housing market update: The Real Reason Home Prices are Increasing - 11/30/17 10:20 AM
There are many unsubstantiated theories as to why home values are continuing to increase. From those who are worried that lending standards are again becoming too lenient (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are not at peak levels when they are adjusted for inflation), there seems to be no shortage of opinion.
However, the increase in prices is easily explained by the theory of supply & demand. Whenever there is a limited supply of an item that is in high demand, prices increase.
It is that simple. … (0 comments)

housing market update: A Housing Bubble? Industry Experts Say NO! - 11/09/17 08:18 AM
With residential home prices continuing to appreciate at levels above historic norms, some are questioning if we are heading toward another housing bubble (and subsequent burst) like the one we experienced in 2006-2008.
Recently, five housing experts weighed in on the question.
Rick Sharga, Executive VP at Ten-X: “We’re definitely not in a bubble.”
“We have a handful of markets that are frothy and probably have hit an affordability wall of sorts but…while prices nominally have surpassed the 2006 peak, we’re not talking about 2006 dollars.”
Christopher Thornberg, Partner at Beacon Economics: “There is no direct or indirect sign of any kind of bubble.”
“Steady as she goes. Prices … (1 comments)

housing market update: Thinking of Selling your Home? Competition is Coming - 09/28/17 06:52 AM
The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.7% over last year.
How will this impact buyers?More inventory means more options. Danielle Hale, Realtor.com’s Chief Economist, explained this is good news for the housing market - especially for those looking to buy:
"It's not spectacular construction growth, but it's slow and steady in the right direction. Eventually, the pickup in single-family home construction will mean [buyers] will have … (0 comments)

housing market update: Why Are So Few Homes for Sale? - 09/21/17 09:06 AM
There is no doubt that the largest challenge in today’s housing market is a lack of housing inventory for sale. This challenge has been defined as an “overwhelming lack of supply,” and even a “straight up inventory crisis.”
First American just released the results of a survey which sheds light on the reasons for the current lack of supply.
The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets. Here are the results of the survey:
47% – existing homeowners are worried that they will not be able to find a home to buy 5% … (2 comments)

housing market update: A ‘Buyer’ in Hand is Worth Two in the Bush - 07/27/17 08:35 AM
In today’s highly competitive seller’s market where there are more buyers than there are homes for them to buy, some sellers may feel like the ball is in their court.
And they would be right when it comes to choosing which offer to accept, the closing date, or even which improvements they are willing to make to their house prior to selling.
One thing to remember though, is that there is always a line that shouldn’t be crossed.
Interest rates can change, financing might not go through, the appraisal might not come back at the price that you have agreed to. These are all opportunities … (0 comments)

housing market update: Are Home Prices Approaching Bubble Territory? - 06/15/17 09:41 AM
As home values continue to rise, some are questioning whether we are approaching another housing bubble. Zillow just reported that:
“National home values have surpassed the peak hit during the housing bubble and are at their highest value in more than a decade.”
Though that statement is correct, we must realize that just catching prices of a decade ago does not mean we are at bubble numbers. Here is a graph of median prices as reported by the National Association of Realtors (NAR).
We can see that prices rose during the early 2000s, fell during the crash and have risen since 2013.
However, let’s assume there was no housing bubble and … (1 comments)

housing market update: 3 REASONS THE HOUSING MARKET IS NOT IN A BUBBLE - 05/11/17 07:27 AM
With housing prices appreciating at levels that far exceed historical norms, some are fearful that the market is heading for another bubble. To alleviate that fear, we just need to look back at the reasons that caused the bubble ten years ago.
Last decade, demand for housing was artificially propped up because mortgage lending standards were way too lenient. People that were not qualified to purchase were able to attain a mortgage anyway. Prices began to skyrocket. This increase in demand caused homebuilders in many markets to overbuild.
Eventually, the excess in new construction and the flooding of the market with distressed properties … (2 comments)

housing market update: CONSUMER CONFIDENCE IN ECONOMY & HOUSING IS SOARING - 03/30/17 11:49 AM

The success of the housing market is strongly tied to the consumer’s confidence in the overall economy. For that reason, we believe 2017 will be a great year for real estate. Here is just a touch of the news coverage on the subject.
HousingWire: “Consumers’ faith in the housing market is stronger than it’s ever been before, according to a newly released survey from Fannie Mae.”
Bloomberg: “Americans’ confidence continued to mount last week as the Bloomberg Consumer Comfort Index reached the highest point in a decade on more-upbeat assessments about the economy and buying climate.”
Yahoo Finance: “Confidence continues to … (0 comments)

housing market update: WHICH HOMES HAVE APPRECIATED THE MOST? - 03/16/17 11:57 AM
Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 7.1%. CoreLogic, in their most recent Home Price Insights Report, reveals that national home prices have increased by 6.9% year-over-year.
The CoreLogic report broke down appreciation even further into four different price categories:
Lower Priced Homes: priced at 75% or less of the median Low-to-Middle Priced Homes: priced between 75-100% of the median Middle-to-Moderate Priced Homes: priced between 100-125% of the median High Price Homes: priced greater than 125% of the median Here is how each category did in … (1 comments)

 
Liz Freeman (RE/MAX Preferred Realty)

Liz Freeman

Greenville, NC

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