Property listings give you plenty information about the house itself, like the number of bedrooms and bathrooms, when the house was built, etc. But it’s much harder to find out what your neighbors are like. Just one visit won’t determine if you’ll get along with them or not. Fortunately, though, most Americans say they have good neighbors. In fact, according to the results of a new survey from the National Association of Realtors’ consumer website, three out of four people said they have good neighbors. That means that you’ll likely get along with the people living around you. But what exactly makes a neighbor good? Well, respondents said being trustworthy and quiet were the most important qualities in a neighbor and being disrespectful of property was the worst trait a neighbor could have. But while everyone wants to have a good relationship with their neighbors, they don’t necessarily expect to become best friends. Very few participants said a close friendship was a must, with just 9 percent of women saying so and 20 percent of men. https://www.prnewswire.com/news-releases/three-out-of-four-people-believe-they-have-good-neighbors-300733475.html?utm_source=AKZO+Media+Subscribers&utm_campaign=579a41f907-EMAIL_CAMPAIGN_2018_10_18_08_07&utm_medium=email&utm_term=0_134f701abc-579a41f907-276542805
A home’s price isn’t the only factor to consider when calculating the cost of a home. Things like mortgage rates, potential maintenance and upkeep, property taxes, and insurance are all part of the equation. However, the listed price is still the main factor, and it’s the easiest to measure. Because of this, prospective homebuyers are always thinking about where home prices are headed. New numbers from ATTOM Data Solutions offer homebuyers some good news. According to their Q3 2018 U.S. Home Sales Report, home prices only rose 1 percent in the third quarter and are now up 4.8 percent from last year. That’s the slowest price appreciation since 2016. The report found that price increases slowed in 74 of the 150 metro areas analyzed, including Chicago, Los Angeles, Dallas-Fort Worth, Houston, and Miami. Despite the encouraging news, however, not all housing markets are cooling down. In fact, some metros continue to see double-digit gains year-over-year, while others are seeing as little as 3% or lower price gains. Housing markets differ vastly from metro to metro, so it’s best to research the area. More here.
During the spring and summer, homes were selling fast. So fast that the typical home was on the market less than a month. And while home buyers should still expect desirable homes to go quickly, there may be some relief in sight. New numbers from the National Association of Realtors show that the majority of homes are now on the market a little more than a month. Properties typically sold in 32 days in September, an improvement from August when homes moved in just 29 days. Lawrence Yun, NAR’s chief economist, says a trend may be developing. “There is a clear shift in the market with another month of rising housing inventory on a year over year basis, though seasonal factors are leading to a third straight month of declining inventory,” Yun said. “Homes will take a bit longer to sell compared to the super-heated fast pace seen earlier this year.” At the current sales pace, there is a 4.4-month supply of available homes for sale. A 6-month supply is generally considered a healthy market. More here.
When asked, most Americans who don’t own a home say they’d like to become homeowners someday. Regardless of current market conditions or the state of the economy, the desire to own a home endures. Part of this is because it helps to build wealth. The other part is homeownership’s long-cemented status as a key element of the American dream. So what’s keeping aspiring homeowners from pursuing their dream? One main factor is coming up with a down payment. The down payment is among the biggest obstacles that keep people from home buying: the traditional 20 percent down payment can be difficult to save up for. So how long does it usually take to save for one? According to a recent analysis, someone making the median income and saving 10 percent of their earnings each month would take about seven years to save enough for a down payment on the typical American home. Furthermore, since home prices have grown faster than incomes over the past few decades, the amount of time it takes has been increasing. Obviously, if you already have money saved up or if you can save more than 10% of your income, that time will be shorter. Fortunately, […]
Affordability is always a top concern for people thinking about buying a house. Of course, there are other factors that are important when deciding to move or not. But what you can or can’t afford is the biggest. After all, if you don’t have enough for a down payment or couldn’t keep up with the mortgage on a new place, it doesn’t really matter how close to the office it is or in what school district. And affordability is always changing. A new report from the National Association of Realtors’ consumer website is good news for prospective home buyers. The report shows that the number of homes for sale saw its largest year-over-year gain in five years. This is important because in today’s market, home price increases are being driven by the low inventory of for-sale homes. In other words, since there are more home buyers than homes, sellers can demand a higher price. As more homes become available, home buyers will have more choices and price increases will begin to slow. The fact that inventory is up 8 percent over the year before and is showing signs of additional gains means there may be relief on the way for […]
