Motivations - 01/31/11 04:10 PM
The Wall Street Journal is reporting that “affordability” was the top reason for home buying in 2010.
That makes sense, especially in these crazy market conditions. Buyers, as always, are looking for a bargain but, more than ever, they’ve been enticed by low home prices and low interest rates. This is according to a recent real estate survey of 1,261 clients who bought homes between July 1 through December 31, 2010. This can tell us a lot about what to expect from buyers in 2011.
Interestingly, pride in homeownership was not the driving force in 2010. Instead, it came down to … (0 comments)

Existing Home Sales and Job Growth on the Rise - 01/24/11 06:20 PM
Existing home sales continue to be the beacon of hope in this housing recovery. Sales of existing homes jumped in December, marking the fifth month of gains in the past six months, based on an industry report released Thursday.
Previously-owned home sales climbed 12.3% in December to an annual rate of 5.28 million, from 4.70 million in November, according to the National Association of Realtors. That puts sales at the highest level since the homebuyer tax credit expired in June.
The December rate came in much higher than expected. A consensus of experts surveyed by Briefing.com had forecast an annualized sales … (0 comments)

Buyers are like Kids in a Candy Store - 01/17/11 04:42 PM
$600,000 is the new $1 million when it comes to home-buying. Million-dollar homes are the most affordable they’ve been in YEARS. This is fascinating news. Buyers are like kids in a candy store. And things aren’t too shabby for sellers either. Even though home sales are down nearly 30% from this time last year, existing home sales picked up steam at the end of 2010.
Sales of previously-owned homes jumped 5.6% to an annual rate of 4.68 million, the National Association of Realtors reported. The rate was down 27.9% from 12 months earlier, when a homebuyer tax credit helped lift sales … (3 comments)

Time to Stop Renting - 01/13/11 04:27 PM
Economist Mark Zandi is among the many leaders who believe that the trend of renting over buying is about to reverse. Many people opted out of buying during the real estate decline in Los Angeles but the tide is about to change. This is a great sign since a healthy housing market features renting and buying at near equal levels.
2011 is the year that buying will reign superior over renting in almost every part of the country. Home prices are very low right now and so is home construction. Household finances as well as the unemployment rate are expected to … (1 comments)

New Year, New Results - 01/04/11 04:50 PM
Property markets across the country are relying on an economic recovery to make their Christmas wishes come true. The past year was a tough one. But home prices stabilized in the first half of 2010 as the government offered tax credits to spur sales. That stimulus has come and gone.
This year, similarly, the market will also be affected and driven by what goes on in Washington. Get excited! 2011 has the potential to further the recovery! Large price declines have made housing more affordable than at any point in the last decade. New housing construction is stuck at its … (2 comments)