If you had any doubt that home buyers are active this summer and looking to buy, some new numbers should help put that notion to rest.
Research Indicates It’s A Good Time To Sell!
New research shows that the number of showings – which refers to a professionally arranged tour of a home for sale – are up 10.3 percent nationally over the same time
last year. Regionally speaking, the Northeast saw the largest jump, with a 15.2 percent increase as of June. However, the Midwest and South also saw double-digit improvements. In fact, only the West saw a slight year-over-year decline. The numbers are a good indication of how much interest there is this summer from potential home buyers.
That's good news for homeowners who are looking to sell their house, as it adds to the growing evidence that, in many markets, there are more buyers than homes for sale. Of course, that also means home buyers that are looking to buy this season should be prepared to move quickly, as good homes aren't going to stay on the market very long. More here.
Today’s Homeowner Stays Longer, Sells For More
If you’re someone who is currently debating whether or not it’s a good time to sell your house, there are some new numbers from ATTOM Data Solutions that are worth taking a look at. The results of ATTOM’s Q2 2017 U.S. Home Sales Report shows that homeowners who sold their house during the second quarter of this year saw an average price gain of $51,000 over what they bought it for. That’s a 26 percent average return and the highest return since the third quarter of 2007. Daren Blomquist, ATTOM’s senior vice president, says homeowners are facing a tough choice in today’s market. “Potential home sellers in today’s market are caught in a Catch-22,” Blomquist said. “While it’s the most profitable time to sell in a decade, it’s also extremely difficult to find another home to purchase, which is helping to keep homeowners in their homes longer before selling.” That’s true. The report shows that homeowners who sold during the second quarter had owned their homes an average of 8.05 years, which is the longest homeownership tenure since the first quarter of 2000. More here.
Millennials Say Having A Dog Is A Top Reason To Buy
Millennials Say Having A Dog Is A Top Reason To Buy
There are a handful of common answers that come up time and time again when Americans are surveyed about their reasons for buying a home. For example, a desire for more space is always at or near the top of any list documenting prospective buyers’ main motivations.
If you’ve run out of space where you are<!–more–>
After all, if you’ve run out of space where you are – whether it’s because you’ve started a family or because you’ve got a lot of stuff – you’re probably going to be eager to move somewhere bigger. But though survey after survey finds we all share some common wants and needs when it comes to our homes, a new survey of young Americans who have never owned a home found a surprising reason behind their desire to become homeowners.
So, what was it? Well, 42 percent of respondents said their dog, or desire to have one, was a key factor in wanting to one day buy a home of their own. And, though that may seem unusual to those of us who don’t have pets, those that do, more often than not, consider them a part of their family. So, for a renter who may have trouble finding a landlord that will allow pets at all or one that won’t charge them extra for having one, buying a home can provide a less stressful environment for both the homeowner and their beloved pet. More here.
Homeownership Rate Rises Unexpectedly
For several years following its 2004 peak, the homeownership rate was falling. Fewer Americans were buying homes and, instead, more were choosing to rent. The reasons behind this were fairly obvious.
The housing crash and financial crisis made buying a home difficult for younger Americans who were struggling to get on their feet and kept hesitant homeowners from putting their homes on the market due to lost value. The combined effect was that fewer Americans were in a position to buy and the very idea of homeownership as a wise financial decision was called into question.
Since then, though, home prices have largely bounced back and a stronger job market has led to rising buyer demand. Because of this, the homeownership has now begun to inch back up.
Homeownership Has Now Begun to Inch Back Up
For example, the latest report from the U.S. Census Bureau shows the homeownership rate improved during the second quarter of this year and is nearly one percent higher than at the same time last year. Still, at 63.7 percent, the rate is comparatively low. At its peak, it was near 70 percent. More here. 
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New Home Builders Say Buyer Interest Is Strong
Buyer demand for new homes remains strong, according to the most recent Housing Market Index from the National Association of Home Builders.
The Index – which measures builders’ confidence in the new home market on a scale where any number above 50 indicates more builders view conditions as good than poor – was at 64 in July.
