This week in real estate, Millennials are buying big, Zestimates flop, credit improves, the Ghostbusters find a new home and someone finally answers the buy-vs-rent question.
Millennial buyers are ditching the glamour (and expense) of the Big Apple and Silicon Valley for trendy and upcoming metropolitan centers with lower median home listing prices:
Continue reading Zestimates, Credit and Ghostbusters: Housing News 7.18.16
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In this week’s Redefy Roundup of real estate news, the numbers are looking good for sellers, buyers should beware what’s being “left behind” and one homeowner gets an A for effort.
Continue reading Redefy Roundup 7.11.16: Stocks, Turtles and Shipping Containers
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Spurred by a university study on solutions for the homeless, Nashville Pastor Jeff Obafemi Carr left the comfort of his own home and moved into a 60-square-foot house to raise awareness that tiny homes could solve this problem. After two months of tiny living, he raised enough money to build 6 structures on the Green Street Church property, with plans to build more.
Continue reading Tiny House Movement Solving Big Homeless Problems
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Strong Spring sales for existing and new construction bolstered optimism for the 2016 housing market. Continued low interest rates and increased inventory combined to provide more opportunities for first-time and repeat home buyers.
According to the National Association of Realtors, total existing home sales for the US went up 5.1 percent. This boost in the housing market reflects completed transactions for single family homes, townhomes, condominiums and co-ops. After a decline in February that concerned market-watchers, sales rose in all four US markets – the Northeast, Midwest, South and West.
“With rents steadily rising and average fixed rates well below 4 percent, qualified first-time buyers should be more active participants than what they are right now.” — Lawrence Yun, NAR Chief Economist
“Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures.” said Lawrence Yun, NAR chief economist.
According to the NAR report, the median existing-home price for all housing types in March was $222,700, up 5.7 percent from March 2015 ($210,700). This is the 49th consecutive month of year-over-year gains in the housing market. Total housing inventory increased 5.9 percent to 1.98 million existing homes available for sale (1.5 percent lower than a year ago).
The National Association of Home Builders (NHB) also reported confidence for new home construction. The NAHB/Wells Fargo Housing Market Index (HMI) reported that although single-family starts were down 9.2 percent from February 2016, the industry posted an overall 22.6 percent increase of single-family starts from March 2015.
Thinking about new construction? Read why You Need an Agent for New Home Construction.
As rents increase, Yun advises the housing market is poised for first-time buyers to aggressively seek out homes to buy: “With rents steadily rising and average fixed rates well below 4 percent, qualified first-time buyers should be more active participants than what they are right now.”
#flatfeefullservice means you get everything you’ve come to expect when you buy and sell, plus you save thousands over traditional real estate commissions when you list with Redefy Real Estate.
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While cheap oil is making consumers happy at the pump, real estate may take a hit in states that rely heavily on energy production.
The Arch Mortgage Insurance Winter 2016 Housing & Mortgage Market Review tabs 8 states that could face a decline in house prices over the next two years.
States most at risk are North Dakota, Wyoming, Alaska and West Virginia. New Mexico, Oklahoma, Louisiana and Texas are also in the danger zone. Why?
Continue reading Cheap Oil’s Effect on the 2016 Housing Market
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