January 13, 2016 rummy

People often ask whether or not now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent. The Census Bureau recently released their third quarter median rent numbers. Here is a graph showing rent increases from 1988 until today: A recent Wall Street Journal article reports that rents rose “faster last year than at any time since 2007, a boon for landlords but one that has stoked concerns about housing affordability for renters.”  The article also cited results from a…

January 4, 2016 rummy

In a recent post, Trulia examined whether homeownership was again being seen by adults in the US as a “part of their personal American Dream.” Over the last five years: § The percentage of U.S. adults who believe homeownership is part of their American Dream increased from 70% to 75% § The percentage of 18-34 Year-olds who believe homeownership is part of their American Dream increased from 65% to 80% Here is a graph of the survey over the last five years: Bottom Line As the housing industry recovers from the crisis of 2008-2010, Americans belief in homeownership as part of their own personal American…

December 1, 2015 rummy

  Last week, an article in the Washington Post discussed a new ‘threat’ homebuyers will soon be facing: higher mortgage rates. The article revealed: “The Mortgage Bankers Association expects that rates on 30-year loans could reach 4.8 percent by the end of next year, topping 5 percent in 2017. Rates haven’t been that high since the recession.” How can this impact the housing market? The article reported that recent analysis from Realtor.com found that – “…as many as 7% of people who applied for a mortgage during the first half of the year would have had trouble qualifying if rates rose by half a percentage point.”…

October 28, 2015 rummy

The Mortgage Bankers’ Association (MBA) recently released a report: ‘Housing Demand: Demographics And The Numbers Behind The Coming Multi-Million Increase In Households’. In this study, the MBA “utilized a comprehensive analysis of data from 1976 to 2014, a period encompassing several market and housing cycles, to provide a projection of much stronger housing demand over the next decade.” According to the report: “by 2024, demographic and economic changes will bring what could be one of the largest expansions in the history of the U.S housing market with 13.9 million additional households.” But, what did they say about the Impact of the Hispanic…

July 27, 2015 rummy

As the temperature continues to rise, buyers are coming out ready to purchase their dream home. Here are five reasons that you should list your house for sale now. 1. Strong Buyer Demand Foot traffic refers to the number of people out actually physically looking at homes right now. The latest foot traffic numbers show that there are significantly more prospective purchasers currently looking at homes than at any point in the last two years! These buyers are ready, willing and able to purchase… and are in the market right now! Take advantage of the buyer activity currently in the…

July 17, 2015 rummy

Kitchen trends may come and go, but one thing never changes: Whether you’re whipping up a four-course gourmet meal for 12 or reheating a slice of pizza, this room is the heart of the home. In fact, the kitchen’s multipurpose role as a place to entertain friends, tackle homework and school projects, answer emails, or just hang out with the family is on the upswing, according to local kitchen experts like Jason Landau, a professional interior designer with a master’s in architecture and owner of Amazing Spaces in Briarcliff Manor.  Perhaps the strongest trend in kitchen design is the open…

June 8, 2015 rummy

Where Will Mortgage Rates Be in 12 Months?   One of the biggest questions plaguing the current housing market is where mortgage interest rates will be at this time next year. Over the last two months, rates have begun to creep up (see chart). Though we don’t like to project rates moving forward, we do want you and your family to have the information you need in order to decide whether to wait before buying your first house or moving up to your ultimate dream home. Here are the most current mortgage rate projections from Fannie Mae, Freddie Mac, the…

June 1, 2015 rummy

Jonathan J. Miller, the president of the appraisal firm Miller Samuel shared his sentiments on selling at this time of the year: “Based on the number of contracts signed each month, the spring is still the ‘Super Bowl’ of annual real estate sales,” June is annually the top month for the number of contracts signed, which means the properties themselves were likely listed in May. Overall, June yields 90 percent more sales than December.   Here are five good reasons to make the decision to Sell:   1. Beautiful weather makes everyone a little happier. “May weather is ideal for…

April 29, 2015 rummy

Recently, Freddie Mac published a blog post titled Mortgage Rates: Still the Deal of the Century. They explained that, if you are planning to purchase a home, now may be the time: “If you are in the market to buy a home, today’s average mortgage rates are something to celebrate compared to almost any year since 1971.” And they let their readers know that there is no guarantee that rates will remain this low: “Over the past few years, we’ve enjoyed a long run of historically low mortgage rates. While no one expects them to change dramatically overnight, they are…