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…

April 4, 2019 rummy

If you’re thinking of selling your house this year, now is the best time to do it. You may have missed the first spot in the market as there are a lot of sellers who took advantage of the slow down last winter, but with the influx of buyers jumping in, there could never be a better time than now to put your home for sale. New research from realtor.com shows that the first week of April is actually the best time to list your house for sale! The report used “trends in median listing prices, views per property on…

August 14, 2018 rummy

Currently, sellers are enjoying huge if not undivided attention from buyers as their visibility is at peak. There are reports, however, that this will change in the following months to come as permits for single-family units are granted. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of building permits issued in June was 850,000, a 0.8% increase from May. ​ How will this impact buyers? ​ More inventory means more options. Mark Fleming, First American’s Chief Economist, explained that this is good news for the housing market – especially for those looking to buy: “The continued year-over-year growth…

August 10, 2018 rummy

The law of supply and demand has been an existential issue in basically all known market (real estate included) since the early days of commerce. This has been seen and used time and again by power players in the arena as an opportunity to dominate and earn more. A lot of studies and speculation points at the recent mortgage rate changes as the main reason for home value increase this year. Here’s the reason why we think otherwise. “The amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.”…

January 10, 2017 rummy

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 Path The 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 tricky. An agent listens to your wants…

December 28, 2016 rummy

Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). In a Forbes article, the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun predicts that by the end of 2016, the net worth gap will widen even further to 45 times greater. The graph below demonstrates the results of the last two Federal Reserve studies and Yun’s prediction: Put Your…

July 13, 2016 rummy

The widespread myth that perfect credit and large down payments are necessary to buy a home are holding many potential home buyers on the sidelines. According to Ellie Mae’s latest Origination Report, the average FICO score for all closed loans in May was 724, far lower than the 750 or 800 that many buyers believe to be true. Below is a graph of the distribution of FICO scores of approved loans in May (the latest available data): Looking at the chart above, it becomes obvious that not only do you not need a 750+ credit score, but 54.9% of approved…

July 11, 2016 rummy

As a seller, you will be most concerned with the ‘short term price’ – where home values are headed over the next six months. As a buyer, you must be concerned not with price but instead with the ‘long term cost’ of the home. Many economists have pointed to Brexit (Britain’s exit from the European Union) as a reason that interest rates will remain low for the next few months. But Trulia’s Chief Economist Ralph McLaughlin warns that this will not always be the case in a recent post: “While the departure of the UK from the European Union has…

July 6, 2016 rummy

Some Highlights: Sales of existing homes reached the highest annual pace in over 9 years at 5.29 million. Inventory remains below the 6-month norm and prices are still on the rise. Interest rates are at a historic low of 3.48%.   www.NYREEX.com