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Stalling Sellers May Miss The Boat

by Tim Hart

Real Estate Opprotunity People, especially those who are thinking of selling, are eying the market with calculated hesitancy.  They are waiting to see by how much home prices will appreciate before they commit to the decision and plunging into the market for themselves.

Oddly enough, the time to decide may be based on when they purchased their home rather than watching the current market like a hawk. If your home was purchased during the sluggish market in the last few years, moving up in 2013 is their prime opportunity.

"Because they bought near the bottom, these home owners should have built up some good equity that can go toward the purchase of a new home, and waiting longer to build more equity likely won’t provide much advantage given that other homes that they might want to move up to will also be appreciating at roughly the same pace," Blomquist, vice president of RealtyTrac, told HousingWire.

Home owners who wait much longer may miss their chance by being overly cautious. If you are looking to sell and then buy, waiting for prices to rise because there is no ultimate benefit. They will get more out of their home, but turn around and spend more too. In addition, the costs of financing your next home may increase in the months to come since mortgage rates are anticipated to rise from their current 3.5% to 4.4%... The time to sell may be now or else you may miss the boat...

Read more:http://realtormag.realtor.org/daily-news/2013/03/25/home-owners-who-are-delaying-selling-may-miss-out?om_rid=AACuz5&om_mid=_BRUHT7B8xiPzNw&om_ntype=RMODaily

 “The Time to Sell Is a Waiting Game for Some,” HousingWire (March 21, 2013)

Home Owners Reluctant to Sell; Inventories Fall
 

 ATHOMEINBOZEMAN

Springtime—A Blooming Housing Market

by Tim Hart

Home inventory is reaching its lowest point since 1999. This is stabilizing home prices in many markets, and since buyer traffic is continuing to pick up, multiple offers and bidding wars are going to become the common state of things. Many sellers still remain underwater while buyers are ready to buy, causing the housing inventory to continuously shrink. Currently, there is a 4.2-month supply of existing homes for sale, down from January’s 4.5-month supply, according to data from NAR.

Blooming Housing Market

“Buyer traffic is continuing to pick up, while seller traffic is holding steady," Lawrence Yun, the National Association of REALTORS®’ chief economist says. "In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We've transitioned into a seller's market in much of the country."

Buyers and sellers alike are finding themselves in better positions then they found themselves at last year at this time. Price gains are being counter-balanced by low mortgage rates, and it is shifting to a seller’s market…. But it is not all good news.

Unemployment remains high. Recession threats still loom at large. As you read the articles on the heating up of the housing market, just keep the larger picture in mind too. We are still far from normal.

Read More

Seller's Market Developing in Much of the U.S.
25 Quick, Cheap, and Easy Home Sale Tips

 Will housing market's revival last?

Housing heats up, but far from normal

 ATHOMEINBOZEMAN

Economists Making Bold Statements about Home Prices

by Tim Hart

“Home values could surge 35% without stretching housing affordability.”

Household wealth in the U.S. has climbed in the fourth quarter to the highest level in five years. Good news is abounding. Household wealth is approaching pre-recession levels and that, in conjunction with the Federal Reserve pushing to keep lending rates low, consumer confidence is surging. “Growing wealth puts households in a better position,” said Paul Edelstein, director of financial economics at IHS Global Insight in Lexington, Massachusetts. “They’ve acquired a lot of financial assets, and that’s a positive for spending.”

The housing market is surely making its way to recovery. Single family home prices have risen in 88% of U.S. cities. Making claims that home values is predicted to surge seems to be substantiated based upon all the evidence. "During the peak of the housing run-up, affordability was stretched as the market sold off," Dosaj, vice president of the home price index at LPS Applied Analytics, said. "As home prices dropped, affordability dropped." (http://realtormag.realtor.org/daily-news/2013/03/01/economist-makes-bold-statement-home-prices?om_rid=AACuz5&om_mid=_BRMNeLB8xIsqgB&om_ntype=RMODaily)

 

 

 ATHOMEINBOZEMAN

What Buyers Want. Clear Patterns and Trends.

by Tim Hart

What Buyers Want

In all the recovery of the housing market, there are clear trends developing within the houses that have sold versus the homes that have not. The National Association of Home Builders (NAHB) conducted a large study to pinpoint on how having a recession followed by a recovery has influenced the lifestyle preferences of home buyers. The survey found the top three items sought for in a home are: energy star appliances, energy efficient laundry rooms, and double sink, French doors, full house technology luxury items. In contrast, buyers do not want: elevators, golf course homes, and laminate countertops.

The housing market as a whole is moving to the periphery of the city centers with only 8% looking to buy within the core of a city which is a return to pre-recession movement. During the height of the recession, urban lifestyles boomed to save in gas prices, transit time, and the living out of town expenses.

The return to the rural/suburb shift of buyer movement means we will be soon seeing a rise in current urban renters looking to buy. Stats show 60% of single-family renters plan to buy within the next five years! “demand for single-family homes, the fastest growing rental category, will be more stable than multi-family demand,” according to the survey findings.

Buyers want energy efficiency and buyers want to buy at an increasing rate beyond what the real estate market has seen in years past. This will be one heck of a year!

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What Home Buyers Want  Buyers Want Cozy, Connected Kitchens Opinion Research Corporation Half of all Renters Spend 30% or More Income on Housing

 ATHOMEINBOZEMAN

 

Displaying blog entries 1-4 of 4

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