Homeowners ready to make a move are definitely in a great position to sell today. Housing inventory is incredibly low, driving up buyer competition. This gives homeowners leverage to sell for the best possible terms, and it’s fueling a steady rise in home prices. In such a hot market, houses are selling quickly. According to the National Association of Realtors (NAR), homes are...
Some Highlights In a recent article, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), discussed the state of today’s housing market.When addressing whether or not today’s high buyer competition and rising home prices are evidence of a housing bubble, Yun said that this “is not a bubble. It is simply lack of supply.”Today’s housing...
Don’t be impressed by the headlines reporting year-over-year housing numbers for the next several months (data covering March, April, May, and June). The data will most likely show eye-popping one-year increases. While the year-over-year jumps will certainly be striking, consumers should take these numbers with a grain of salt, as the situation highlights a short-term quirk in the reporting of...
This year, mortgage rates have started to slowly climb above recent record-breaking lows. Many homeowners planning to move may feel like they’ve missed the chance to score a great rate on their next mortgage. In reality, there’s still time to secure a rate far below the historic norm. Here’s why. After creeping up for seven consecutive weeks, average mortgage rates have dropped...
The financial benefits of buying a home as compared to renting one are always up for debate. However, one element of the equation is often ignored – the ability to build wealth as a homeowner. Most experts are calling for home prices to continue appreciating over the next several years. The most recent Home Price Expectation Survey, a survey of over one hundred economists, real estate...
There's a lot of questions on what's going on in the market. Are we going to have another housing crash? Are we going to see the market tank? Is this really a stable market? We go over some of these questions, specifically what happened in March nationally and locally. Find out now, on a Realtor Life Market Update.
One of the biggest hurdles homebuyers face is saving for a down payment. As you’re budgeting and planning for your home purchase, you’ll want to understand how much you’ll need to put down and how long it will take you to get there. The process may actually move faster than you think. Using data from the U.S. Department of Housing and Urban Development (HUD)...
Some Highlights There’s no doubt about it: homeowners love their homes, and that feeling has become even more important over the past year.The vast majority of homeowners say they’re emotionally attached to their home and that it has kept them safe during the COVID-19 pandemic.Owning a home provides a sense of safety, security, and accomplishment. Let’s connect to move...
As vaccines are administered and travel resumes, many of us are beginning to plan for those long-awaited vacations we missed out on over the past year. Some households are focusing their efforts on buying a vacation home rather than staying in a hotel, too. The National Association of Home Builders (NAHB) reports: “Second homes (i.e., homes sold to buyers who are not going to...
A recent Survey of Consumer Finances study released by the Federal Reserve reveals the net worth of homeowners is forty times greater than that of renters. If you’re wondering if homeownership is a good investment, the study clearly answers that question, and the answer is yes. Do Americans believe a home is a better investment than stocks? In a post on...