Deciding to buy a house is mainly a financial decision. You either feel secure enough financially to make a move or you don’t. This helps explain the current real estate market. After all, survey after survey shows Americans think home prices are moving higher and making it less affordable to buy a home. And yet, home buying demand remains high. Why? Because people feel more secure in their financial situation due to a stronger economy and job market. While homes may be more expensive, potential homebuyers are making more money as well. Take Fannie Mae’s most recent Home Purchase Sentiment Index as an example. The survey found a rising number of respondents who said it was a good time to buy a home, despite increasing numbers who also say they believe mortgage rates and home prices will continue to rise. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says the economy explains it. “Downside risk to housing is limited by broader economic strength, which helped boost perceptions of current home buying conditions,” Duncan said. “For consumers who say now is a good time to buy, the share citing overall economic conditions as a reason rose to a survey […]
Naturally, potential home buyers become more concerned about affordability conditions as prices rise. And since the past few years have seen that happen, there’s been increasing concern about whether or not now is a good time to buy a house. That’s not to say there hasn’t been demand for homes. In fact, there are plenty of interested home buyers and not enough homes to accommodate them, which is why prices have been rising in the first place. But recently, there’s been more data suggesting that home prices are beginning to soften. In fact, one recent report shows that 26.6 percent of homes listed for sale in September dropped their price, which is a nearly 5 percent increase from the same time last year. That’s good news for home buyers, as is the fact that price drops have been showing year-over-year improvement since the end of March. Affordability may, once again, be moving in a more balanced direction and one that benefits home buyers. More here.
When it comes to real estate, most people know that location is key. Market conditions differ from one neighborhood to the next. But location isn’t the only thing affecting the conditions you’ll encounter when shopping for a house to buy. Your price range will also have something to do with it. Luxury homes aren’t simply more expensive; they’re in a completely different market than regular homes. The National Association of Realtors’ consumer website recently released its 2018 Luxury Home Index and the results show that luxury home buyers face a far different market than home buyers who are looking for a more affordable home. That’s because, while overall home price increases are showing signs of slowing down, the luxury home market is gaining speed. In fact, according to the index, there are a rising number of areas with double-digit price growth from the same time last year. In Sarasota, the nation’s fastest-growing luxury market, prices are up 21 percent from last year. Another difference between the overall market and the luxury market is the fact that higher-end homes stay on the market longer. Luxury homes in the 90 counties analyzed were on the market a median of 121 days. More here.
Choosing a house to buy is an important decision. After all, you’re committing a lot of money and several years of your life to a particular property. And so, home buyers tend to know what they want, whether it be a large kitchen, an appealing outdoor space, or an ample amount of storage. However, the large majority of home buyers spend too little time looking at the neighborhood of their potential home. And, make no mistake, the neighborhood you move to will play an essential role in how much you enjoy your new home. Surrounding amenities, schools, and safety are just a few of the factors that can lead to a case of buyer’s remorse. And, according to a recent survey, there are lot of home buyers who’ve experienced just that. In fact, 36 percent of respondents said they’d have chosen a different neighborhood had they known more about the one they moved to. The reason this is so common is because most home buyers do very little neighborhood research before purchasing their home. For example, less than half of recent home buyers searched photos of different parts of the neighborhood, visited hot spots, researched police reports, or took a […]
Consumer sentiment in the U.S. was opposite of expectations in the final reading of August The survey considers 500 consumers’ outlook on economic prospects. The index has slumped since March when it reached its highest level since 2004 with a reading of 101.4. Consumer sentiment in the U.S. was opposite of expectations in the final reading of August, rising slightly rather than further weakening as economists predicted. The University of Michigan’s monthly survey of consumers hit 96.2 in the final reading of August, better than the drop to 95.5 expected from economists polled by Reuters. Sentiment among consumers fell to 97.9 in July, from 98.2 in June, as a result of fears over the impact of tariffs on the domestic economy. “Although there was a small uptick in late August, consumer sentiment remained at its lowest level since January,” Richard Curtin, chief economist for The University of Michigan’s survey, said in a statement. “These results stand in sharp contrast to the recent very favorable report on growth in the national economy.” Curtin said consumers have “luckily” not yet interpreted the current inflation rate “as a significant source of erosion in their living standards or as a cause to reduce their […]