Additionally, individual components measuring current sales conditions and expectations over the next six months both scored 70 or above. Robert Dietz, NAHB’s chief economist, says buyer demand is strong but there are other factors slowing the rate of new home construction. “The HMI measures of currents sales conditions has been at 70 or higher for eight straight months, indicating strong demand for new homes,” Dietz said. “However, builders will need to manage some increasing supply-side costs to keep home prices competitive.” Specifically, builders have expressed concern over the cost of lumber. Naturally, higher lumber prices effect the overall cost of new homes and the number of buyers that can afford them. In other words, the reason more new homes aren’t being built isn’t because of a lack of demand and, in many cases, has more to do with higher material prices and a fewer available lots to build on. More
What Pending Sales Numbers Mean For Buyers
The National Association of Realtors’ Pending Home Sales Index is a good indication of where home sales will be a month or two down the road. That’s because, it measures the number of signed contracts that occurred during the month, rather than the number of closings. And since there is typically about a month between having an offer accepted and closing the deal, the number of pending sales can be a pretty accurate predictor of future home sales numbers. According to the most recent release, pending sales were down 1.3 percent in April from the month before. Lawrence Yun, NAR’s chief economist, says there may be fewer contracts signed as the spring goes on because of a lack of available listings. “Much of the country, for the second straight month, saw a pullback in pending sales as the rate of new listings continues to lag the quicker pace of homes coming off the market,” Yun said. In other words, the number of homes for sale can’t keep up with the number of buyers interested in buying them. That means, home buyers should expect to find competition for the homes that are available for sale this summer. More here.
Prices Move Higher As Homeowners Stay Put
Widely seen as the leading measure of U.S. home prices, the S&P Dow Jones Indices is a monthly look at home values that has been conducted for more than 27 years. According to the most recent release, national home prices are up 5.8 percent over last year, with the largest gains seen in the West and South. David M. Blitzer managing director and chairman of the index committee at S&P Dow Jones Indices, says there’s some regional variation in how quickly prices are rising, but generally the issue is the number of homes available for sale. “Over the last year, analysts suggested that one factor pushing prices higher was the unusually low inventory of homes for sale,” Blitzer said in a press release. “People are staying in their homes longer rather than selling and trading up.” Because of this, there are fewer homes for buyers to choose from but home sellers, on the other hand, enjoy increasingly favorable conditions. And yet, many current homeowners are staying put. If more homeowners put their homes up for sale, and new home construction continues to improve, the market will balance in the coming months and home price increases will begin to moderate. More here.
Renovations And The Cost Of Selling
It isn’t just the home’s buyer who has to settle up at the end of the closing process, sellers have costs too. In fact, according to one recent estimate, the average seller spends $15,000 before they hand over the keys to their home’s new owner. A big part of that is closing costs, agent commission, and any repairs required following the home’s inspection. But another chunk of that is renovations done before the sale. In fact, a large majority of homeowners fix up their homes before putting them on the market. Things like having the home painted, cleaned, and staged can add up for the 80 percent of homeowners who decide to spruce things up before showing their house. Nationally, the average cost of home improvements done before selling was $2,650, though that can vary greatly from region to region and is also dependent on the type of work that is done to get the house in shape. Of course, unlike buyers, home sellers have the sale of their home to help cover their costs but – assuming they’re going to buy another home – these expenses will obviously have an effect on how much money they have left over to put toward their next house. More here.
Today’s Typical Home Sells In Less Than A Month
Home buyers are out in large numbers this spring. Proof of that can be found in the most recent sales report from the National Association of Realtors. Their monthly tally of how many previously owned homes sold the month before found that the typical home for sale was on the market for just 29 days in April, down from 34 days the previous month. That’s a strong indication that buyer demand is outpacing the number of homes for sale this spring. And that’s saying something, especially since April saw a 7.2 percent increase in for-sale inventory by the end of the month. In other words, there are more homes coming on the market but still not enough to match the number of interested home buyers. Lawrence Yun, NAR’s chief economist, says affordable homes are going fastest. “Homes in the lower-and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher.” But despite the competition, buyers aren’t deterred. In fact, the number of first-time home buyers was up for the month and, a look at regional results, shows existing-home sales are above or even with last year’s results in the South, West, and Midwest. More here.
