Auto Added by WPeMatico

Supply & Demand Will Determine Future Home Values

Will home values continue to appreciate throughout 2018? The answer is simple: YES! – as long as there are more purchasers in the market than there are available homes for them to buy. This is known as the theory of “supply and demand,” which is defined as: “The amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.” When demand exceeds supply, prices go up. Every month this year, demand (buyer traffic) has increased [...]

By |2018-08-09T04:00:25+00:00August 9th, 2018|For Buyers, For Sellers, Housing Market Updates, Pricing|Comments Off on Supply & Demand Will Determine Future Home Values

Selling Your Home? Here’s 2 Ways to Get the Best Price!

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 take a look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation when, in actuality, [...]

By |2018-07-24T04:00:40+00:00July 24th, 2018|For Sellers, Move-Up Buyers, Pricing|Comments Off on Selling Your Home? Here’s 2 Ways to Get the Best Price!

House-Buying Power at Near-Historic Levels

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 on three components: Median Household Income Mortgage Interest Rates Home Prices The report explains: “Changing incomes and interest rates either increase or decrease consumer house-buying power or [...]

By |2018-07-12T04:00:20+00:00July 12th, 2018|Buying Myths, First Time Home Buyers, For Buyers, Move-Up Buyers, Pricing|Comments Off on House-Buying Power at Near-Historic Levels

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

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?

What’s the Median Home Value in Your State?

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 same rate. The map below demonstrates that point on a state-by-state basis using data from the National Association of Realtors. Demand often dictates value, even for houses in [...]

By |2018-06-27T04:00:29+00:00June 27th, 2018|First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers, Pricing|Comments Off on What’s the Median Home Value in Your State?

Homes are More Affordable in 44 out of 50 States

With both home prices and mortgage rates increasing this year, many are concerned about a family’s ability to purchase a major part of the American Dream – its own home. However, if we compare housing affordability today to the average affordability prior to the housing boom and bust, we are in much better shape than most believe. In Black Knight’s latest monthly Mortgage Monitor, they revealed that in the vast majority of the country, it is actually more affordable to purchase a home today than [...]

By |2018-06-21T04:00:09+00:00June 21st, 2018|First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers, Pricing|Comments Off on Homes are More Affordable in 44 out of 50 States

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!

Will Home Prices Fall as Mortgage Rates Rise?

Mortgage interest rates have increased by more than half of a point since the beginning of the year. They are projected to increase by an additional half of a point by year’s end. Because of this increase in rates, some are guessing that home prices will depreciate. However, some prominent experts in the housing industry doubt that home values will be negatively impacted by the rise in rates. Mark Fleming, First American’s Chief Economist: “Understanding the resiliency of the housing market in a rising mortgage [...]

By |2018-05-31T04:00:00+00:00May 31st, 2018|First Time Home Buyers, For Buyers, For Sellers, Interest Rates, Move-Up Buyers, Pricing|Comments Off on Will Home Prices Fall as Mortgage Rates Rise?

Moving Up to Your Dream Home? Don’t Wait!

Mortgage interest rates have risen by more than half of a point since the beginning of the year, and many assume that if mortgage rates rise, home values will fall. History, however, has shown this not to be true. Where are home values today compared to the beginning of the year? While rates have been rising, so have home values. Here are the most recent monthly price increases reported in the Home Price Insights Report from CoreLogic: January: Prices were up 0.5% over the month [...]

By |2018-05-17T04:00:27+00:00May 17th, 2018|For Buyers, For Sellers, Move-Up Buyers, Pricing|Comments Off on Moving Up to Your Dream Home? Don’t Wait!