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Sales Up In Almost Every Price Range

5/16/2015

Sales Up In Almost Every Price Range


Sales Up In Almost Every Price Range | Keeping Current Matters

The National Association of Realtors’ most recent Existing Home Sales Report revealed that home sales were up rather dramatically over last year in five of the six price ranges they measure.

Only those homes priced under $100,000 showed a decline (-10.1%). The decline in this price range points to the lower inventory of distressed properties available for sale and speaks to the strength of the market.

Every other category showed a minimum increase of at least 9%, with sales in the $250,000- $500,000 range up 21.2%!

Here is the breakdown:

Percent Change in Sales by Price Range | Keeping Current Matters

What does that mean to you if you are selling?

Houses are definitely selling. If your house has been on the market for any length of time and has not yet sold, perhaps it is time to sit with your agent and see if it is priced appropriately to compete in today’s market.

 

Thinking of selling? I'm on top of it!

5/16/2015

Demand Up, Supply Down

5/16/2015

Housing-Update2

Housing Update: Demand Up, Supply Down, Prices Increasing

Earlier this week, the National Association of Realtors (NAR) released their latest quarterly report. The report covered three important aspects of the housing market:

  1. Buyer Demand
  2. Supply of Housing Inventory
  3. Single Family Residential Prices

 

Today, we want to break down the highlights of the report along with several quotes from Lawrence Yun, the Chief Economist at NAR.

Buyer Demand

Total existing-home sales (which include single family and condo) were at an annual rate of 4.97 million in the first quarter of 2015. This represents a number which is 6.2 percent higher than the pace during the first quarter of 2014.

Yun: "Sales activity to start the year was notably higher than a year ago, as steady hiring and low interest rates encouraged more buyers to enter the market."

Supply of Housing Inventory

There were 2 million existing homes available for sale at the end of the first quarter of 2015 which represents a 4.6 months’ supply of inventory which is down from 4.9 months a year ago. A healthy balance of supply between buyers and sellers is 6 to 7 months.

Yun: "With supply remaining tight—especially at the entry-level price range—buyers will need the expertise and local market insight of a Realtor® to help them through each intricate step of the buying process."

Single Family Residential Prices

Home prices accelerated in 148 out of 174 metro areas (85%) during the first quarter of 2015 and the number of areas experiencing double-digit price appreciation doubled compared to last quarter. Compared to last quarter, the number of regions experiencing double-digit price appreciation doubled.

The national median existing single-family home price in the first quarter was $205,200, compared to $191,100 in first quarter of 2014. This represents a 7.4% increase year-over-year.

Yun: “…stronger demand without increasing supply led to faster price growth in many markets…Homeowners throughout the country have enjoyed accumulating household wealth through the steady rise in home values in the past few years."

Bottom Line

Whether you are thinking about buying your first home or selling your current residence to buy the home of your dreams, let’s get together and discuss how the above numbers have affected our neighborhood's prices.

Thinking of Buying?

2/23/2015

Thinking of Buying? What are you waiting for?

If you are planning on becoming a homeowner, or moving up to the home of your dreams in 2015, here are four great reasons to consider buying a home now, instead of waiting until spring.

1. Prices Will Continue to Rise

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects appreciation in home values over the next five years to be between 11.7% (most pessimistic) and 27.5% (most optimistic).

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by the end of 2015.

An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

3. Either Way You are Paying a Mortgage

As a paper from the Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But, what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Net Worth: A Homeowner’s is 36x Greater Than A Renter!

2/9/2015

Net Worth: A Homeowner's is 36x Greater than a Renters! | Keeping Current Matters

Net Worth: A Homeowner’s is 36x Greater Than A Renter!

Over the last six years, homeownership has lost some of its allure as a financial investment. As homeowners suffered through the housing bust, more and more began to question whether owning a home was truly a good way to build wealth.

Every three years the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups.

Some of the findings revealed in their report:

  • The average American family has a net worth of $81,200
  • Of that net worth, 61.4% ($49,856) of it is in home equity
  • A homeowner’s net worth is over 36 times greater than that of a renter
  • The average homeowner has a net worth of $194,500 while the average net worth of a renter is $5,400

Bottom Line

There are many reasons why owning a home makes sense, the Fed study shows that owning is still a great way for families to build wealth in America.

10 Family Fun Ideas For Valentine’s Day

1/24/2015

 

  1. Candlelight dinner. Pull out all the stops- we can have a romantic dinner with our entire family, just keep your sense of humor handy. Have the kids dress in their best, fix their hair and allow them to drink out of wine glasses. Any food looks great by candle light-make it as fancy or as simple as you want.
     
  2. Make cookies or Valentine treats and give them away. There are some seriously cute treat boxes that you can get and bless friends and neighbors with.
     
  3. Family Game Night. Break out the Uno or Monopoly (our favorite is Settlers of Catan). Kids love to play games, particularly with adults.
     
  4. Have a movie night. Movie nights are fun! Pop some popcorn, lay on blankets and watch a fun movie. Lady and the Tramp, Princess Bride, Enchanted, Wall-E are all sweet love stories that the whole family can enjoy.
     
  5. Slide Show. How often do we actually sit and watch home movies or look through family photos? Spend the evening remember events together.
     
  6. Write them a letter. If they are old enough to read being able to read your handwritten note about how much you love them, and how proud you are of them (and all the reasons why) is a very special gift.
     
  7. Coffee Date. Fancy coffee drinks make kids feel very grown up and it’s always nice to have an adults attention. Think up some questions to ask them and get to know what goes on in their young minds.
     
  8. Bowling. My kids are thrilled when we go disco bowling. The music is fun, the game is fun, and we all need the exercise, right? ;-)
     
  9. Skating. Remember roller skating? Yeah, I know it’s dieing, but it’s so fun with kids! If you’re lucky enough to have a skating rink, roller or ice, make use of it and have some fun together.
     
  10. Go Media Free or Electricity Free. It’s fun to play cards games by candle light- or drink tea together and visit like “grown-ups” do. Keep that phone off so you don’t get distracted. The best conversations happen after those “awkward silences”.

 

RE/MAX National Housing Report - Dec 2014

1/24/2015

RE/MAX Housing Report

Don’t Wait! Move Up To The House You Always Wanted

1/24/2015

Don’t Wait! Move Up To The House You Always Wanted

Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. In most areas, prices are still below those of a few years ago. Also, interest rates are still near 4%.

However, sellers should realize that waiting to make the move while mortgage rates are projected to increase probably doesn’t make sense. As rates increase, the price of the house you can buy will decrease. Here is a chart detailing this point:

 

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