home buying: Homebuyer Traffic Is on the Rise
- 09/10/20 07:55 AM
One of the biggest surprises of 2020 is the resilience of the residential real estate market. Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year. He’s also predicting home sales to increase by 8-12% next year. There’s strong evidence that he will be right.
ShowingTime, a leading showing software and market stat service provider for the residential real estate industry, just reported on their latest the ShowingTime Showing Index:
“Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity.”
That means there are 60% more buyers setting appointments to see homes … (0 comments)
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home buying: Have You Ever Seen a Housing Market Like This?
- 09/08/20 10:50 AM
The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here’s a look at four key areas that are fundamentally defining the market this year.
Housing Market Recovery The economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully, … (0 comments)
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home buying: How Will the Presidential Election Impact Real Estate?
- 09/02/20 01:19 PM
The year 2020 will be remembered as one of the most challenging times of our lives. A worldwide pandemic, a recession causing historic unemployment, and a level of social unrest perhaps never seen before have all changed the way we live. Only the real estate market seems to be unaffected, as a new forecast projects there may be more homes purchased this year than last year.
As we come to the end of this tumultuous year, we’re preparing for perhaps the most contentious presidential election of the century. Today, it’s important to look at the impact past presidential election years have had on the … (1 comments)
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home buying: Three Ways to Win in a Bidding War
- 08/31/20 11:11 AM
With so few houses for sale today and low mortgage rates driving buyer activity, bidding wars are becoming more common. Multiple-offer scenarios are heating up, so it’s important to get pre-approved before you start your search. This way, you can put your best foot forward – quickly and efficiently – if you’re planning to buy a home this season.
Javier Vivas, Director of Economic Research at realtor.com, explains:
“COVID-19 has accelerated earlier trends, bringing even more buyers than the market can handle. In many markets, fierce competition, bidding wars, and multiple offer scenarios may be the common theme in the … (1 comments)
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home buying: What's Ahead For Mortgage Rates This Week - August 31, 2020
- 08/31/20 11:03 AM
Last week’s economic news included readings from Case-Shiller Home Price Indices, along with data on new and pending home sales. Weekly readings on mortgage rates and new and continuing jobless claims were also published.
Case-Shiller: Home Price GrowthHolds Steady in June
National home prices grew at a seasonally-adjusted annual pace of 4.30 percent in June, which was unchanged from May’s year-over-year growth rate for home prices. The 20-City Home Price Index rose by 3.50 percent year-over-year in June.
Phoenix, Arizona reported the leading year-over-year home price growth rate of 9.00 percent. Seattle, Washington held second place with a year-over-year home price growth … (0 comments)
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home buying: The Cost of Renting Vs. Buying a Home [INFOGRAPHIC]
- 08/28/20 09:36 AM
The Cost of Renting Vs. Buying a Home [INFOGRAPHIC]
Some Highlights The percentage of income needed to afford a median-priced home today is declining, while that for renting is on the rise. This is making buying a home an increasingly attractive option for many people, especially with low mortgage rates driving purchasing power. Let’s connect if you’d like expert guidance on exploring your homebuying options while affordability is high. … (0 comments)
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home buying: What's Ahead For Mortgage Rates This Week - August 24, 2020
- 08/24/20 07:52 AM
Last week’s economic news included readings from Case-Shiller on home prices, the National Association of Home Builders Housing Market Indices, and sales of previously-owned homes. Readings on housing starts and building permits issued were released. Weekly reports on mortgage rates, new and continuing jobless claims were also published.
NAHB: Home Builder Confidence Rises in August
The National Association of Home Builders reported that builder confidence in housing market conditions rose six points to an index reading of 78.in August. The expected reading of 73 was based on July’s reading of 72. Homebuilder confidence was based on sharp demand for homes as city … (0 comments)
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home buying: Sellers Are Returning to the Housing Market
- 08/18/20 12:09 PM
In today’s housing market, it can be a big challenge for buyers to find homes to purchase, as the number of houses for sale is far below the current demand. Now, however, we’re seeing sellers slowly starting to come back into the market, a bright spark for potential buyers. Javier Vivas, Director of Economic Research at realtor.com, explains:
“Seller confidence has been improving gradually after reaching its bottom in mid-April, and now it appears to have reached an important recovery milestone…After five long months, sellers are back in the housing market; while encouraging, the improvement to new listings is only the first step in the long … (0 comments)
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home buying: Home Are More Affordable Right Now Than They Have Been in Years
- 08/13/20 11:53 AM
Today, home prices are appreciating. When we hear prices are going up, it’s normal to think a home will cost more as the trend continues. The way the housing market is positioned today, however, low mortgage rates are actually making homes more affordable, even as prices rise. Here’s why.
According to the Mortgage Monitor Report from Black Knight:
“While home prices have risen for 97 consecutive months, July’s record-low mortgage rates have made purchasing the average-priced home the most affordable it’s been since 2016.”
How is that possible? Black Knight continues to explain:
“As of mid-July, it required 19.8% of the median monthly income to make the mortgage … (1 comments)
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home buying: 2020 Homebuyer Preferences [INFOGRAPHIC]
- 08/07/20 11:40 AM
Some Highlights A recent study from HarrisX shows the current health crisis isn’t slowing down today’s homebuyers. Many buyers are accelerating their timelines to take advantage of low mortgage rates, and staying home has enabled some to save more money to put toward a down payment. Let’s connect today if your needs have recently changed and you’re ready to make a move this year. … (2 comments)
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home buying: How Is Remote Work Changing Homebuyer Needs?
