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One of the most effective selling tools is pricing. With the values of homes varying from region to region, finding the sweet spot wherein buyers will still be interested without compromising the seller's return in value is harder than most people realize.
According to CoreLogic's latest Home Price Index, home values have risen at over 6% a year over the past two years, but have started to slow to 4.4% over the last 12 months. By this time next year, CoreLogic predicts that home values will be 4.6% higher.
With prices slowing from their previous pace, homeowners must realize that pricing their homes a little OVER market value to leave room for negotiation will actually dramatically decrease the number of buyers who will see their listing! (see the chart below)
Instead of the seller trying to 'win' the negotiation with one buyer, they should price their house so that demand for the home is maximized. By doing so, the seller will not be negotiating with a buyer over the price, but will instead have multiple buyers competing with each other over the house.
The key to selling your house in 2019 is making sure your house is Priced To Sell Immediately (PTSI)! That way, your home will be seen by the most buyers and will sell at a great price before more competition comes to market!
If you are debating listing your house for sale, meet with a local real estate professional who can help price your home appropriately for your area and maximize your exposure this Spring Market!
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Many millennials have been taking their time focusing on things that matter to them. But just because they're not as quick to act on traditional goals, doesn't mean they are not ready for them. Let's take their qualifications for mortgage approval, for instance, many are not even aware they are mortgage ready.
History shows that people tend to buy their first home around age 30. Nearly 5 million millennials will turn 30 in the next two years. This will continue to fuel demand for housing.
This is also one of the many reasons why the millennial homeownership rate has continued to grow over the past few years. 48.4% of Americans between the ages of 30-34 now own a home.
There are over 46 million millennials (33% of the generation) who are considered "Mortgage Ready", meaning they meet the qualifications to be approved for a mortgage today!
"We now know there are millions of buyers with the income & credit necessary to qualify to buy a home. The biggest question is:
Do they know it? ...Unfortunately, many renters don't investigate homeownership simply because they don't believe it's an option."
The good news is that more and more millennials are realizing that they can afford a home now. Even so, more can be done to increase awareness of low down payment programs to attract even more of this generation.
New data from realtor.com shows that in December, millennials accounted for 42% of all new home loans originated in the month. This is more than any other generation.
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Regardless of which generation they belong to the majority of Americans still believes that homeownership still plays a big part in the American Dream and we couldn't agree more.
On the latest report by the Census Bureau on homeownership shows that over the last two years, the percentage of homeowners has increased in each of the last eight quarters.
It appears the homeownership rate will continue to increase.
The 2019 Aspiring Home Buyers Profile recently released by the National Association of Realtors revealed that 84% of non-owners want to own a home in the future. That percentage increased from 73% earlier last year.
In the United States, the concept of homeownership as part of the American Dream is very much alive and well.
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Spacious multi-family home for sale located at 739 Kelly Street Bronx, NY 10455. This home has a three Bedroom and (2) two bedroom apartments, 3 baths and 3,120 sqft. This is definitely
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Owning a home is still a sure-fire way to increase you and your family's wealth. Whether it be your first, second or fifth, if you're planning on buying a home, it is recommended to meet a local professional to find out how you can get the most out of your purchase.
Every month that you pay your mortgage, you are paying off a portion of the debt that you took on to purchase your home. Therefore, you own a little bit more of your home every month in the form of home equity. As your home's value increases, you also gain home equity.
Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists. They are asked to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES).
The latest data from their Q1 2019 Survey revealed that home prices are expected to round out the year 4.3% higher than they were in January. For the next 5 years, home values will appreciate by an average of 3.21% a year.
This is great news for homeowners!
For example, let's assume a young couple purchased and closed on a $250,000 home in January of this year. Simply through their home appreciating in value, those homeowners can build their home equity by over $40,000 over the next five years.
Let's look at the potential equity gained over the same period of time at some higher price points:
In many cases, home equity is a large portion of a family's overall net worth.
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There's undoubtedly an effervescent urge in everyone to decorate and make tiny changes here and there after buying a house. We all have it, and to some, giving in to these urges may cause future problems with mortgages. So here's a list of things to avoid after getting your mortgage application approved.
1. Don't change jobs or the way you are paid at your job!
Your loan officer must be able to track the source and amount of your annual income. If possible, you'll want to avoid changing from salary to commission or becoming self-employed during this time as well.
2. Don't deposit cash into your bank accounts.
Lenders need to source your money and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.
3. Don't make any large purchases like a new car or new furniture for your new home.
New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios... higher ratios make for riskier loans... and sometimes qualified borrowers no longer qualify.
4. Don't co-sign other loans for anyone.
When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payment against you.
5. Don't change bank accounts.
Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer money between accounts, talk to your loan officer.
6. Don't apply for new credit.
It doesn't matter whether it's a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.
7. Don't close any credit accounts.
Many clients have erroneously believed that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.
Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.
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Are you a doctor looking for a new place? You're in luck! This spacious commercial property is for sale located at 4 Victory Court Newburgh, NY 12550. This property has 3 exam rooms, 2 consultation rooms, 2 waiting areas with receptionist office, managers office and a break room (kitchen). Convenient location, near highways, shops and restaurants.
Direct link: http://bit.ly/2SL26YJ
For inquiries and showing requests:
A lot of Americans are holding back on buying homes because of their credit score. The sad truth is the majority of this group are misinformed and should have already started earlier than they plan to.
Only 25% of the Americans have a FICO Score between 740 and 800. Here is the breakdown according to Experian:
Randy Hopper, Senior Vice President of Mortgage Lending for Navy Federal Credit Union said,
"Just because you have a low credit score doesn't mean you can't purchase a home. There are a lot of options out there for consumers with low FICO scores,"
There are many programs available with low or no credit score requirement. The Federal Housing Administration (FHA) now requires a minimum FICO score of 580 if you want to qualify for the low down payment advantage. The US Department of Agriculture (USDA) does not set a minimum credit score requirement, but most lenders require a score of at least 640. Veterans Affairs (VA) loans have no credit score requirement.
As you can see, none of them are above 700!
It is true that the average FICO score for all closed loans in January was 726, but there are plenty of people taking advantage of the low credit score requirements. Here is the average FICO Score of closed FHA Loans since April 2012 according to Ellie Mae:
As you can see, that number has been dropping for the last seven years. As a matter of fact, the average FHA Purchase FICO Score reported in January 2019 was 675!
One of the challenges is that Americans are unsure about their credit score. They just assume that it is too low to qualify and do not double check. Credit.com confirmed that only 57% of individuals sought out their credit score at least once last year.
"Since October 2009, the average year-over-year FICO Score has steadily and consistently increased, from a low of 686 in 2009 to the latest high of 704 as of 2018."
Here is the increase in the average US FICO Score over the same period of time as the graph earlier.
At least 84% of Americans have a score that would allow them to buy a house. If you are unsure what your score is or would like to improve your score in order to become a homeowner, sit down with a real estate professional that can help you to set a path to reach your dream!
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With the volume of sellers who held back from selling the entire winter, we can expect the inventory to climb up as more and more sellers join in and balance out the demand.
Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right.
Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially in areas of the country impacted by arctic conditions.
That hasn't happened this year.
Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with an increase in rates forecasted for 2019, buyers are still able to lock in an affordable monthly payment. Buyers are increasingly jumping off the fence and into the market to secure a lower rate.
The National Association of Realtors (NAR) recently reported that in 2018 the top 10 dates sellers listed their homes all fell in April, May, or June.
Those who act quickly and list now, before a flood of increased competition, will benefit from additional exposure to buyers.
If you are planning on selling your home in 2019, meet with a local real estate professional to evaluate the opportunities in your market.
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Following common practice of holding back from selling until Spring may be a cliche. But truth be told, it's a wise and conservative choice that has proven beneficial to the housing market. Nevertheless, with the number of sellers popping up from all directions. Holding off now is not the best thing to do.
Let's dive a little deeper into some of the recent reports that have been released and what they mean for the spring buying season!
1. National Association of Realtor's Existing Home Sales Report
Sales of existing homes were down for the third consecutive month in January. Some of this can be explained by the natural seasonality that the real estate market experiences every year, and some can be explained even further by a lack of homes available for sale on the market.
For the last eight months, the inventory of homes for sale has been higher when compared to the same month the year before. The challenge in the market is the mismatch of the type of home that is available for sale. First-time homebuyers looking for a starter home are often competing with other buyers to stand out, often outbidding each other.
Lawrence Yun, NAR's Chief Economist, agrees that the market is still experiencing an inventory shortage.
"In particular, the lower end of the market is experiencing a greater shortage, and more home construction is needed."
The median home price for homes sold in January was $247,500. This is up 2.8% from January 2018 and marks the 83rd consecutive month of year-over-year gains. The 2.8% growth in home prices represents the smallest year-over-year change since February 2012 but is a welcome change for buyers who had feared being priced out of the market.
Days on the Market
Properties that sold in January were on the market for an average of 49 days with 38% of homes on the market for less than a month.
Yun is positive about how today's market conditions will help buyers this spring,
"Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months."
2. NAR's Pending Home Sales Report
The national Pending Home Sales Index (PHSI) rose 4.6% to 103.2 in January from 98.7 in December. An index score of 100 is considered normal. All four major regions of the country experienced gains in January, with the largest increase coming in the South.
"The PHSI is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing."
Increases in the PHSI often predict increases in the level of home sales in the coming months, which is great news for the housing market leading in to spring! Yun had this to say,
"Homebuyers are now returning and taking advantage of lower interest rates, while a boost in inventory is also providing more choices for consumers."
