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How Long Do Most Families Live in a House?

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 averaged exactly six years. However, since 2014, that average is almost ten years – an increase of almost 50%. Why the dramatic increase? The reasons for this change are plentiful! The [...]

By |2018-07-10T04:00:22+00:00July 10th, 2018|For Sellers, Housing Market Updates, Move-Up Buyers|Comments Off on How Long Do Most Families Live in a House?

The #1 Reason to List Your House for Sale NOW!

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 year’s spring buying season – as evidenced again by last month’s weak reading – was not even close to being enough to satisfy demand.  That is why home prices [...]

By |2018-07-09T04:00:14+00:00July 9th, 2018|For Sellers, Housing Market Updates, Move-Up Buyers|Comments Off on The #1 Reason to List Your House for Sale NOW!

Homes More Affordable Today than 1985-2000

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 rate on the mortgage used to purchase it. Today, mortgage interest rates stand at about 4.5%. The average annual mortgage interest rate from 1985 to 2000 was almost [...]

By |2018-07-05T04:00:11+00:00July 5th, 2018|First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Pricing|Comments Off on Homes More Affordable Today than 1985-2000

Buying This Summer? Be Prepared for Bidding Wars

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 are on their way. The challenge is that the inventory of homes for sale has not kept up with demand, which has led to A LOT of competition [...]

By |2018-07-02T04:00:33+00:00July 2nd, 2018|First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers|Comments Off on Buying This Summer? Be Prepared for Bidding Wars

Next Recession in 2020? What Will Be the Impact?

Economists and analysts know that the country has experienced economic growth for almost a decade. They also know that a recession can’t be too far off. A recent report by Zillow Research shed light on a survey conducted by Pulsenomics in which they asked economists, investment strategists and market analysts how they felt about the current housing market. That report revealed the possible timing of the next recession: “Experts largely expect the next recession to begin in 2020.” That timing concurs with a recent survey [...]

By |2018-06-28T04:00:25+00:00June 28th, 2018|For Buyers, For Sellers, Housing Market Updates, Pricing|Comments Off on Next Recession in 2020? What Will Be the Impact?

3 Issues Facing Today’s Real Estate Market

Last week, the National Association of Real Estate Editors (NAREE) held their 52nd Annual Journalism Conference in Las Vegas, NV. Among the many highly anticipated sessions was one called “Top Ten Issues Affecting Real Estate™,” given by Joseph Nahas, Jr., Chair of the Counselors of Real Estate & Senior Vice President of Equus Capital Partners.  The Counselors of Real Estate (CRE) “is an international organization of high profile property professionals which include principals of prominent real estate, financial, legal, and accounting firms as well as [...]

By |2018-06-20T04:00:15+00:00June 20th, 2018|First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Millennials|Comments Off on 3 Issues Facing Today’s Real Estate Market

How A Lack of Inventory Impacts the Housing Market

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. The market will continue to strengthen in 2018. However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. Buyer demand naturally increases during the summer months, but supply is not keeping up. [...]

By |2018-06-18T04:00:04+00:00June 18th, 2018|For Sellers, Housing Market Updates, Move-Up Buyers|Comments Off on How A Lack of Inventory Impacts the Housing Market

When Is a Good Time to Rent? Not Now!

People often ask if now is a good time to buy a home, but nobody ever asks whether or not it’s a good time to rent. Regardless, we want to make certain that everyone understands that now is NOT a good time to rent. The Census Bureau recently released their 2018 first quarter median rent numbers. According to their report, here is a graph showing rent increases from 1988 until today:   As you can see, rents have steadily increased and are showing no signs of slowing down. If [...]

By |2018-06-12T04:00:31+00:00June 12th, 2018|First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Rent vs. Buy|Comments Off on When Is a Good Time to Rent? Not Now!

Days on The Market Drops to New Low in April

According to recently released data from the National Association of Realtors (NAR), the median number of days that a home spent on the market hit a new low of 26 days in April, as 57% of homes were on the market for under a month. NAR’s Chief Economist, Lawrence Yun, had this to say, “What is available for sale is going under contract at a rapid pace. Since NAR began tracking this data in May 2011, the median days a listing was on the market was at an all-time low [...]

By |2018-06-11T04:00:12+00:00June 11th, 2018|For Sellers, Housing Market Updates, Move-Up Buyers|Comments Off on Days on The Market Drops to New Low in April

Did Tax Reform Kill the Luxury Market? NOT SO FAR!

The new tax code limits the deduction of state and local property taxes, as well as income or sales taxes, to a total of $10,000. When the tax reform legislation was put into law at the beginning of the year, some experts felt that it could have a negative impact on the luxury housing market. Capital Economics: “The impact on expensive homes could be detrimental, with a limit on the MID raising taxes for those that itemize.” Mark Zandi of Moody’s Analytics: “The impact on [...]

By |2018-06-07T04:00:58+00:00June 7th, 2018|For Buyers, Housing Market Updates, Move-Up Buyers, Pricing|Comments Off on Did Tax Reform Kill the Luxury Market? NOT SO FAR!