housing: Ways Inflation Could Affect 2024 Housing
- 01/09/24 06:29 AM
People across the nation have felt the effects of inflation. Mortgage rates have caused a slowdown in the housing market and home buyers have delayed purchasing a new one, but homes prices have remained strong during this period. Before deciding to sell your home examine the current market in your immediate area and listen to what experts are saying about inflation and how it will affect the housing market. For instance, Goldman Sachs is saying there will be strong income growth and interest rates hikes are a thing of the past for 2024. While Morningstar is expecting a decline in inflation … (1 comments)
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housing: When Not to Accept Highest Bid on Your Home
- 10/11/23 06:54 AM
Your house is on the market and there is a shortage of housing. As a seller, when this happens it appears that you are on the winning side and should receive multiple offers. At the same time, you should watch for red flags that may be present when a buyer makes an offer. Many times, sellers think higher offers are always more appealing, and in a market where multiple offers are frequent, this creates an environment where missteps may occur. Sometimes sellers are willing to accept a lower offer because they feel there may be less headaches and a greater chance … (5 comments)
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housing: Tips When Buying a Home
- 12/12/22 07:25 AM
Buying a home is stressful, whether you are buying a starter home, upgrading, or downsizing. In a sellers’ market this can be extra stressful. During that cycle, buyers compete in a multi-offer environment. For some buyers it may be advisable to wait for the market to cool off. On the other hand, there may opportunities where buyers can purchase a home that meets their needs and desires. Now let us define types of real estate markets: a balance market is where supply of houses available to purchase is equal to the demand for homes. Housing prices are stable, and houses sell … (3 comments)
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housing: Home Affordability Affected by Mortgage Rates
- 10/14/22 06:31 AM
Mortgage rates are rising in today’s housing market, and this affects how much a home buyer can afford to purchase. Likewise, your credit score and down payment have a similar affect. All of the above items have a direct effect on how large a loan you can get. When in the market to purchase a home, need to watch and understand how a rise in interest rates affects your monthly mortgage payments. This can quickly move your payment from affordable to unaffordable. Depending on your financial situation you may want to consider discount points when talking to a lender. Discount points … (1 comments)
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housing: Unusual Housing Market
- 07/07/22 09:51 AM
National Association of Realtors (NAR) says in a report that we are in an unusual housing market. Existing home sales have fallen recently, but buyers are still anxious to purchase a home. Mortgage rates and sales prices are higher, and currently experiencing low inventory of existing homes for sale. This leads to an affordability issue with many home buyers. Number of homes for sale are rising, but homes sales are slowing down recently. With higher home prices and mortgage rates, number of sales may continue to decline. Recently, NAR published indicators in their housing report:
Home prices – Home prices are … (1 comments)
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housing: Possible Calmer Housing Market in The Future
- 05/17/22 07:02 AM
The housing market is beginning to show signs of getting back to normal. This is indicated by fewer contract signings and decrease in pending home sales recently. The only area that has seen an increased number of sales is the northeast. With fewer contract signings this is an indication that the market may be calming and moving towards a more normal market condition. Now that interest rates are increasing this reduces the number of potential buyers, therefore slowing the number of homes being sold. The desire to purchase a new home remains strong, but the financial ability has become a limiting … (2 comments)
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housing: Housing Market Still in a Frenzy
- 01/20/22 07:33 AM
At the end of 2021, the housing market remains in frenzy with more buyers than there are available houses. Realtor.com indicates buyers are eager to purchase a home to protect themselves from potential interest rate hikes. The past year buyers were making offers quickly since homes were remaining on market only a few days. This means buyers during the hottest part of buying season had less time to make home buying decision. With rate hikes on the horizon, home buyers may try to beat the higher monthly housing cost in the future. If this happens, this will drive up competition and … (2 comments)
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housing: Parents Buying Houses in College Towns
- 09/28/21 11:35 AM
Parents of many colleges’ students have realized this is a great time to purchase investment property. Advantages include cutting housing college cost, some expenses are tax deductible, college student can learn how to become manager, and an investment that will appreciate. By purchasing a home for the college student, they can rent out additional rooms to other students, therefore making their board and room less expensive versus what the college would charge. In this instance, a student who needs a student loan probably will not need to finance their living. As a parent they can have the student to be the … (1 comments)
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housing: Major Issues Affecting Real Estate
- 08/06/21 06:35 AM
Counselors of Real Estate provided a list of issues that they expect will affect real estate the greatest during 2021-2022. The Covid-19 pandemic created changes in multiple areas: remote work and mobility, cybersecurity, supply chain, and price instability. Below are issues that may be affected during this time:
