What's my home worth?
30 posts tagged with SRAR:
October 09, 2017
Keeping Current Matters KCM Blog 10-09-2017
Some Highlights:The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.Freddie Mac predicts interest rates to rise to 4.4% by next year.CoreLogic predicts home prices to appreciate by 5.0% over the next 12 months.If you are ready and willing to buy your dream home, find out if you are able to! . . .
October 03, 2017
CoreLogic broke appreciation down ever further into four price ranges which gives a more detailed view than simply looking at the year-over-year increases of the national median home price.
The chart below shows the four tiers and each one’s growth from July 2016 to July 2017 (the latest data available).
It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor in determining how much it has appreciated over the . . .
September 25, 2017
Keeping Current Matters, KCM Blog
Freddie Mac, Fannie Mae, and The Mortgage Bankers Association are all projecting that home sales will increase in 2018. Here is a chart showing what each entity is projecting in sales for the remainder of this year and the next.As we can see, each entity is projecting sizable increases in home sales next year. If you have considered selling your house recently, now may be the time to put it on the . . .
September 18, 2017
Keeping Current Matter, KCM Blog Sept. 18,2017
Married couples once again dominated the first-time homebuyer statistics last year at 66% of all buyers, according to the most recent Profile of Home Buyers & Sellers. It is no surprise that having two incomes to save for down payments and contribute to monthly housing costs makes buying a home more attainable.
Many couples are deciding to use what would otherwise be their wedding fund as a down payment on their first home, as unmarried couples made up 8% of all first-time buyers last year. If you’re single, don’t fret; you can still buy your dream home! Single women made up 17% of first-time buyers in 2016, while single men accounted for 7% of buyers.
According to a survey by the Wedding Report, the average cost of a wedding in the United States at the start of the year . . .
September 11, 2017
KCM Blog Keeping Current MattersHere 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 6.7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.0% 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, . . .
August 28, 2017
The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.
One such study by the Wharton School of Business at the University of Pennsylvania revealed that many millennials have not yet considered purchasing homes simply because they don’t believe they can qualify for a mortgage.
A recent article about millennials by Realtor.com explained that:
“About 72% of aspiring millennial buyers said they’re waiting because they can’t afford to buy…”
The article also explained that 29% of millennials believe their credit scores are too low to buy. The problem here is the fact that they think they will be denied a mortgage is keeping them from even attempting to apply.
Ellie Mae’s . . .
August 07, 2017
KCM Blog, Keeping Current MattersThe National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%.
Why the dramatic increase?
The reasons for this change are plentiful!
The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made some homeowners much more fiscally . . .
July 31, 2017
KCM Blog, Keeping Current MattersThe price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).Buyer Demand
The map below was created after asking the question: “How would you rate buyer traffic in your area?”
The darker the blue, the stronger the demand for homes in that area. Only three states had a ‘stable’ demand level.Seller Supply
The index also asked: “How would you rate seller traffic . . .
July 17, 2017
Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market.1. Why am I buying a home in the first place?
This is truly the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.
For example, a survey by Braun showed that over 75% of parents say, “their child’s education is an important part of the search for a new home.”
This survey supports a study by . . .
July 10, 2017
In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their homes on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers.
Here are the top five reasons:1. Exposure to Prospective Buyers
Recent studies have shown that 94% of buyers search online for a home. That is in comparison to only 16% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?2. Results Come from the Internet
Where did buyers find the homes they actually purchased?51% on the internet34% from a Real Estate Agent8% from a yard sign1% from newspapers
The days of selling your house by just putting up a sign and putting it in the paper are long . . .
That's the end.
Millionaire To Millennials: Don’t Get Stuck Renting A Home… Buy One!
February 20, 2019
How To List Your Home for the Best Price
February 14, 2019
Whose Mortgage Do You Want to Pay? Yours or Your Landlord’s?
February 05, 2019
Why It Makes No Sense to Wait for Spring to Sell
January 29, 2019