year. They speculate that potential buyers were scared off by the rising interest rates and home prices. This may be true in some areas, however, this same reason opens an opportunity to dedicated sellers to take advantage of the number of buyers who are still out there looking to buy their dream homes. NerdWallet’s 2018 Home Buyer Report revealed that: “Approximately one-third (32%) of Americans plan to purchase a home in the next…

February 27, 2019 rummy

With the home prices cooling down, a lot of Americans are worried that we may be heading off for another housing crash. With the current ratio of demand and supply, we have nothing to worry about. On the contrary, this is something we should thankful for as home price hikes are expected to move on a much normal pace. This ‘seller’s market’ has driven home prices to new heights. Home price appreciation averaged over 65 across the country. However, home price growth has recently started to cool down. The latest report from CoreLogic shows that home prices have only risen…

February 21, 2019 rummy

Pricing your home right is one of the most challenging part of the sales process, too low may mean a loss on your end, on the other hand, you can be at risk of having a stale listing if you price it too high. If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the course of 2018. The map below shows the results of the latest index by state. Real estate…