Home sales are below last year’s levels, home values are appreciating at a slower pace, and there are reports showing purchasing demand softening. This has some thinking we may be entering a buyer’s market after sellers have had the upper hand for the past several years. Is this really happening?
Read MoreThe housing market has been anything but normal for the last eleven years. In a normal real estate market, home prices appreciate 3.7% annually. Below, however, are the price swings since 2007 according to the latest Home Price Expectation Survey:
Read MoreIf you thought about selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned about the concept of supply and demand, so we understand that the best time to sell something is when the supply of that item is low and demand for that item is high. That defines today’s real estate market.
Read MoreBetween 1987 and 1999, which is often referred to as the ‘Pre-Bubble Period,’ home prices grew at an average of 3.6% according to the Home Price Expectation Survey.
Read MoreEvery three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data, covering 2013-2016 was recently released. It revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
Read MoreThere is a severe mismatch between the low number of houses for sale and the high demand for those houses! First-time homebuyers are out in force and are being met with a highly competitive summer real estate market.
Read MoreThe Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The survey shows that the main reason non-homeowners do not own their own homes is that they believe they cannot afford them.
Read MoreWhen the results were broken down by the parent’s age, millennials (those 18-36) led the way. 74% of homeowners saying that their child’s opinion was a factor in choosing which home to buy. Eighty-three percent of renters believe that their child’s opinion would be a deciding factor when looking to purchase a home.
Read MorePeople 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.
Read MoreHomes are appreciating, which is what makes buying one such an excellent investment. According to Pulsenomics’ most recent Home Price Expectation Survey, home prices are expected to appreciate, on average, by 3.6% per year over the next 5 years and grow 18.2% cumulatively. What does that mean for homeowners? Equity and more of it.
Read MoreDuring spring and summer, we see an influx of buyers competing for the same properties. An active marketplace demands that buyers set themselves apart from each other. One of the easiest ways to do that is to show how serious they are about purchasing a home. Getting pre-approved for a mortgage demonstrates dedication, expedites the loan process and provides an accurate view of the buyer’s budget. To us, starting the buying process with a pre-approval is an absolute must. Otherwise, you’re going into the market blind to what you can afford.
Read MoreHousing prices are high, but would you believe that the actual cost of homes is lower today than ever before? Historically prices were lower, however, wages were also lower while mortgage rates were higher. Keeping that in mind, the actual cost to own is cheaper now.
Read MoreIf you’re planning to sell your home in 2018, get ready for some competition! According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of building permits for single-family homes is up 7.4% over last year. A nice situation for buyers, but a more difficult one for sellers.
Read MoreOpen houses can be a great way to appeal to potential buyers, but it can be cringe-worthy having strangers scrutinize your space. While the basics of throwing an open house are commonly known (clean your home, pick up snacks, etc.) there’s more that you can do to ensure a successful event. Here are a few tips that you may not have thought of:
Read MoreWhile spring and summer are more popular seasons for house hunting, winter should not be overlooked. The colder and shorter days may not inspire you to go look at houses, but consider this: they aren’t inspiring other buyers either. This means you’ll likely have fewer to compete with when you’re ready to make an offer. That lack of competition is just one of the many reasons to consider buying a home in the winter.
Read MoreChoosing the right realtor entails more than just hiring someone with credentials. Preparing to buy or sell a home can be daunting, but hiring the best realtor for your needs can make an overwhelming process much easier. What makes a realtor “right” can vary on your aspirations, requirements, and even personality. Here are our tips for helping you choose the best agent for you and your real estate goals.
Read MoreRenovations are a great way to increase the enjoyment of home ownership. Additionally, they can raise your home’s monetary worth when the time comes to sell your property.
Read MorePurchasing a new home is an exciting time. However, the numbers can make the process confusing and stressful. Real estate professionals regularly mention credit scores and interest rates, but their connection to each other is not always clear. When purchasing a property, this information can determine a lot in terms of cost for you and your family. It’s a good idea to familiarize yourself with their role before buying a home.
Read MoreThe rental market is crazy in Denver right now. Just five years ago it was possible to find a 1 bedroom for under $600/mth and that was in Capitol Hill! These days you are lucky to find one for under $1000. So if you are a first time homebuyer you may find yourself thinking “How much home can I afford?”
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