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Housing Is Still Affordable in the United States!

Lately, there have been many headlines circulating about whether or not there is an “affordability issue forming in the housing market.” If you are considering selling your current house and moving up to the home of your dreams, but are unsure whether or not to believe what you’re seeing in the news, let’s look at the results of the latest Housing Affordability Report from the National Association of Realtors (NAR). According to NAR: “A value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that a family earning the median income has … [Read more...]

Will Home Prices Continue to Increase?

There are many unsubstantiated theories about what is happening with home prices. From those who are worried that prices are falling (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. In real estate, it takes a six-month supply of … [Read more...]

20 Tips for Preparing Your House for Sale This Fall [INFOGRAPHIC]

Some Highlights: When listing your house for sale, your top goal will be to get the home sold for the best price possible! There are many small projects that you can do to ensure this happens! Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help! Powered by WPeMatico … [Read more...]

Is the Increase in Inventory a Bullish or Bearish Sign for Real Estate?

In a recent article, National Housing Inventory Crisis Reaches Inflection Point, realtor.com reported that: New listings jumped 8% year-over-year nationally, the largest increase since 2013 Total listings in the 45 largest markets are now up 6% on average over last year This increase in housing inventory has sparked two different reactions. Some are saying this is the first sign of a potential collapse while others are saying it is a welcomed reprieve from the lack of inventory that has stalled the market recently. As Zelman & Associates reported in a recent ‘Z Report’: “With the rate of home price appreciation starting to decelerate … [Read more...]

5 Tips for Starting Your Home Search

In today’s real estate market, with low inventory dominating the conversation in many areas of the country, it can often be frustrating to be a first-time homebuyer if you aren’t prepared. In a recent realtor.com article entitled, “How to Find Your Dream Home—Without Losing Your Mind,” the author highlights some steps that first-time homebuyers can take to help carry their excitement of buying a home throughout the whole process. 1. Get Pre-Approved for a Mortgage Before You Start Your Search One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if … [Read more...]

Baby Boomers are Downsizing, Are You Ready to Move?

For a while now baby boomers have been blamed for a portion of the housing market’s current lack of housing inventory, but should they really be getting the blame? Here’s what some of the experts have to say on the subject: Aaron Terrazas, Senior Economist at Zillow, says that “Boomers are healthier and working longer than previous generations, which means they aren’t yet ready to sell their homes.” According to a study by Realtor.com, 85% of baby boomers indicated they were not planning to sell their homes. It is true that baby boomers are healthier and are thus working and living longer, but are they also refusing to sell their homes?  Last … [Read more...]

Pre-Approval: Your 1st Step in Buying a Home

In many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach. Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website: “It’s highly recommended that you … [Read more...]

Buying a Home? Do You Know the Lingo? [INFOGRAPHIC]

Some Highlights: Buying a home can be intimidating if you are not familiar with the terms used during the process. To start you on your path with confidence, we have compiled a list of some of the most common terms used when buying a home. The best way to ensure that your home-buying process is a confident one is to find a real estate professional who not only puts your family’s needs first, but will guide you through every aspect of the transaction with ‘the heart of a teacher.’ Powered by WPeMatico … [Read more...]

Dispelling the Myth About Home Affordability

We have all seen the headlines that report that buying a home is less affordable today than it was at any other time in the last ten years, and those headlines are accurate. But, have you ever wondered why the headlines don’t say the last 25 years, the last 20 years, or even the last 11 years? The reason is that homes were less affordable 25, 20, or even 11 years ago than they are today. Obviously, buying a home is more expensive now than during the ten years immediately following one of the worst housing crashes in American history. Over the past decade, the market was flooded with distressed properties (foreclosures and short sales) that … [Read more...]

New Home Sales Up 12.7% From Last Year

According to the latest New Residential Sales Report from the Census Bureau, new construction sales in August were up 3.5% from July and 12.7% from last year! This marks the second consecutive month with double-digit year-over-year growth (12.8% in July). The report also showed that builders have ramped up construction with an increase in new construction starts and completions. The summer months are often a busy time for builders as they capitalize on the warmer weather to be able to finish projects. Below is a table showing the change in starts, completions, and sales from last August. Other notable news from the report is that the … [Read more...]