There is a lot of discussion about the current state of housing affordability for both first-time and move-up buyers, and much of the narrative is tarnished with a negative slant. However, the truth is that housing affordability is better today than at almost any time in our history. The naysayers are correct in the fact that affordability today is not as good as it has been over the last several years. But, we must remember that home prices collapsed during the housing crash, and distressed properties (foreclosures and short sales) kept home values depressed for years. When we compare affordability to the decades that proceeded the crash, a different story is revealed. Here is a graph of th
In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal. If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank. Every month in their Home Price Perception Index (HPPI), Quicken Loans measures the disparity between what a homeowner who is seeking to refinance their home believes their house is worth, and an apprai
1. Relocation buyers are out there. Many companies are still hiring throughout the holidays and need their employees in their new positions as soon as possible. 2. Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now. 3. You can restrict the showings on your home to the times you want it shown. You will remain in control. 4. Homes show better when decorated for the holidays. 5. There is less competition for you as a seller right now. Let’s take a look at listing inventory as compared to the same time last year: 6. The desire to own a home doesn’t stop when the holidays come. Buyers who were unable to find their dream home during the busy spring
October 2017 average sales price for new & existing homes combined ($228,700) is 6.1 percent higher than October 2016. There were 3,056 home sales (new & existing combined) for October 2017 - 0.6 percent lower than last October (3,075) when inventory was higher. Home inventory (new & existing combined) for October 2017 (7,665) is 16.9 percent lower compared to October 2016 (9,228). The supply of new and existing homes for October 2017 is 2.4 months representing a home market favoring sellers.
