Posts

Buyer Demand Is Outpacing the Supply of Homes for Sale

Image
The 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 six states had a weak demand level. Seller Supply The Index also asked:  “How would you rate seller traffic in your area?” As you can see from the map below, the majority of the country has weak Seller Traffic, meaning there are far fewer homes on the market than what is needed to satisfy the buyers who are out looking for their...

2 Myths That May Be Holding Back Buyers

Image
Fannie Mae’s article,  “What Consumers (Don’t) Know About Mortgage Qualification Criteria, ”  revealed that “ only 5 to 16 percent of respondents know the correct ranges for key mortgage qualification criteria. ” Myth #1: “I Need a 20% Down Payment” Fannie Mae’s  survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required. Many believe that they need at least 20% down to buy their dream home, but many programs actually let buyers put down as little as 3%. Below are the results of a Digital Risk survey of Millennials who recently purchased a home. As you can see, 64.2% were able to purchase their home by putting down less than 20%, with 43.8% putting down less than 10%! Myth #2: “I need a 780 FICO Score or Higher to Buy” The survey revealed that 59% of Americans either don’t k...

Thinking of Making an Offer? 4 Tips for Success

Image
So you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market that you want to make sure you make a good offer so that you can guarantee your dream of making this house yours comes true! Freddie Mac  covered  “4 Tips for Making an Offer”  in their latest  Executive Perspective . Here are the 4 Tips they covered along with some additional information for your consideration: 1. Understand How Much You Can Afford “While it's not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.” This ‘tip’ or ‘step’ really should take place before you start your home search process. As we’ve mentioned  before , getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage fo...

What Would a Millennial Baby Boom Mean for Housing?

Image
Recently released data from the  National Center for Health Statistics  revealed that 1.3 million Millennial women gave birth for the first time in 2015. There are now over 16 million women in this generation who have become mothers. “All told, Millennial women (those born between 1981 to 1997) accounted for about eight in ten (82%) of U.S. births in 2015.” The data also shows that this generation has waited until later in life to become parents as only 42% of Millennial women were moms in 2014, compared to 49% of Generation X at the same age. A  Pew Research Center   article  discussing the data, points to social influences that may have contributed to the delay: “The rising age at first birth is hardly limited to the Millennial generation. It has been a trend since at least 1970. Many factors may contribute, including a shift away from marriage, increasing educational attainment and the movement of women into the labor force.” Do Millennials ...

Top 3 Things Second-Wave Baby Boomers Look for in a Home

Image
According to  data  from the U.S Census bureau,  there are approximately 76.4 million baby boomers living in the United States today . Contrary to what many think, there are very different segments within this generation, and one piece that sets them apart are their housing needs. John McManus, editorial director of  Hanley Wood’s Residential Group   says  his company  “is focusing on the preferences of the younger half, or second-wave baby boomers, as they exhibit different needs than the older boomers.” What are ‘second-wave baby boomers’ looking for? McManus says, “ They are seeking a fun, dynamic lifestyle with a home that can also adjust to their changing needs in the future. Living space should either include accessibility features, such as doorway space, lower shelves, and nonslip surfaces, or be easily adjustable when the time comes. ” In a homebuyer study performed by  The Farnsworth Group , the participants  revealed ...

Here’s to a Wonderful 2017!

Image
We hope 2017 is a great year for you, both personally & professionally.

It It Luck or Something Else?

When homes near you come on the market and sell quickly, it’s tempting to wonder how the new buyers were able to purchase that home. Were they lucky? Did their parents lend them the down payment? Did the ball simply roll their way? Some people believe that fortune is subject to luck. Experience shows that it’s not. Only about 10% of our lives are completely out of our control. The rest is defined by the choices we make and the actions we take. Lucky people tend to be open to new things. Rather than approaching the unknown with an abundance of caution, they take risks, and feel relaxed enough to see the opportunities that exist. You may know someone, right now, who has the ability to buy an investment or a vacation property, or possibly their first home, but don’t yet know how lucky they are. Give me a call and together we’ll show them the real role that luck plays in home ownership.