The housing market in 2019 will require homeowners to list their house at the right price to attract buyers. If interest rates continue to stay low while wages increase, and more inventory comes to market, 2019 could be one of the best years for home sales in recent history.
Although setting an attractive price on your home definitely boosts its sellability, it's not the only way to go. Here are other ways to put up a great show to leave a solid impression to your potential buyers and give them the WOW factor they all subconsciously crave for.
Here are a few ideas for how to do this in this era of technology.
1) Facebook Live Virtual Open House
This can also work as a 'preview' before an official Open House. Let your agent walk potential buyers through your home using a webcam or cell phone, highlighting the unique features of your house and taking questions. This can be of great benefit, especially for those out-of-state buyers looking to relocate to your area.
2) Youtube Live Virtual Open House
YouTube is forecasted to have 187.8 million video users in 2019 in the United States alone! One of those users might be the buyer you're looking for! Like Facebook Live, allowing your agent to have a virtual open house will make it available, especially for all those first-time homebuyers house hunting on their phones! This allows access to your home from the comfort of their own. Broadcasting at peak time (during lunch between 12 and 2 P.M.) also prevents buyers from having to leave work.
What if you do not want to show your house online?
3) Have a Garage Sale at The Same Time
This serves two purposes. First, you can start getting rid of some of the clutter inside your home. This will help it to show better and make packing a little easier. Second, people will come to a garage sale. Whether it's the neighbors or bargain-hunters, each garage sale attendee is a potential "salesperson for your home". They could be looking for themselves or talking to someone else in the market. The more people who are aware that your house is for sale, the better.
4) Go With Off-Peak Times
Why not host an Open House during the week when people are on their way home? This works especially well if the home is convenient for commuters. Add a little wine & cheese as a transition to going home for dinner! Or, why not have an Open House at 9:00 in the morning? After parents drop their kids at school, they can stop by your Open House for coffee & cake. Promote the Open House in community chats. Maybe one of the neighbors has a family member that wants to move to the area.
With new inventory coming to market, you need your house to stand out from the crowd! Contact a local real estate professional to see what alternatives will work best in your area.
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For most Americans, buying a home is the most important financial investment that we will ever make. Nevertheless, the recent housing bubble has left many people wondering if buying a home is still an effective way for people to save money and build wealth for the future.
The answer is 'yes,' according to recent studies.
The study revealed that the median net worth of a homeowner is $231,400 - a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.
Owning a home is a great way to build family wealth.
As we've said before, simply put, homeownership is a form of 'forced savings.' Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.
That is why Gallup reported that Americans picked real estate as the best long-term investment for the fifth year in a row. According to this year's results, 34% of Americans chose real estate. Stocks followed at 26%, and then gold, savings accounts/CDs, or bonds.
If you want to find out how you can use your monthly housing cost to increase your family's wealth, meet with a real estate professional in your area who can guide you through the process.
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We are definitely headed to a balanced market this year. As things start to unfold, we are beginning to realize that last year's worries are nothing more than speculations. Price hikes are starting to soften as more inventory is introduced, this is good news to sellers and buyers alike.
The previous housing market was fueled by an artificial demand created by mortgage standards that were far too lenient. When this demand was shut off, a flood of inventory came to market. This included heavily discounted distressed properties (foreclosures and short sales).
Today's market is totally different. Mortgage standards are tighter than they were prior to the last boom and bust. There is no fear that a rush of foreclosures will come to market. The Mortgage Bankers' Association just announced that foreclosures are lower today than at any time since 1996.
Case Shiller looks at the percentage of appreciation as compared to the same month the year prior. Here is a graph of their findings over the last ten months:
As we can see, home price appreciation is softening as more inventory comes to market. This shows that real estate prices are not crashing, but merely returning toward historic appreciation numbers of 3.6% annually.
Home prices are leveling off. Long term, that is a good thing for the housing market.
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As the rates continue on its slow and steady descent, it is now in its lowest by far in the last 12 months. This is good news to prospective buyers looking to buy their first house or existing homeowners planning to move up to their dream home.
According to Freddie Mac's Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven't been seen since February 2018!
Last week's survey results reported an interest rate of 4.35%. This is a welcome change from the near 5% rates seen in mid-November. At 4.32%, the second week of February 2018 was the last time rates were this low.
This can be seen in the chart below.
Freddie Mac's Chief Economist, Sam Khater, had this to say:
"Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year.
Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months."
If you plan on buying a home this spring, meet with a local real estate professional who can help prepare you for today's market before rates increase!
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Although it can be said that the amount of the benefits depend on where you live, the fact remains that there are many financial and non-financial reasons favoring homeownership.
Financial BenefitsBuying a home is an investment in your future!
Homeownership is and will always be part of the American Dream! There are many financial and non-financial benefits to take advantage of when owning a home. If owning a home is part of your dream, contact a local real estate professional to help you with the process!