Thursday, January 14, 2016 / by Ryan Stein
Home Sales are up year-over-year in the top 4 price ranges and only slightly below last year's numbers in a fifth.
A lack of distressed property inventory has led to a slow down in sales in the under $100K price range.
As home prices continue to rise, there will be fewer homes available for sale in the lower ranges.
Wednesday, January 13, 2016 / by Ryan Stein
If you plan to buy your dream home or sell your house in 2016, resolve to use a real estate professional!
Real Estate Professionals are there for you through the entire process to help with paperwork, negotiations, pricing, and so much more!
Tuesday, January 12, 2016 / by Ryan Stein
People often ask whether or not now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent.
The Census Bureau recently released their third quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:
A recent Wall Street Journal article reports that rents rose “faster last year than at any time since 2007, a boon for landlords but one that has stoked concerns about housing affordability for renters.”
The article also cited results from a recent Reis Inc report which revealed that average effective rents rose 4.6% in 2015, the biggest gain since before the recession. Over the past 15 years, rents have risen at a rate of 2.7% annually.
Where are rents headed?
Jonathan Smoke, Chief Economist at realtor.com recently warned that:
“Low rental vacancies and a lack of ...
Monday, January 11, 2016 / by Ryan Stein
Thinking of Buying a Home? 3 Questions Every Buyer Should Answer First.
Thursday, January 7, 2016 / by Ryan Stein
If you are debating listing your house for sale this year, here is the #1 reason not to wait!
Buyer Demand Continues to Outpace the Supply of Homes For Sale
The National Association of REALTORS’ (NAR) Chief Economist, Lawrence Yun recently commented on the inventory shortage:
“While feedback from REALTORS® continues to suggest healthy levels of buyer interest, available listings that are move-in ready and in affordable price ranges remain hard to come by for many would-be buyers.”
The latest Existing Home Sales Report shows that there is currently a 5.1-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market and well below November 2014 numbers.
The chart below details the year-over-year inventory shortages experienced in 2015:
Anything less than a six-month supply is considered a “Seller’s Market”.