Hope Leitner, Realtor®, CRS

Where Have All the Houses Disappeared To? If you’re following what’s happening in the current housing market, you’ve seen how the lack of newly constructed homes is a major reason there’s a shortage of housing inventory available to today’s buyers. Another reason is that the inventory of existing homes for sale is shrinking. According to the most recent Existing Home Sales Report from the National Association of Realtors (NAR), sales are up 10.8% from the same time last year. That exceeds expectations and is great news. The troubling news from the report is that the sold inventory is not being replaced. As NAR explained, “Total housing inventory at the end of December totaled 1.40 million units, down 14.6% from November and 8.5% from one year ago. Unsold inventory sits at a 3.0-month supply at the current sales pace, down from the 3.7-month figure recorded in both November and December 2018. Unsold inventory totals have dropped for seven consecutive mont

What do you think the motivating reason would be for the 5% of all homebuyers who chose not to work with an agent but instead conducted their own home search, contacted the seller, negotiated the contract, located their financing, arranged their inspections and all of the other services provided by REALTORS®?   Most people would probably guess the buyers were wanting to do the work themselves and earn the commission in the form a lower purchase price. Looking at it from the seller's perspective, what would be the reason for the 8% of all home sellers who chose not to work with an agent but instead did their own research to determine the value of their home, coordinated all of the marketing efforts necessary to have sufficient exposure to the market, negotiate directly with the buyer, and investigate all of the other steps necessary to close the sale?   Is it possible and even probable, that they too were trying to earn the commission and net more proceeds from the sale? If the

First-Time Buyers Are Searching for Existing Homes This Year In the latest  Housing Trends Report , the National Association of Home Builders (NAHB) measured the share of adults planning to buy a home over the next 12 months. The report indicates the percentage of all buyers that will be first-time buyers looking to purchase a home grew from 58% in Q4 2018 to 63% in Q4 2019. The results revealed , “Millennials are the most likely generation to be making plans to purchase a home within a year (19%), followed by Gen Z (13%) and Gen X (12%)…Prospective buyers in the youngest two generations are primarily first-time buyers:  88% of Gen Z buyers and 78% of Millennial buyers are reaching out to homeownership for the first time in their lives.” With a high demand from first-time homebuyers and a shortage of inventory in the current market, selling your existing home this year might be your best move. Why? Because when homebuyers begin their search, they’re n

Should I Sell My House This Year? If one of the questions you’re asking yourself today is, “Should I sell my house this year?” the current Housing Opportunities and Market Experience (HOME) Survey from the National Association of Realtors® (NAR) should boost your confidence as it relates to the current selling sentiment in the housing market. Even with all the information overload in the media circling around talk of a possible recession, the upcoming 2020 election, and more, Americans feel good about selling a house now. That’s some news to get excited about! As the graph below shows, as of Q4 2019, 75% of people surveyed indicate they believe now is a good time to sell a home: In the case of those with a yearly salary of $100,000 or more, the results jumped even higher, coming in at an 82% positive sentiment. When the study divided the outcomes by region, the results still consistently showed Americans feeling good about selling: Northeast: 71% positive

2020 Homebuying Checklist Some Highlights: If you’re thinking of buying a home, plan ahead and stay on the right track, starting with pre-approval . Being proactive about the homebuying process will help set you up for success in each step. Make sure to work with a trusted real estate professional along the way, to help guide you through the homebuying steps specific to your area.

The #1 Reason It Is Difficult to Find Your Dream Home The headlines in real estate today all revolve around one major point: there is a shortage of homes available for sale . Price appreciation is accelerating again because there is a shortage of homes available for sale . First-time buyers are taking longer to purchase a home because there is a shortage of homes available for sale in the lower price points. Boomers are staying in their current homes longer because there is a shortage of homes available for sale to which they would move. In certain markets, affordability is becoming more challenging because there is a shortage of homes available for sale. What’s the major reason for this lack of housing inventory? The issue was examined in a recent article by the National Home Builders Association (NAHB). In the article, Robert Dietz, Chief Economist for NAHB, explained: “Home building in the 2010s was a story of the Long Recovery. After the Great Recession,