NAR'S Latest Existing Home Sales Report [INFOGRAPHIC]
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Some Highlights:
- Existing Home Sales are up 10.3% year-over-year across the country.
- Sales rose to an annual rate of 5.59 million marking the 10th month in a row of year-over-year gains
- Prices are up 5.6% year-over-year in the U.S. to a median price of $234,000
- Marked the 41st consecutive month of year-over year price gains.
52% Likely to Buy in the Next 5 Years!! Are You?
According to the recently released BMO Harris Bank Home Buying Report, 52% of Americans say they are likely to buy a home in the next five years. Americans surveyed for the report said they would be willing to pay an average of $296,000 for a home and would average a 21% down payment. The report also had other interesting revelations.
Should I Wait to Put Down a Bigger Down Payment?
Some experts are advising that first time and move-up buyers wait until they save up 20% before they move forward with their decision to purchase a home. One of the main reasons they suggest waiting is that a buyer must purchase private mortgage insurance if they have less than the 20%. That increases the monthly payment the buyer will be responsible for.
Don't Get Caught In The Renter's Trap
There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage.
64.2% of Millennials Put Down Less than 20%
Digital Risk recently polled Millennials about the housing market. Among their findings was the fact that nearly two-thirds of the generation who have recently purchased a home, have done so with less than 20% down; with 36% putting down less than 5%...
Real Estate Again Seen as Best Investment
We are almost back to ‘pre-housing crash’ home values. The inventories of distressed properties (foreclosures & short sales) are shrinking dramatically. The economy is improving. The job numbers are headed in the right direction.
...
The REAL Reasons Americans Buy a Home
We often talk about the financial reasons why buying a home makes sense. But often, the emotional reasons are the more powerful, or compelling reasons. The Joint Center for Housing Studies at Harvard University performs a study every year surveying participants for the reasons that American’s feel are most important in regards to homeownership.
The top 4 reasons to own a home cited by respondents were not financial.
When is it a Good Time to Rent? Definitely NOT Now!
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 just released their...
Mortgage Lending is NOT Out of Control!!
This year, both Freddie Mac & Fannie Mae have introduced new programs that only require a 3% down payment on a mortgage in order to purchase a home. Earlier this month, the Mortgage Bankers’ Association reported that adjustable-rate mortgages (AR...
Don’t Wait to Move Up to Your Dream Home!
Now that the housing market has stabilized, more and more homeowners are considering moving up to their dream home. With interest rates still near 4% and home values on the rise, now may be a great time to make a move....
Where Are Mortgage Rates Headed? This Fall? Next Year?
The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to look at where rates are headed when deciding to buy now or wait until nex...
An Easy Way to Find the Perfect Real Estate Agent
There is a plethora of real estate information available today in the news and on the internet. It can be extremely confusing at times.
...
This Is NOT Your Parents’ 3% Down Payment Plan
In their latest Housing Market Insight & Outlook report, Freddie Mac revealed that recent low down payment initiatives have raised concerns that we may be returning to the same lax mortgage qualifications that caused the housing crisis from which...
Pending Home Sales Remain Strong In June
The National Association of REALTORS’ Pending Home Sales Index is “a forward-looking indicator based on contract signings”. The higher the Pending Home Sales Index number, the more contracts have been signed by buyers that will soon translate to sale...
Spring Buying Season Extends Into Summer [INFOGRAPHIC]
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Are Home Values REALLY at Record Levels?
Last week, the National Association of Realtors (NAR) released their Existing Home Sales Report. The report announced that the median existing-home price in June was $236,400. That value surpasses the peak median sales price set in July 2006 ($230,40...
Homeownership: The Real Story Behind The Headlines
The big housing news this week is that the homeownership rate has dropped to 63.4% which represents the lowest rate in 48 years. That news definitely is making headlines. Yet, to fully understand what this means we have to look at the story that crea...
Buyer Demand Continues To Outpace Housing Supply
The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report....
Freddie Mac: Equity Matters (a Lot!)
According to a Merrill Lynch survey, over 80% of the people in this country believe that homeownership is still “an important part of the American Dream”. There are many financial and non-financial reasons people feel this way.
One of the biggest ...
Home Sales Will Remain Hot This Summer
People always talk about the “spring buying season” when they talk real estate. However, this year it appears as though the summer real estate market will be just as hot.
The most recent Foot Traffic Report released by the National Association of ...
Stop Paying Your Landlord's Mortgage!
There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either your mortg...
5 Reasons to Hire a Real Estate Professional Today!
Whether you are buying or selling a home, it can be quite an adventurous journey. You need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers think tha...
45% of Homes Sold in Less Than A Month! [INFOGRAPHIC]
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The Main Reason You Should Not Wait to Buy…
The Joint Center for Housing Studies at Harvard University recently released their 2015 State of the Nation’s Housing report. The report concentrated on the challenges renters in this country are facing because of the diminishing supply of quality re...
Homeownership: A Key to Well-Being in Retirement
There has been much talk about homeownership and whether it is a true vehicle for building wealth. A new report looks at the impact owning a home has on the financial wellbeing of people closing in on their retirement years (ages 55-64)....
