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National home prices have increased by 5.4% since this time last year. Over that same time period, interest rates have remained near historic lows which has allowed many buyers to enter the market and lock in low rates.
As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price but instead about the ‘long-term cost’ of the home.
The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Insights Report, home prices will appreciate by 4.8% over the next 12 months.
If home prices appreciate by 4.8% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:
If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.
If you are planning to say out with the old home and in to a new home in 2019 — it’s not too early to start prepping before you pack. You have one chance to make a good first impression — make it count. Before listing your home, We recommend these five New Year’s resolutions to help ensure the quickest sale for the highest price.
1. Set the Date
If you haven’t chosen a date, are you really that serious about your move? There is a lot of work to do before putting your house on the market and setting a date — what are you waiting for? The good news is that I’m here to help, along with other professionals like a lender, home inspector and movers to help you prepare. Reach out to us, We're ready to listen to your plans and start working for you.
2. Fix and Replace
If you’re selling your home it’s time to assess the repairs and replacements you need to make before showing. It can be tough to evaluate your own home — We can help! Let’s start with a tour of your home, add in some constructive criticism and decide on the renovations and fixes you can or should make to receive an offer that brings the best return on your investment.
3. Run the Comps
We’ll do all the leg work to compare other home listings in your neighborhood to set a solid sales price. There are so many factors that can affect your home’s value — including nearby schools, outdoor space, lot size, busy streets, or supply and demand in your housing market, but it’s okay — that’s our business!
4. Cut the Clutter
Downsize, downsize, downsize — get the picture? Especially if you have lived in a home for a long time, downsizing can be quite the task. I suggest that my clients take it one step at a time, room by room and stay organized to get through it. As you declutter, ask yourself if an item needs to move with you to your new home.
5. Designed to Sell
Staging your home is serious business. Let’s work together to set the scene around your home’s best features. When there is less clutter in your home, homebuyers can better visualize themselves living in the space — instead of focusing on your family photos or the miniature kitty-cat collection set up in your kitchen.
Thinking of buying or selling your home? Make sure to work with a professional who has done their homework — contact us today! RE/MAX Elite agents are more recommended because they recommend what’s right for you.
The current lack of existing inventory on the market has forced many homebuyers to begin looking at new construction. Seeing your home built before your eyes is a wonderful experience, but new construction purchases often come with unique hassles.
1. Hire your own Inspector
2. Look for incentives (upgrades, closing costs, etc)
3. Communicate regularly (don't wait for the builder to call).
4. Schedule extra time (some things are out of your control like the weather)
5. Visit the site often to avoid unwanted surprises
If you're ready to build your next home, let's get together so we can help ensure that your next home-buying experience is hassle-free!
After the holidays, your home can look a bit hung over, with piles of wrapping paper and fallen tinsel trailing under everyone’s feet. It all feels like a hazy eggnog memory. You may be wondering how you’ll possibly clear out all the trash. Well, maybe it doesn’t have to be trash. Here are five tips for keeping the planet in mind as you clean up this holiday season.
1. Wrapping Paper
Wrapping paper with glitter and foil is fun, but unfortunately can’t be recycled efficiently. Don’t just toss it in with your everyday recycling. Check with your sanitation department for seasonal recycling guidelines.
2. Christmas Trees
Many communities provide a service that will compost or chip your holiday tree into mulch for free or a low fee. Be sure to remove all tinsel, lights and wires before taking advantage of this opportunity.
3. Cardboard Boxes
If you don’t need them to store your new goodies, cardboard boxes can usually be recycled curbside.
Ribbon generally can’t be recycled, so save it! Curling ribbon can be “re-curled” for another special occasion by zipping it along a scissor blade.
You’ve unwrapped this year’s latest gizmo, now what should you do with last year’s model? Many computer companies, like Apple and Dell, will recycle your machines, and box stores such as Best Buy accept phones and all sorts of gadgets for recycling.
