Back in 2005, Federal Reserve Chairman Alan Greenspan described the dramatic increases in residential real estate values as a “froth in housing markets.” Greenspan went on to say: “The increase in the prevalence of interest-only loans and the introduction of more-exotic forms of adjustable-rate mortgages are developments of particular concern…some households may be employing these instruments to purchase homes…
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In the six years that Trulia has conducted this study, this is the first time that it was cheaper to rent than buy in any of the metropolitan areas. It’s no surprise, however, that those two metros are San Jose and San Francisco, CA, where median home prices have jumped to over $1 million dollars this year.…
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The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report which revealed that home sales declined 0.6% to a seasonally adjusted annual rate of 5.38 million in June from 5.41 million in May, and are 2.2% below a year ago. Some may look at these numbers and think that now is a bad…
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Some Highlights: The generations agree! Real estate is the best investment! Generation X leads the way with 37% believing in real estate as the top investment.
As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs…
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Every homeowner wants to make sure that they maximize their financial reward when selling their home, but how do you guarantee that you receive the maximum value for your house? Here are two ways to ensure that you get the highest price possible. 1. Price it a Little Low This may seem counterintuitive, but let’s…
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As the real estate market continues to move down the road to a complete recovery, we see home values and home sales increasing while distressed sales (foreclosures and short sales) continue to fall to their lowest points in years. There is no doubt that the housing market will continue to strengthen throughout 2018. However, there…
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First-time homebuyers are out in force and are being met with a highly competitive summer real estate market. According to the National Association of Realtors (NAR), the inventory of homes for sale “has fallen year-over-year for 36 consecutive months,” and now stands at a 4.1-month supply. A 6-month supply of inventory is necessary for a balanced market and has not been…
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We often talk about why it makes financial sense to buy a home, but more often than not, the emotional reasons are the more powerful or compelling ones. No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain…
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Some Highlights: The National Association of Realtors surveyed their members & released the findings of their Profile of Home Staging. 62% of seller’s agents say that staging a home decreases the amount of time a home spends on the market. 50% of staged homes saw a 1-10% increase in dollar-value offers from buyers. The top rooms to stage…
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We keep hearing that home affordability is approaching crisis levels. While this may be true in a few metros across the country, housing affordability is not a challenge in the clear majority of the country. In their most recent Real House Price Index, First American reported that consumer “house-buying power” is at “near-historic levels.” Their index is based…
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Since the beginning of the year, mortgage interest rates have risen over a half of a percentage point (from 3.95% to 4.52%), according to Freddie Mac. Even a small rise in interest rates can greatly impact a buyer’s monthly mortgage payment. First American recently released the results of their quarterly Real Estate Sentiment Index (RESI), in which they surveyed title and real…
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The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of their data points, which has changed dramatically, is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving. As the graph below shows, over the last twenty years (1985-2008), the median tenure…
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If you are debating whether or not to list your house for sale this year, here is the #1 reason not to wait! Buyer Demand Continues to Outpace the Supply of Homes for Sale The National Association of Realtors’ (NAR) Chief Economist Lawrence Yun recently commented on the current lack of inventory: “Inventory coming onto the market during this…
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Some Highlights: With interest rates still around 4.5%, now is a great time to look back at where rates have been over the last 40 years. Lock in a low rate now while you can!
Rising home prices have many concerned that the average family will no longer be able to afford the most precious piece of the American Dream – their own home. However, it is not just the price of a home that determines its affordability. The monthly cost of a home is determined by the price and the interest…
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When homeowners decide to sell their houses, they obviously want to get the best possible price for their home with the least amount of hassles along the way. However, for the vast majority of sellers, the most important result is actually getting their homes sold. In order to accomplish all three goals, a seller should realize the…
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Summer is traditionally a busy season for real estate. Buyers come out in force and homeowners list their houses for sale hoping to capitalize on those buyers who are looking to purchase before the new school year. This year will be no different! Buyers have already been out in force looking for their dream homes and more…
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If you’ve entered the real estate market as a buyer or a seller, you’ve inevitably heard the mantra “location, location, location” in reference to identical homes increasing or decreasing in value based on where they’re located. In today’s housing market where home prices are appreciating quickly, it’s important to know that not every home appreciates at the…
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