selling a house: 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)

selling a house: How to Save on a Mortgage Payment Whether Buying or Selling - 10/26/17 07:04 AM
In Trulia’s recent report, Rent vs. Buy: Roommate Edition, they examined the impact that renting with a roommate has in determining whether it is more expensive to rent or buy. The study explains:
“Since we started keeping track in 2012, it’s been a better deal to buy than rent in America’s largest housing markets – and for much of that time it hasn’t been close.”
It then goes on to ask the question:
“But does the equation change for renters who share their rent with a roommate?”
The report reveals:“While the standard rent vs. buy analysis reveals buying is cheaper than renting in all of the nation’s 100 largest metros, … (0 comments)

selling a house: Hey, Millennial Homeowners!! It May Be Time to Sell - 08/10/17 10:00 AM
Contrary to what many believe, Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S. than any other age group in 2017 and the most recent Census Bureau report shows that the homeownership rate among Millennials is finally on the rise.
Many Millennials took advantage of post housing crash prices and the First-Time Homebuyers’ Tax Creditand jumped into homeownership in 2010. If you are one of these buyers, now may be the time to sell for many reasons. Here are a few:
1. Equity Build-UpHome prices have been on the rise since the beginning of 2012 and your house may … (0 comments)

selling a house: 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)

selling a house: 75% OF HOMEOWNERS THINK NOW IS A GOOD TIME TO SELL! - 06/29/17 10:53 AM
The National Association of Realtors (NAR) recently released the findings of their Q2 Homeownership Opportunities and Market Experience (HOME) Survey. The report covers core topics like, “if now is a good time to buy or sell a home, the perception of home price changes, perceived ability to qualify for a mortgage, and [an] outlook on the U.S. economy.”
The survey revealed that 75% of homeowners think now is a good time to sell,compared to 70% last quarter. This is a considerable increase from more than a year ago when 66% agreed.
Even though homeowners believe that now is a good time to sell, many have not taken the … (0 comments)

selling a house: 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)

selling a house: 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)

selling a house: IT’S A SELLER’S MARKET! SHOULD I DOWNSIZE NOW? - 03/23/17 07:16 AM
A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.
In a blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:
A smaller home means less space, but it also means less time, stress and money spent on upkeep. Let’s assume … (0 comments)

selling a house: HOW TO GET THE MOST MONEY WHEN SELLING YOUR HOME - 03/21/17 10:49 AM
Every homeowner wants to make sure they get the best price when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensuring you get the highest price possible.
1. Price it a LITTLE LOW This may seem counterintuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In reality, this just dramatically lessens the demand for their house (see chart below).
Instead of the seller trying to ‘win’ the negotiation with one buyer, they should … (0 comments)

selling a house: HOUSING MARKET EXPECTED TO “SPRING FORWARD” - 03/09/17 01:14 PM
Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market.
Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.
Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.
That hasn’t happened this year.Demand for housing has remained strong as mortgage rates have remained near … (4 comments)

selling a house: If Your Home Hasn’t Sold Yet… Check the Price! - 01/11/17 06:44 AM
The residential housing market has been hot. Home sales have bounced back solidly and are now at their second highest pace since February 2007. Demand has remained strong throughout the winter as many real estate professionals are reporting bidding wars with many homes selling above listing price. What about your house?
If your house hasn’t sold, it is probably because of the price.If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. See chart below.
Bottom LineThe … (2 comments)

selling a house: INADEQUATE INVENTORY DRIVING PRICES UP - 01/06/17 06:35 AM
The latest Existing Home Sales Report from the National Association of Realtors (NAR)revealed a direct correlation between a lack of inventory and rising prices.
We are all familiar with the concept of supply and demand. As the demand for an item increases the supply of that same item goes down, driving prices up.
Year-over-year inventory levels have dropped each of the last 18 months, as inventory now stands at a 4.0-month supply, well below the 6.0-month supply needed for a ‘normal’ market.
The median price of homes sold in November (the latest data available) was $234,900, up 6.8% from last year and marking the 57th consecutive month with … (0 comments)

selling a house: Start 2017 Off Right… LIST YOUR HOUSE FOR SALE - 01/04/17 07:42 AM
As we are about to bring in the New Year, families across the country will be deciding if this is the year that they will sell their current house and move into their dream home. Many will decide that it is smarter to wait until the spring “buyer’s market” to list their house. In the past, that might have made sense. However, this winter is not like recent years.
The recent jump in mortgage rates has forced buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale … (0 comments)

selling a house: THE #1 REASON TO SELL NOW… NOT NEXT SPRING - 12/14/16 09:17 AM
The price of any item (including residential real estate) is determined by ‘supply and demand’. If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.
According to the National Association of Realtors (NAR), the supply of homes for sale dramatically increases every spring. As an example, here is what happened to housing inventory at the beginning of 2016:
Putting your home on the market now instead of waiting for increased competition in the spring might make a lot of sense.
Bottom LineBuyers in the market during the winter months are truly motivated purchasers. They want … (0 comments)

 
Liz Freeman (RE/MAX Preferred Realty)

Liz Freeman

Greenville, NC

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RE/MAX Preferred Realty

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