- 08/06/20 10:02 AM
With more companies figuring out how to efficiently and effectively enable their employees to work remotely (and for longer than most of us initially expected), homeowners throughout the country are re-evaluating their needs. Do I still need to live close to my company’s office building? Do I need a larger home with more office space? Would making a move to the suburbs make more sense for my family? All of these questions are on the table for many Americans as we ride the wave of the current health crisis and consider evolving homeownership needs.
According to George Ratiu, Senior Economist for realtor.com:
"The ability to work … (1 comments)
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home buying: Expert Reactions to the 2020 Housing Market Recovery August 6th, 2020
- 08/06/20 09:29 AM
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home buying: Where Is the Housing Market Headed for the Rest of 2020?
- 07/31/20 09:32 AM
Where Is the Housing Market Headed for the Rest of 2020? [INFOGRAPHIC]
Some Highlights: The housing market is forecasted to finish the year with growing strength. Historically low mortgage rates are creating great potential for homebuyers, and home sales are on the rise. If you’re thinking of buying or selling a home this year, let’s connect to maximize your opportunity today. … (1 comments)
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home buying: Homeownership Rate Continues to Rise in 2020
- 07/29/20 10:18 AM
So far, it’s been quite a ride this year, and our nation has truly seen its fair share of hurdles. From COVID-19 to record unemployment and then the resulting recession, just to name a few, the second quarter of 2020 has had more than a few challenges. Amidst the many roadblocks, however, the U.S. homeownership rate rose again, signaling great strength in the recovery of the housing market and an indication that even in a time of crisis, Americans still feel confident about buying a home.
Yesterday, the U.S. Census Bureau announced:
“The homeownership rate of 67.9 percent was 3.8 percentage points … (1 comments)
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home buying: Guidance and Support Are Key When Buying Your First Home
- 07/28/20 10:55 AM
In June, the number of first-time homebuyers accounted for 35% of the existing homes sold, a trend that’s been building steadily throughout the year. According to the National Association of Realtors (NAR):
“The share of first-time buyers increased in March through June—right into the heart of the pandemic period and the surge in unemployment—and is now trending higher than the 29% to 32% average in past years since 2012.” (See graph below):
Why the rise in first-time homebuying? NAR continues to say:
“The major factor is, arguably, low mortgage rates. As of the week ended July 16, the 30-year fixed mortgage rate … (1 comments)
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home buying: Three of the Latest Reports Show Housing Market Is Strong
- 07/27/20 08:41 AM
The residential real estate market is remaining resilient as the country still struggles to beat the COVID-19 pandemic. Three separate reports recently revealed how the housing market is still showing growth. Here’s a look at each one.
1. Ivy Zelman’s Real Estate Broker Survey The survey explains that purchaser demand remains strong:
“This month’s overall homebuyer demand rating…was easily the strongest sequential gain in our survey history…Strength continues to be led by the entry-level…While high-end demand is less robust in an absolute sense, there has also been relative improvement, with contacts attributing incremental improvement to the stock market’s rebound, record low mortgage … (2 comments)
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home buying: A Real Estate Pro Is More Helpful Now than Ever [INFOGRAPHIC]
- 07/24/20 09:11 AM
Some Highlights A recent study shared by NAR notes that both buyers and sellers think an agent is more helpful than ever during the current health crisis. Expertise and professionalism are highly valued and can save buyers and sellers time and effort along the way. If you’re thinking of buying or selling a home this year, let’s connect to be sure you have a trusted professional on your side. … (1 comments)
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home buying: Home Sales Hit a Record-Setting Rebound
- 07/24/20 09:09 AM
With a worldwide health crisis that drove a pause in the economy this year, the housing market was greatly impacted. Many have been eagerly awaiting some bright signs of a recovery. Based on the latest Existing Home Sales Report from the National Association of Realtors (NAR), June hit a much-anticipated record-setting rebound to ignite that spark.
According to NAR, home sales jumped 20.7% from May to a seasonally-adjusted annual rate of 4.72 million in June:
“Existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic…Each of the four major … (1 comments)
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home buying: Buying Land to Build a New Home On? Don't Forget These Considerations
- 07/22/20 11:04 AM
When most people talk about real estate, they envision buying an already-built house on already-landscaped property. However, buying vacant land and building a new home is a great way to ensure that you get the home that you want in the location that you want.
It's also a major undertaking, which is why you should take these three considerations into account before you buy any land for your new home.
Location, Location, Location: It's More Important Than You Think
People often hear the phrase "location, location, location" and it's a very prudent maxim with buying land. The parcel of land that you buy … (1 comments)
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home buying: Mortgage Rates Hit Record Lows for Three Consecutive Weeks
- 07/15/20 06:45 AM
Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below):
What does this mean for buyers? This is huge for homebuyers. Those currently taking advantage of the increasing affordability that comes with historically low interest rates are winning big. According to Sam Khater, Chief Economist at Freddie Mac:
“The summer is heating up as record low mortgage rates continue to spur homebuyer demand.”
In addition, move.com notes:
“Summer home buying season is off to … (1 comments)
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