Thursday, August 23, 2018 / by Nicole Solari
Last week, in a new report from Zillow, it was revealed that there has been a rash of price reductions across the country. According to the report:
There are more price cuts now than a year ago in over two-thirds of the nation’s largest metros
About 14% of all listings had a price cut in June
Since the beginning of the year, the share of listings with a price cut increased 1.2%
This is the greatest January-to-June increase ever reported, and more than double the January-to-June increase last year
Senior Economist Aaron Terrazas further explained:
“A rising share of on-market listings are seeing price cuts, though these price cuts are concentrated at the most expensive price-points and primarily in markets that have seen outsized price gains in recent years.”
What this DOESN’T MEAN for the real estate market…
This doesn’t mean home v ...
Thursday, June 28, 2018 / by Nicole Solari
If you needed further confirmation that homeownership is becoming a more attractive option than renting to people across the country, just ask Harvard. According to the recent State of the Nation’s Housing report from the Joint Center on Housing Studies of Harvard University, the national homeownership rate increased for the first time in 13 years (from 63.4% in 2016 to 63.9% in 2017), with the number of homeowners rising an average of 710,000 per year over the past two years.
At the same time, the demand for renting has significantly slowed down. While growth in the number of rental households from 2000 – 2015 was at an average of 850,000 per year, that number dropped dramatically in 2015 – 2017 to just 220,000. The national rental vacancy rate also rose for the first time since 2009 (from 6.9% to 7.2%).
As renting continues to become more unaffordable in markets across the coun ...
Thursday, April 26, 2018 / by Nicole Solari
This month, Arch Mortgage Insurance released their spring Housing and Mortgage Market Review. The report explained that an increase in mortgage rates and/or home prices would impact monthly payments this way:
A 5% increase in home prices increases payments by roughly 5%
A 1% rise in interest rates increases payments by roughly 13% or 14%
That begs the question…
What if both rates and prices increase as predicted?
The report revealed:
“If interest rates and home prices rise by year-end in the ballpark of what most analysts are forecasting, monthly mortgage payments on a new home purchase could increase another 10–15%. That would make 2018 one of the worst full-year deteriorations in affordability for the past 25 years.”
The percent increase in mortgage payments would negatively impact affordability. But, how would affordability then compare to historic norm ...
Wednesday, December 13, 2017 / by Hayley Baker
3 Bed | 5 Bath | 3,679 SqFt | Beautiful former model Eastridge Hills home, tucked in a private but welcoming street. Home has features that no other Eastridge estate has such as a custom wine cellar, surround sound, upgraded appliances, built-ins, & so much more! Nice flat lot with amazing views. Master features fireplace, huge walk-in closet, spa-like bathroom all on the main floor. All other bedrooms downstairs, the office can be converted to a bedroom.
Monday, August 28, 2017 / by Nicole Solari
The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
In the report, home prices are compared both regionally and by state.
Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!
Alaska & West Virginia were the only states where home prices are lower than they were last year.