Some Highlights: Existing Home Sales reached their third highest mark this year in May. Inventory of homes for sale has dropped 8.4% since last year, marking the 24th consecutive month of year-over-year declines. NAR’s Chief Economist, Lawrence Yun had this to say: “Those able to close on a home last month are probably feeling both […]
Archives: June 2017
75% of Homeowners Think Now is a Good Time to Sell!
The National Association of Realtors (NAR) recently released the findings of their Q2 Homeownership Opportunities and Market Experience (HOME) Survey. The report covers core topics like, “if now is a good time to buy or sell a home, the perception of home price changes, perceived ability to qualify for a mortgage, and [an] outlook on […]
Buyer’s Market Helps Premium Home Sales Soar
We previously reported how a shortage of inventory in the starter and trade-up home markets is driving prices up and causing bidding wars, creating a true seller’s market. At the same time, in the premium home market, an over-abundance of inventory has started to see prices come down and put buyers in the driver’s seat, […]
Pre-Approval Should Always Be Your First Step
In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for […]
2 Myths Holding Back Home Buyers
In Realtor.com’s recent article, “Home Buyers’ Top Mortgage Fears: Which One Scares You?” they mention that “46% of potential home buyers fear they won’t qualify for a mortgage to the point that they don’t even try.” Myth #1: “I Need a 20% Down Payment” Buyers overestimate the down payment funds needed to qualify for a […]
The Cost of Renting vs. Buying in the US [INFOGRAPHIC]
Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious. Every market is different. Before you renew your lease again, find […]
Can an FHA Buyer do a Temporary Residential Lease?
Texas real estate contracts provision for temporary leases for both Buyers and Sellers to accommodate for either early possession (ahead of the closing date) or deferred possession (after the closing date). Temporary leases under a purchase agreement are different from standard lease agreements in several ways, most notably: • these temporary agreements have restrictions on […]
The Importance of Home Equity in Retirement Planning
We often discuss the difference in family wealth between homeowner households and renter households. Much of that difference is the result of the equity buildup that homeowners experience over the time that they own their home. In a report recently released by the nonpartisan Employee Benefit Research Institute (EBRI), they reveal how valuable equity can […]
The Supply & Demand Problem Plaguing New Construction
Many real estate economists have called on new home builders to ramp up production to help relieve the shortage of inventory of homes for sale throughout the United States. The added inventory would no doubt aid buyers in their search to secure their dream home, while also helping to ease price increases throughout the country. […]
Do You Know How Much Equity You Have in Your Home?
CoreLogic’s latest Equity Report revealed that 91,000 properties regained equity in the first quarter of 2017. This is great news for the country, as 48.2 million of all mortgaged properties are now in a positive equity situation. Price Appreciation = Good News for Homeowners Frank Nothaft, CoreLogic’s Chief Economist, explains: “One million borrowers achieved positive equity over the last year, […]