real estate market: Higher Home Sales Despite Dwindling Inventory
- 06/21/17 04:26 PM
The Mortgage Bankers Association released their Mortgage Application Data for the week ending 6/16, showing that overall application volume increased by 0.6%. Applications to Purchase a home were down 1.0%, but are still up 9.2% year over year. Refinances increased by 2.0% and are down 30% from this time last year. Interest rates were about 0.34% higher than they were last year. The Refinance share of Mortgage Applications increased to 46.6% from 45.4% of total applications. The ARM share of applications increased slightly to 7.5% from 7.4%. Existing Home Sales, which tracks closings on Existing Homes, were up 1.1% in May … (0 comments)
real estate market: House Prices Up 31% from 2012 Lows
- 07/19/16 06:28 AM
According to recently released numbers from S&P/Case-Schiller, house prices accross the US are up over 31% from the bottom of the market in 2012 (see chart below). The markets that have recovered the most include San Fransisco, Las Vegas and Detroit. The markets that have recovered the least include New York, Cleveland and Boston. The interesting thing about these numbers is that most markets still haven't fully recovered their values relative to their peak in 2006. This means that there still is quite a bit of upside in house prices. Also, these numbers don't yet reflect the uptick in house prices that … (1 comments)
real estate market: THREE PITFALLS TO AVOID WHEN SELLING IN A SELLER'S MARKET
- 05/06/16 05:40 AM
1 – Don't accept the highest price offer without asking the right questions. For example: How strong is the buyer's financing approval? Even the buyer claims to be "pre-approved", the deal may fall through because of financing conditions unrelated to the property itself. Is the buyer willing to waive the financing contingency? The buyer may be able to make the offer contingent on an appraisal, title, and other property-specific items instead of the much broader financing contingency found in most purchase agreements. This way, you know the lender has already fully approved the buyer's credit report, income documentation and asset documentation. What will the … (2 comments)
real estate market: Pending Home Sales Points to Strong Homebuying Season
- 04/27/16 04:42 AM
Pending Home Sales reached a 10 Month high in March 2016. Pending Homes Sales measures signed contracts on existing homes and was up 1.4% in March which was almost three times stronger than expectations. This is a good forward looking indicator to existing home sales and would point to strengh in the future. This is great information to provide clients in helping them understand why in some markets, they would have to offer over asking price due to the low inventory and high demand. There are strategies to employ to help a buyer qualify for more home than currently approved for. For financing strategies … (1 comments)
real estate market: Rental Supply: How Individual Real Estate Investors Are Benefiting
- 04/20/16 08:44 AM
Most of the recent growth in supply of rental units has actually been in the single-family rental market. The single family share of rental housing has grown from 34% to 40% over the past 10 years. While large institutional investors have entered the single-family market in recent years, these large investors have only captured a 12.5% market share. This means that individual investors still own a whopping 87.5% of all single family rental homes. Vacancy rates have also declined recently (see chart above). This gives investors greater pricing power when setting rents. In fact, rent increases have far outpaced inflation in recent years (see … (0 comments)
The Mortgage Bankers Association released their Mortgage Application Data for the week ending 6/16, showing that overall application volume increased by 0.6%. Applications to Purchase a home were down 1.0%, but are still up 9.2% year over year. 
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