February 26, 2016 rummy

  The National Association of Realtors (NAR) released their latest Quarterly Metro Home Price report earlier this month. The report revealed that home prices are not only continuing to rise but that the increases are accelerating. Lawrence Yun, Chief Economist at NAR, discussed the impact of low inventory on buyers in the report: “Without a significant ramp-up in new home construction and more homeowners listing their homes for sale, buyers are likely to see little relief in the form of slowing price growth in the months ahead.” Here are the percentage increases of home prices for the last two quarters: What this means to…

February 22, 2016 rummy

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 by 3.7% over the course of 2016, 3.3% in 2017 and 3.2% in the next two years, and finally 3.1% in 2020 (as…

February 10, 2016 rummy

You’ve decided to sell your house. You begin to interview potential real estate agents to help you through the process. You need someone you trust enough to: 1.    Set the market value on possibly the largest asset your family owns (your home) 2.    Set the time schedule for the successful liquidation of that asset 3.    Set the fee for the services required to liquidate that asset An agent must be concerned first and foremost about you and your family in order to garner that degree of trust. Make sure this is the case. Be careful if the agent you are…

February 2, 2016 rummy

Is spring closer than we think? Depending on which Groundhog you witnessed today, you may have less time than you think to get your home on the market before the busy spring season. Many sellers feel that the spring is the best time to place their home on the market as buyer demand traditionally increases at that time of year. However, the next six weeks before spring hits also have their own advantages. Here are five reasons to sell now.  1. Demand is Strong Foot traffic refers to the number of people out actually physically looking at homes right now….

January 19, 2016 rummy

Whether you are buying or selling a home, it can be quite an adventurous journey. You need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO. The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but have rather been strengthened due to the projections of higher mortgage interest rates & home prices as the market continues to recover. 1. What do you do with all this paperwork? Each state has different regulations regarding the…

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 14, 2015 rummy

As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As a buyer, you must be concerned not about price but instead about the ‘long term cost’ of the home. The Mortgage Bankers Association (MBA), the National Association of Realtors, Fannie Mae and Freddie Mac all projected that mortgage interest rates will increase by about three-quarters of a percentage point over the next twelve months. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 5.2% over the next 12 months. What Does This Mean as a Buyer? Here is a simple demonstration of…

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…