Things are certainly looking up on the national real estate market! According to a recent report from the national Standard & Poor’s/Case-Shiller Home Price Index, home prices increased during the month of January despite cooling home sales.
Experts believe that a tightening inventory helped to spur the rise in home prices.
This is important information for home sellers as it will help determine their home selling strategy on the local housing market. So continue reading to learn more!
This time of year, many people like to take a moment and reflect on the year that has passed, whether it’s reflecting on good memories or how the nation is doing financially. Today, we would like to take a moment to reflect on the economy and what this year’s trends meant for real estate.
A Brief Look Back on the US Economy
The economy has done well in 2015 — personal income is increasing, new construction homes are on the rise, and the job market is strong. And looking to the new year, now is the best time to buy a home. Here are three main real estate-related takeaways from the United States’ past economic performance in 2015.
1. Unemployment is Decreasing
The job market in the United States is doing much better than in previous years following the Great Recession.
Unemployment this time last year was at 5.6%; the latest data from the Bureau of Labor Statistics states unemployment is at 5.0%. With more jobs and disposable income, home buyers have been able to spend more on their dream home than in past years.
If you’re a home buyer, there have been recent changes to the closing process that you should know about.
New regulations went into effect October 3rd, providing new loan disclosure forms that are designed to help you better understand the terms of your home mortgage before you close on your new home. That means if you applied for a loan on or after that date, you will receive the easier-to-understand forms.
What You Need to Know About the New Closing Disclosures
To summarize, these new rules combine mortgage loan disclosures from both the Truth-In-Lending Act (which informs consumers about loan terms) and the Real Estate Settlement Procedures Act (which deals with closings) into one simplified set of disclosure forms for home buyers who are getting a mortgage.
The official title to these regulations is a mouthful — Truth-In-Lending Act / Real Estate Settlement Procedures Act Integrated Disclosure Rule— so the regulations are just referred to as TRID. (The enforcement agency, the Consumer Financial Protection Bureau, also calls it “Know Before You Owe.”)
The summer months should be quite busy for home buyers, sellers and real estate agents alike!
As we head into June, real estate analysts are saying that the national housing market is poised for a successful (and busy!) summer home buying market.
Several factors are at play, experts say, including low housing inventory, pent up demand and increasingly optimistic sellers.
One thing’s for sure: The next few months should be very interesting from a national housing market perspective!
What Every Buyer and Seller Should Know About Market Activity
According to the latest sales figures released by the National Association of Realtors, sales of previously owned homes increased in March by the most in four years.
In fact, purchases increased 6.1 percent to a 5.19 million annualized rate, which is the highest level it’s been since September 2013.
On average, homes were being purchased in 52 days on average, which is the fastest sales rate the country has seen since July.
Here are some more highlights from the latest data report:
- The share of first-time buyers increased slightly while distressed properties made up a smaller part of the market.
- The number of homes for sale increased in March for a second month.
- In fact, that gain was the biggest since December 2010.
- Figures from the Mortgage Bankers Association showed that the group’s index of purchase applications increased in recent weeks to the highest level since June 2013.
- The Standard & Poor’s 500 Index increased 0.5 percent to 2,107.96 recently, which is within 12 points of a record high.
- More sellers expressed confidence about buyers entering the market as the weather warms, further helping to increase the supply of properties for sale.
- In fact, the number of existing properties for sale increased 5.3 percent to 2 million in March from a month earlier.
We have some excellent news to report from the national housing market: Evidently US pending home sales index increased for the third straight month in April.
This is a great testament that the national housing market is getting back on track and becoming increasingly stable.
If you’re considering entering the market anytime soon as a buyer or seller, we encourage you to continue reading to learn more about this new trend.
The Latest Outlook from the Housing Market is Positive
Let’s take a closer look at the recent report from the National Association of Realtors.
According to recent data, the pending home sales index (which is based on contract signings for purchases of previously owned homes) increased 1.1 percent to a seasonally adjusted level of 108.6 in March.
This is also higher than in February, when the level was 107.4.
And evidently, the increase in the home sales index is higher than many economists surveyed by the Wall Street Journal thought it would be. They had expected the increase to be 1 percent.
Regardless of where you live, experts are expecting that Baby Boomers will have a major impact on the local housing market.
That’s because this sizable portion of the population is comprised of 76.4 million individuals. And many of them are expected to make major moves over the next several years as they continue to retire.
To that effect, we wanted to share with you the top 5 Baby Boomer real estate trends to watch for in the coming months and years.
The Top 5 Real Estate Trends for Baby Boomers
Although many Baby Boomers plan to move to the Sunbelt when they retire, others may be motivated by different factors.
In the latest sign that the U.S. real estate market is improving, more Americans signed contracts to purchase homes in February than in nearly a year.
The National Association of Realtors released the data, which showed that the seasonally adjusted pending home sales index increased 3.1 percent to 106.9 in February.
That’s the highest it’s been since June 2013!
If you’re preparing to list your home anytime soon on the local housing market, we encourage you to continue reading to learn more about this trend!
This is the time of year that has home buyers and home sellers alike excited: The Spring Home Buying Season!
For buyers, it’s a great time to purchase a home because the school year is coming to an end and residents have all summer to move before it’s back in session. For sellers, it’s a great chance to reach a lot of home buyers as they navigate the market searching for their dream home.
In preparation for the spring home buying season, we wanted to share with you some tips on how you can shop smart as a home buyer. Enjoy!
4 Home Buying Tips for the Spring Market
Don’t just rely on the Internet for your home searches. While you can certainly find a treasure trove of information on the Internet, it’s not the only way to find your dream home. In addition to searching real estate websites, you might consider also getting out and canvassing homes for sale the old fashioned way. After all, Internet pictures and listing information only tell part of the story. For full context, you need to view the home in person. And don’t hesitate, either! This year’s spring home buying market is expected to be particularly competitive and so you want to make sure you get to that home before other buyers do.
The National Association of Realtors recently announced the latest US real estate figures and the numbers are encouraging for anyone considering selling their home.
Evidently, home price growth accelerated in much of the country during the fourth quarter of 2014.
This is a fantastic development for anyone hoping to get a good price on their home for sale. Continue reading to learn more.
What You Should Know About US Home Sales
Here is an overview of the highlights of the most recent real estate market report:
- The median price of an existing single-family home increased year-over-year in 86 percent of 175 metropolitan areas.
- 24 areas had price gains of 10 percent or more.
- That figure is up from 16 regions during the third quarter.
- Meanwhile, prices declined in 24 areas.
- Experts credit the home price acceleration at least in part to low mortgage rates and improving employment conditions.
- Still, home price gains are reducing affordability in areas across the country, which had 25 percent growth on average over the last three years.
- At the end of the fourth quarter, there were 1.85 million previously-owned homes listed for sale, down from 2.01 million a year earlier.
- The number of markets that saw year-over-year price gains in the fourth quarter has increased.
- The median price for an existing single-family home in the three months through December was $208,700, which is up 6 percent from the fourth quarter of 2013.
Regardless of whether you’re navigating the new home sales market or the new construction market, you’ve likely heard some great news over the last few weeks.
That’s because both sectors of the national housing market have made gains recently, according to media reports.
If you’re planning on entering the market anytime soon as a buyer or seller, we recommend you continue reading to learn more about the latest trends on the housing market.
A Closer Look at US Single-Family Housing Starts
According to a recent Reuters article, groundbreaking for U.S. single-family homes increased to its highest level in more than 6 years in December. Continue reading