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Four Year High: The Housing Market Surges

by Tim Hart

Housing Starts: A statistic referencing the number of residential building construction projects beginning during a specific period of time (most commonly a month). This serves as a key economic indicator of the viability and confidence in the housing market as well as the national economy.

It has been in the headlines for weeks now, but with winter finally settling in and marking the end of yet another year, the housing market continues its trend rising 3.6% in October, the highest rate since July of 2008. Housing starts are reporting to have grown nearly 40% compared to the peak the market achieved in 2006 at 2.27 million.

Seasonally adjusted, housing starts annual rate in October was 894,000 units with a particular spike, 11.9%, in multifamily homes (attributed for the high demand for rentals). Comparatively, single family homes held steady at their 594,000 units.

"This report is in line with our latest builder surveys, which show improving confidence and optimism in the marketplace as buyers take advantage of low mortgage rates and very attractive prices," says Barry Rutenberg, chairman of the National Association of Home Builders. "Builders are acting to meet rising demand while continuing to exercise caution by pulling a modest increase in the number of single family permits as the market continues to gradually gain its footing."

Specifically, the West (YAY MONTANA!) saw the greatest gains at 17.2% followed by the Midwest (8.9%), Northeast (6.5%), and the South (2.5%) respectively.  

Source: “Housing Starts Hit Highest in Four Years,” Reuters (Nov. 20, 2012) and the National Association of Home Builders

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Will the Rental Market Cool Down?

Housing Market: Lifting the Economy

by Tim Hart
Home > Blogs > Montana > Gallatin County > Bozeman > Housing Market: Lifting the Economy
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By Timothy Hart | Agent in Bozeman, MT
 
 

Housing Market: Lifting the Economy

Now that the election is decided, attention is turning from who our next leader will be to what this election means to the economy. Lately, the housing market is the one good thing the economy has going for it. “Higher sales, prices, and building, albeit modest so far, are a welcome boost as other drivers of the economy falter,” Reuters reports.  

Some economists predict residential investment has the ability to add 2/10-3/10 of a percent to the GDP next year. Beyond the sales transactions adding to economic development, housing-related jobs are on the rise as well (increasing on average of 11,000 each month this year). This number is estimated to elevate to 30,000/month helping to reach the total goal of 150,000 new job devlopement needed in order to keep unemployment rates steady.

“Housing may also help lift consumer spending, another important factor that needs to increase to give the economy a jolt. Real estate wealth can help, economists say. As more home owners refinance into record low mortgage rates, more households may in turn then have more to spend.”

Source: “Housing Market Rebound Fails to Recharge Economy,” Reuters (Nov. 5, 2012)

 

Ready to Buy? Here Are Some Questions To Ask Yourself

by Tim Hart

Doing your homework does not end when you make the decision, although it is a big step, that you are going to buy a new home. Here are a few guiding questions you can start to ask yourself in order to fully prepare for the adventure to come:

  • Home Condition-Your lifestyle is unlike anyone else’s. Are you seeking a fixer-upper home that you can add your touch, your blood sweat and tears, and your elbow grease in to? Or are you someone who is relocating and need a place fully furnished and move in ready? There is the whole spectrum in between, but the level of readiness of the home matters both for you ease of transition as well as for the adjustable offer you are going to make on a home. If it needs a dozen repairs, offer low to financially prepare yourself for the year of fixes to come.

 

  • How Much House-Before you begin looking, know how much house you can make an offer on. Only borrow to the level that your lifestyle does not plummet. This is a major investment, but it is not the only financial strain most people deal with. Tunnel vision on buying your dream home oftentimes can damage a person’s monetary portfolio as a whole. Know how deep you can dive before you jump.

 

  • Emotional Price-Perhaps one of the least obvious areas buyers need to think about prior to initiating the home buying process is the emotional value of buying a new home. Do not fall in love with a home so much so that if a bidding war occurs you lose sight of the fact that there are other options. Always remember there are other options. Having a Realtor that fights for your interest helps to keep this perspective and should always be keeping options on the back-burner because real estate is never a for sure deal until the contracts are signed. Heart crushing things happen. Arm yourself with emotional awareness, a great Realtor, and the willingness to have a few favorites (just in case).

Broker Tim Hart: FATHER, HUSBAND, AGENT

 

 

 

Source: http://propertymortgageinvestment.com/ready-to-buy-ask-these-important-questions-first/

 BozemanMontanaRealEstate.net
 

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