homebuyers: Homebuyers: Hang in There - 06/28/21 05:34 PM
 
Some Highlights Today’s sellers’ market provides unique challenges—and benefits—for buyers. Current low interest rates won’t last forever, and home prices are forecast to rise. If you’re a homebuyer, hang in there. Homeownership improves your quality of life, and the long-term benefits outweigh the short-term challenges. Bottom Line
What best fits your real estate goals right now - buy, sell, perhaps both? With years of area knowledge, repeat clients, trusted service and personalized guidance each step of the way, we find the solution(s) customized to your needs - growing family space, single or multi-generational residence, remote workplace, relocation, retirement, vacation or investment. Your Home Sweet Home is waiting. 
Contact … (2 comments)

homebuyers: Home Price Appreciation Is as Simple as Supply and Demand - 06/12/21 06:40 PM
Home price appreciation continues to accelerate. Today, prices are driven by the simple concept of supply and demand. Pricing of any item is determined by how many items are available compared to how many people want to buy that item. As a result, the strong year-over-year home price appreciation is simple to explain. The demand for housing is up while the supply of homes for sale hovers at historic lows.
Let’s use three maps to show how this theory continues to affect the residential real estate market.
Map #1 – State-by-state price appreciation reported by the Federal Housing Finance Agency (FHFA) for the first … (3 comments)

homebuyers: Why You May Want To Cash in on Your Second Home - 06/10/21 04:45 PM
When stay-at-home mandates were enforced last year, many households realized their homes didn’t really fulfill their new lifestyle needs. An office (in some cases two), a media room, space for children to learn, a gym, and a large yard are all examples of amenities that became highly desirable almost overnight.
Zelman & Associates recently reported that sales of primary residences grew by 9% in 2020. That increase in demand was met by the lowest supply of homes for sale in history. High demand and low supply caused prices to skyrocket over the past twelve months. Here are three home price indexes released most recently that … (3 comments)

homebuyers: Top Reasons To Own Your Home - 06/10/21 04:41 PM

Some Highlights June is National Homeownership Month, and it’s a great time to consider the benefits of owning your own home. If you’re thinking of buying a home, it might just help you find the stability, community, and comfort you’ve been searching for over the past year. Let’s connect today to determine if homeownership is the right next step for you. Bottom Line
What best fits your real estate goals right now - buy, sell, perhaps both? With years of area knowledge, repeat clients, trusted service and personalized guidance each step of the way, we find the solution(s) customized to your … (1 comments)

homebuyers: Why This Is Not Like 2008 Again - 06/10/21 03:41 PM
During the Great Recession, just over a decade ago, the financial systems the world depended on started to collapse. It created a panic that drove some large companies out of business (ex. Lehman Brothers) and many more into bankruptcy. The financial crisis that accompanied the current pandemic caused hardship to certain industries and hurt many small businesses. However, it hasn’t rattled the world economy. It seems that a year later, things are slowly getting back to normal for many companies.
Why is there a drastic difference between 2008 and now? In a post from RealtyTrac, they explain:
“We changed the rules. We told banks … (2 comments)

homebuyers: Americans See Real Estate as a Better Investment Than Stocks or Gold - 05/19/21 02:19 PM
Americans See Real Estate as a Better Investment Than Stocks or Gold Last month, in a post on the Liberty Street Economics blog, the Federal Reserve Bank of New York noted that Americans believe buying a home is definitely or probably a better investment than buying stocks. Last week, a Gallup Poll reaffirmed those findings.
In an article on the current real estate market, Gallup reports:
“Gallup usually finds that Americans regard real estate as the best long-term investment among several options -- seeing it as superior to stocks, gold, savings accounts and bonds. This year, 41% choose real estate as the best investment, up from 35% a year ago, with stocks a … (1 comments)

homebuyers: Should I Buy Now or Wait? - 05/02/21 02:10 AM
 
Some Highlights If you’re thinking that waiting a year or two to purchase a home might mean you’ll save some money, think again. Mortgage interest rates are currently very low, but experts across the board are forecasting increases in both home prices and interest rates. Buying a home now means you’ll spend less in the long run. Let’s connect to put your homebuying plans in motion before home prices and mortgage rates climb even higher. What best fits your real estate goals right now - buy, sell, perhaps both? With years of area knowledge and repeat clients from trusted service and personalized guidance each … (6 comments)