Working remotely and mobility – Covid-19 disrupted the workplace and where employees work from. Now commercial properties may need realign the workplace adapting to more flexible and shareable space. This pandemic has created significant changes to human behavior and how people have chosen to work. Now that business is returning to business as … (2 comments)
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housing: 2020 Housing Inventory Projection
- 12/19/19 06:16 AM
Per realtor.com, projected housing inventory in 2020 likely to tighten making it a greater challenge for buyers purchasing a home. At the same time, there will probably be lower interest rates creating more buyers. In addition, they predict the inventory of homes available for sale may hit a record low during 2020 which might cause the housing market to slow. Entry-level homes may be affected the most, and first-time buyers will continue to struggle finding affordable housing. Economists predict interest rates to remain low, averaging 3.85%. This will help on affordability, but lack of available housing will continue to be a … (1 comments)
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housing: Projected Increase in First-Time Home Buyers
- 12/02/19 06:17 AM
Projected by TransUnion report there will be an increase in first-time home buyers. The next 3-years, they estimate there will be 8.3 million first-time buyers entering the mortgage market. This is an increase over the prior 3-years (2016- 2018) where 7.6 million first-time home buyers were added. During this same period-of-time, there will be housing challenges for new buyers. This includes high home prices, possibility slow wage growth, and limited available housing, but there are indicators some of these challenges may be slowing. Per TransUnion, median age of first-time home buyers is 36 in 2018. Some of the top reasons why … (0 comments)
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housing: Looking Ahead Per Freddie Max
- 10/09/17 05:31 AM
The last few years there has been approximately 2% economic growth which has created economic environment that is favorable for housing and mortgage markets. This environment is expected to continue into 2018. Prior year’s home sales growth has been the highest since 2007, and going forward expected home sales to be primarily driven by new home sales. According to FHFA house price index, there was a 6.6% house price rise from the 2nd quarter of 2016 to the 2nd quarter of 2017, but expect a lower rise in house prices in 2018 due an expected rise in housing starts, and gradual … (1 comments)
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housing: Home Upgrades Increase Value and Reduce Maintenance
- 03/17/16 12:05 AM
Home improvements over the past several years has increased for some of the following reasons:
Housing downturn force homeowners to fix-up instead trade for new home.
Stimulus programs caused homeowners to invest in energy efficiency upgrades.
Growing demand for rental properties to upgrade their properties.
Homeowners are spending money to upgrade their home to reduce maintenance time and expense. Following is a list of some of the upgrades homeowners are doing to improve value and reduce upkeep:
HardiPlank siding – This is a cement type product that is resistant to temperature fluctuation, insects, and rot, etc. Homeowners may want to consider this product when in need … (0 comments)
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housing: New Housing Trends
- 01/07/16 11:24 PM
Many home buyers want to have the latest trends built into their new home. Most of these trends are geared towards proving less maintenance, using less energy, and having information available faster. In the past, housing trends tend to come slowly, but now the public wants to be aware of these trends, and pick and choose which features they want to include into their home. Following is a list of trends that are currently occurring in the housing industry:
Coral shades - use bright colors which will provide a brighter outlook.
Open Area - create open space by removing walls between kitchen and … (0 comments)
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housing: Texas Real Estate Strong In 2015
- 12/20/15 11:55 PM
In the past year real estate has been strong in Texas. There are indications there is strong growth in all segments the housing market with luxury and land sales showing strongest. Following are some reasons why the market is strong in this state:
Foreign investors consider the area to be a great place to live, work and do business. There are annual reports stating there are approximately 538,000 people who have come to this area from other states and foreign countries.
Texas has good employment opportunities in many sectors and with strong job growth.
Texas has a diversified economy which creates growth possibilities for … (0 comments)
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housing: Keys to Negotiating Lower Home Price
- 11/09/11 07:56 AM
Naturally, as a buyer you want to negotiate the lowest price for your new home. This process is complex and every transaction has some unique qualities. In this process, there normally are some give and take with both the buyer and seller with neither party getting everything they want. As a buyer, how do I develop a strong bargaining position that will benefit me the most in the transaction? Based on experience there are some keys that will help you win at the negotiating table:
Financing: First, get pre-approved with a lender and demonstrate your flexibility to close quickly per the … (1 comments)
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People across the nation have felt the effects of inflation. Mortgage rates have caused a slowdown in the housing market and home buyers have delayed purchasing a new one, but homes prices have remained strong during this period. Before deciding to sell your home examine the current market in your immediate area and listen to what experts are saying about inflation and how it will affect the housing market. For instance, Goldman Sachs is saying there will be strong income growth and interest rates hikes are a thing of the past for 2024. While Morningstar is expecting a decline in inflation … (1 comments)
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