If your home still seems too cramped after you complete your holiday recycling, it might be time for a bigger space. Contact us to explore your options!
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 existing salable inventory to maintain pricing stability. In most housing markets, anything less than six months will cause home values to appreciate and anything greater than seven months will cause prices to depreciate (see chart below).
According to the Existing Home Sales Report from the National Association of Realtors (NAR), the monthly inventory of homes for sale has been below six months for the last five years (see chart below).
If buyer demand continues to outpace the current supply of existing homes for sale, prices will continue to appreciate. Nothing nefarious is taking place. It is simply the theory of supply & demand working as it should.
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 more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.”
One big factor in determining affordability each month is the interest rate available at the time of calculation. In August 2017, the 30-year fixed rate mortgage interest rate was 4.19%. This August, the rate rose to 4.78%!
With an index reading of 141.2, housing remains affordable in the U.S.
Regionally, affordability is up in three out of four regions. The Northeast had the biggest gain at 6.2%. The South had an increase of 2.4% followed by the West with a slight increase of 0.1%. The Midwest had the only dip in affordability at 4.8%.
Despite month-over-month changes, the most affordable region remains the Midwest, with an index value of 175.7. The West remains the least affordable region at 101.2. For comparison, the index was 146.7 in the South, and 151.2 in the Northeast.
If you are thinking of selling your home, let’s get together to discuss the affordability conditions in our marketplace.
Closed Sales are up 16.6% for October 2018 in which the number of units closed was 809 compared to 694 in October 2017, with an increase in cash sales of 31.9% compared to October 2017.
New Pending Sales are down -11.3% and New Listings are up 12%. The Median Sales Price for Brevard Single Family homes is up 17.9% to $230,000 compared to a year ago, which was $195,000.
Months Supply of Inventory is up 22.2% to 3.3 months, an increase from 2.7 months in 2017.
Traditional Sales are up 18.8%, with a median sales price of $234,000.
Foreclosure/REO Sales are down -23.7%, with a median sales price of $152,000.
Short Sale Closings are up 33.3%, with a median sales price of $141,025.
Closed Sales are up 21.2% for October 2018 in which the number of units closed was 234 compared to 193 in October 2017, with an increase in cash sales of 21% compared to October 2017.
New Pending Sales are up 3.7% and New Listings are up 10.6%. Median Sales Price for Townhomes/Condos is up 9.4% to $175,000 compared to a year ago, which was $160,000.
Months Supply of Inventory increased to 3.6 months in October 2018 from 3.4 months in October 2017. Traditional Sales are up 26.2%, with a median sales price of $175,000.
Foreclosure/REO Sales were down -62.5% with a median sales price of $60,000.
Short Sale Closings are down -100% with no short sales in October 2018.
According to a new study from Urban Institute, there are over 19 million millennials in 31 cities who are not only ready and willing to become homeowners, but are able to as well!
Now that the largest generation since baby boomers has aged into prime homebuying age, there will no doubt be an uptick in the national homeownership rate. The study from Urban Institute revealed that nearly a quarter of this generation has the credit and income needed to purchase a home.
Surprisingly, the largest share of mortgage-ready millennials lives in expensive coastal cities. These cities often attract highly skilled workers who demand higher salaries for their expertise.
So, what’s holding these mortgage-ready millennials back from buying?
Most of the millennials surveyed for the study believe that they need at least a 15% down payment in order to buy a home when, in reality, the median down payment in the US in 2017 was just 5%, and many programs are available for even lower down payments!
The study goes on to point out that:
“Despite limited awareness, every state has programs that provide grants and loans to make homeownership more attainable, with average assistance in various states ranging from $2,436 to $21,171.”
With so many young families now able to buy a home in today’s market, the demand for housing will continue for years to come. If you are one of the many millennials who have questions about their ability to buy in today’s market, let’s get together so we can assist you along your journey!