homebuyers: How Much Time Do You Need To Save for a Down Payment? - 04/29/21 03:23 AM
How Much Time Do You Need To Save for a Down Payment? One of the biggest hurdles homebuyers face is saving for a down payment. As you’re budgeting and planning for your home purchase, you’ll want to understand how much you’ll need to put down and how long it will take you to get there. The process may actually move faster than you think.
Using data from the U.S. Department of Housing and Urban Development (HUD) and Apartment List, we can estimate how long it might take someone earning the median income and paying the median rent to save up for a down payment on a median-priced … (4 comments)

homebuyers: This Isn’t a Bubble. It’s Simply Lack of Supply - 04/23/21 11:00 PM
 
Some Highlights In a recent article, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), discussed the state of today’s housing market. When addressing whether or not today’s high buyer competition and rising home prices are evidence of a housing bubble, Yun said that this “is not a bubble. It is simply lack of supply.” Today’s housing market is healthy, and rising prices are driven by real buyer demand. Let’s connect to talk about the best ways to navigate such an energetic market. Bottom Line Contact Kris Collis now, your Trusted Pro in the Poconos. What best fits your financial goals right now … (4 comments)

homebuyers: Don’t Be Fooled by Remarkable Real Estate Headlines - 04/22/21 08:59 PM
Don’t be impressed by the headlines reporting year-over-year housing numbers for the next several months (data covering March, April, May, and June). The data will most likely show eye-popping one-year increases.
While the year-over-year jumps will certainly be striking, consumers should take these numbers with a grain of salt, as the situation highlights a short-term quirk in the reporting of this data. Essentially, the increases will reflect a combination of two things: sharply lower housing numbers during last year’s virus-related market collapse and the subsequent strong rebound. This will result in what will appear to be unbelievable growth.
Let’s use single-family … (1 comments)

homebuyers: Planning to Move? You Can Secure a Low Mortgage Rate on Your Next Home - 04/22/21 08:24 PM
This year, mortgage rates have started to slowly climb above recent record-breaking lows. Many homeowners planning to move may feel like they’ve missed the chance to score a great rate on their next mortgage. In reality, there’s still time to secure a rate far below the historic norm. Here’s why.After creeping up for seven consecutive weeks, average mortgage rates have dropped more recently (See graph below). With rates taking a slight dip over the past two weeks at the same time the inventory of houses for sale is so low, homeowners today are sitting in the optimal seat to sell. What’s the advantage of selling your house … (1 comments)

homebuyers: 82,338 Great Reasons to Buy a Home Today - 04/20/21 11:39 AM
82,338 Great Reasons to Buy a Home Today
The financial benefits of buying a home as compared to renting one are always up for debate. However, one element of the equation is often ignored – the ability to build wealth as a homeowner.
Most experts are calling for home prices to continue appreciating over the next several years. The most recent Home Price Expectation Survey, a survey of over one hundred economists, real estate experts, and investment and market strategists, expects home appreciation to increase as follows:
2021: 6%
2022: 4.5%
2023: 4%
2024: 3.6%
2025: 3.5%
Using their annual projections, the graph … (4 comments)

homebuyers: 93% of Americans Believe a Home Is a Better Investment Than Stocks - 04/14/21 07:39 PM
93% of Americans Believe a Home Is a Better Investment Than Stocks A recent Survey of Consumer Finances study released by the Federal Reserve reveals the net worth of homeowners is forty times greater tha that of renters. If you’re wondering if homeownership is a good investment, the study clearly answers that question, and the answer is yes.
Do Americans believe a home is a better investment than stocks? In a post on the Liberty Street Economics blog, the Federal Reserve Bank of New York notes that 93.3% of Americans believe buying a home is definitely or probably a better investment than buying stocks.
Here’s how the results break down:The survey also shows a wide range … (5 comments)

