Category Archives: National Real Estate News

US Pending Home Sales Rise for Third Month in a Row

home buying 18We 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.

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5 Baby Boomer Housing Market Trends to Watch

boomersRegardless 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.

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Signed Contracts for US Homes Increase, Report Shows

Home contractIn 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!

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Shop Smart for Your Dream Home During the Spring Buying Season

Home Buying 14This 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.

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Report: US Home Prices On the Rise

Home Buying 5The 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.

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New US Home Sales and New Housing Starts See Major Surge

ConstructionRegardless 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

Young Buyers Returning to the US Housing Market En Masse

Home Buying 6A key factor in the housing market recovery is returning to the national market en masse, much to the elation of housing market analysts.

According to a recent Bloomberg article, more and more first-time home buyers are entering the market because they feel more confident about the economic recovery.

Faster economic growth and a labor market that’s approaching “full employment” (according to the Federal Reserve) are aiding in that rise in confidence among first-time home buyers.

Even if you’re not a first-time home buyer, this news is sure to benefit anyone who is navigating the national housing market right now.

Fannie Mae Economist Makes Positive Predictions for 2015

Douglas Duncan, a chief economist at Fannie Mae in Washington, made the following predictions about the year ahead:

  • There will be a 6.3 percent increase in mortgage lending for purchases this year.
  • This increase follows a 9.6 percent decrease in 2014.
  • Increasing confidence in the job market is the strongest indication that home sales will improve.

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Report: US Home Inventory Low, Making It a Great Time to Sell

Home RelocationHappy New Year! We hope you and your loved ones enjoyed a wonderful New Year’s Eve and that you’re as excited and hopeful about 2015 as we are!

And if you’re a prospective home seller, a recent report from the National Association of Realtors suggests that there’s a good chance you can get a great price on your home right now.

According to the recent report, US home sales recently hit a six month low, with inventory at a low point too.

While this may seem discouraging at first blush, this actually suggests that those homes that are being sold on the market are being met with increased demand. After all, home buyers have a smaller selection of available homes to choose from than in recent months.

The key to sealing the deal on your home for sale and getting a great price is expert marketing.

A Closer Look at This Recent Real Estate Report

Here are some of the highlights from the recent National Association of Realtors report:

  • Existing home sales decreased 6.1 percent to an annual rate of 4.93 million units.
  • That figure is the lowest it’s been since May.
  • Meanwhile, home inventories reached an eight month low.
  • Home sales were up 2.1 percent from a year ago during the month of December.
  • Meanwhile, the U.S. housing index was down 0.2 percent as shares in the largest home builder (D.R. Horton) decreased 0.4 percent. Lennar Corp fell 0.43 percent and Pulte Group decreased 0.19 percent.
  • Also, the inventory of unsold homes decreased 6.7 percent from a year ago, to 2.09 million.
  • At November’s sales pace, it would take 5.1 months to sell all homes currently on the market. A six month supply is usually considered a healthy balance between supply and demand.
  • The decreased supply of homes means that the median home price increased 5 percent from a year ago.

Experts say that fickle wage growth as well as higher home prices have kept a lot of first-time home buyers out of the market.

Still, experts also say that with job gains and wage growth expected in early 2015, more and more first-time home buyers are likely to enter the market in the coming months.

In fact, during the month of November, first-time home buyers accounted for 31 percent of all transactions, which is the biggest share they’ve occupied since October 2012.

For comparison purposes, first-time home buyers comprised 29 percent of all transactions in October.

Expert Real Estate Marketing is Key to Selling Your Home

As you can see, there is plenty of opportunity to get a good price on your home, you just have to make sure your home stands out to prospective and qualified home buyers.

That’s where working with an experienced real estate agent can help. A professional will be able to create a custom-made marketing plan for your home that will maximize its exposure to the right buyers. This will ultimately lead to you getting your home sold in a relatively short amount of time and for a great price! To find out what your home is worth in today’s local market, contact us at 734-761-3060 or info@bouma.com for a free market analysis.

Check back here soon for more expert insight on the national housing market and how it may impact you as a seller.

Here’s to a happy and prosperous 2015 for you and your family!

5 Predictions for the US Housing Market in 2015

PredictionAre you a current home owner who is considering listing your property on the market in 2015?

If so, then you’re likely to enjoy a lot of success!

After all, Realtor.com recently released its top predictions for the housing market in the New Year. And all of them seem to favor home sellers.

Let’s Take a Closer Look at National Housing Market Predictions

Millennials will enter the market en masse. This is something the housing market has needed for the last couple of years: More Millennials entering the market as first time home buyers. And according to projections, that’s what you can expect in the New Year, with more than two thirds of household formation being credited to this demographic. Helping matters is the fact that about 2.5 million jobs are expected to be added next year, improving home buying power.

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More US Home Buyers Returning to Market Because of Easier Mortgage Rules, Stable Rates

US Home Buying 2More and more home buyers are returning to the US housing market because they’re noticing favorable market conditions.

Specifically, buyers are feeling more comfortable about navigating the market thanks to interest rate stabilization and easier mortgage rules, according to a recent article by Reuters.

This is fantastic news for the overall health of the housing market. After all, it suggests that the national real estate market is likely to become more stable over time.

Trends That US Home Buyers Should Be Aware Of

According to the recent Reuters article, new home builders D.R. Horton Inc and Toll Brothers Inc. are seeing jumps in home buyer demand.

And they’re not the only ones.

In fact, new home builders everywhere are reporting improved home buyer enthusiasm, which has been a great relief to many of the companies after an underwhelming spring home selling season.

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