Friday, December 22, 2017 / by Ryan Stein
Existing home sales are currently at an annual pace of 5.81 million, the highest pace since December 2006.
The inventory of existing homes for sale has dropped year-over-year for the last 30 consecutive months and is now at a 3.4-month supply.
NAR’s Chief Economist Lawrence Yun had this to say: “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end.”
Thursday, December 21, 2017 / by Ryan Stein
As home values continue to increase at levels greater than historic norms, some are concerned that we are heading for another crash like the one we experienced ten years ago. We recently explained that the lenient lending standards of the previous decade (which created false demand) no longer exist. But what about prices?
Are prices appreciating at the same rate that they were prior to the crash of 2006-2008? Let’s look at the numbers as reported by Freddie Mac:
The levels of appreciation we have experienced over the last four years aren’t anywhere near the levels that were reached in the four years prior to last decade’s crash.
We must also realize that, to a degree, the current run-up in prices is the market trying to catch up after a crash that dramatically dropped prices for five years.
Prices are appreciating at levels greater than historic norms. However, we are not at the levels that led to the housing bubble a ...
Tuesday, December 19, 2017 / by Ryan Stein
There are many benefits to homeownership. One of the top benefits is protecting yourself from rising rents, by locking in your housing cost for the life of your mortgage.
Don’t Become Trapped
A recent article by Apartment List addressed rising rents by stating:
“Rents are up 2.7% year-over-year at the national level. Year-over-year growth continues to fall between the 2.1% rate from this time last year and the 3.4% growth rate from October 2015.”
The article continues explaining that:
“Despite the seasonal slowdown, rents are still up year-over-year in 89 of the 100 Largest cities.
Additionally, the Urban Institute revealed that,
“Over a quarter of renters, or 11.1 million households, are severely cost burdened, spending at least half their income on rental housing.
These households struggle to save for a rainy day and pay other bills, including groceries and ...
Monday, December 18, 2017 / by Ryan Stein
Here are four great reasons to consider buying a home today instead of waiting.
1. Prices Will Continue to Rise
CoreLogic’s latest Home Price Index reports that home prices have appreciated by 7.0% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.7% over the next year.
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
2. Mortgage Interest Rates Are Projected to Increase
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have hovered around 4%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by this time next year.
An increase in rates will impact YOUR monthly mortgage payment ...
Friday, December 15, 2017 / by Ryan Stein
The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
In the report, home prices are compared both regionally and by state.
Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!