homebuyers: Some Buyers Prefer Smaller Homes - 04/14/21 07:26 PM
Some Buyers Prefer Smaller Homes Over the past year, we’ve had plenty of opportunities to reflect on what we consider most important in our lives. The place we call home is one of the biggest things many of us are reevaluating. George Ratiu, Senior Economist at realtor.com, shares:
“The very nature of the pandemic, through the health implications, social distancing, and need to isolate, has really brought a central focus on the importance of home for most Americans…In a sense, it has elevated real estate markets as a centerpiece of our lives.”
For some, this has spurred an interest in making a move to a home that … (2 comments)

homebuyers: Latest Jobs Report: What Does It Mean for You & the Housing Market? - 04/07/21 07:30 PM
Latest Jobs Report: What Does It Mean for You & the Housing Market?Last Friday, the Bureau of Labor Statistics released a very encouraging jobs report. The economy gained 916,000 jobs in March – well above expert projections of 650,000 to 675,000. The unemployment rate fell again and is now at 6%.
What does this mean for you?Our lives are deeply impacted by our nation’s economy. The better the economy is doing overall, the better most individuals in the country will do as well. Here’s a look at what four experts told the Wall Street Journal after reviewing last week’s report.
Michael Feroli, JPMorgan Chase:"The powerful tailwind of the reopening … (5 comments)

homebuyers: What Is the Strongest Tailwind to Today’s Recovering Economy? - 04/03/21 08:47 PM
What Is the Strongest Tailwind to Today’s Recovering Economy? Last year started off with a bang. Unemployment was under 4%, forecasters were giddy with their projections for the economy, and the residential housing market had the strongest January and February activity in over a decade.
Then came the announcement on March 11, 2020, from the World Health Organization declaring COVID-19 a worldwide pandemic. Two days later, the White House declared it a national emergency. Businesses and schools were forced to close, shelter-in-place mandates were enacted, and the economy came to a screeching halt. As a result, unemployment in this country skyrocketed to 14.9%.
A … (1 comments)

homebuyers: 2021 Real Estate Myth Buster  - 03/26/21 11:20 PM
2021 Real Estate Myth Buster 
Some Highlights There are a lot of misconceptions about buying or selling a home today, making it challenging to know exactly how to navigate the current real estate landscape.
Here’s a little clarity when it comes to 5 common myths about the 2021 housing market.
Contact Kris Collis, your Trusted Pro in the Poconos, for professional results in all market fluctuations. Let's discuss your needs so you can decipher facts from fiction in our local market. What's best fits your financial goals now - buy, sell, perhaps both? With years of area knowledge and repeat … (3 comments)

homebuyers: 6 Simple Graphs Proving This Is Nothing Like Last Time - 03/13/21 03:23 PM
6 Simple Graphs Proving This Is Nothing Like Last Time Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, real estate had one of its best years ever. Home sales and prices were both up substantially over the year before. 2020 was so strong that many now fear the market’s exuberance mirrors that of the last housing boom and, as a result, we’re now headed for another crash.
However, there are many reasons this real estate market is nothing like 2008. Here are six visuals to show the dramatic … (5 comments)

homebuyers: How Smart Is It to Buy a Home Today? - 03/03/21 05:57 PM
How Smart Is It to Buy a Home Today?

Whether you’re buying your first home or selling your current house, if your needs are changing and you think you need to move, the decision can be complicated. You may have to take personal or professional considerations into account, and only you can judge what impact those factors should have on your desire to move.
However, there’s one category that provides a simple answer. When deciding to buy now or wait until next year, the financial aspect of the purchase is easy to evaluate. You just need to ask yourself two questions:
… (2 comments)

homebuyers: Ready to Don Your Mask and Go House Hunting? - 03/01/21 08:41 PM
Ready to Don Your Mask and Go House Hunting?
 
Now that you’ve made a decision to buy your first house, or a new one, I bet you’re ready to put on a face mask and go house hunting.
 
Hold on, just a moment. There are some important matters to address before setting up appointments to see the homes you like.
 
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This goes without saying. Can you realistically shop for a home when you don’t know how much you can afford, or even know that you qualify for a mortgage?
 
Do you know what loan … (4 comments)