Posted on

Three Reasons Homeowners May Be Waiting To Sell

When shopping for a house, you have to choose from the homes that are for sale at the time you’re looking. In other words, unless you’re having a house custom built to your specifications, you’re going to have to make do with what’s on the market now. These days, that’s become more challenging in some areas due to the fact that there aren’t as many homes for sale as is historically normal. So why is that? Well, there are a couple of different factors behind current inventory levels. One is homes that have yet to recover their value. If a homeowner purchased their home just before the housing crash, they may be waiting for prices to reach pre-crash levels before selling. Another is mortgage rates. Many homeowners were able to refinance their loans while rates were low and – though they remain lower than historical norms – these potential sellers fear they won’t be able to get as good a deal, if they move now. Finally, and perhaps most significantly, current homeowners are less likely to put their homes on the market if they feel they won’t be able to find a house they like in their price range. However, despite the factors keeping more homeowners from putting their homes up for sale, there are also some reasons to believe that homeowners who have been waiting may end up selling sooner than later. Among them, surging buyer demand, higher prices, and mortgage rates still hovering near historic lows top the list. More here.

Posted on

Home Sales Have Best Year Since 2006

In 2016, sales of previously owned homes reached their highest level in 10 years, according to new estimates from the National Association of Realtors. A combination of low mortgage rates and an improving economy helped push sales higher than the year before. Still, they remain about 1 million short of where they were in 2006. Lawrence Yun, NAR’s chief economist, says conditions were favorable for most of the year but December sales declined from the month before. “Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market,” Yun said. “However, higher mortgage rates and home prices combined with record low inventory levels stunted sales in much of the country in December.” In fact, sales were down 2.8 percent from November, though they remain 0.7 percent higher than they were a year earlier. Still, lower-than-normal inventory levels mean prices could continue to see upward pressure unless more homeowners put their homes up for sale or new home construction ramps up this year. Also in the report, home prices rose 4 percent from December 2015 and inventory has now fallen year-over-year for 19 consecutive months. More here.

Posted on

How You Compare To The Typical Home Seller

The National Association of Realtors’ Profile of Home Buyers and Sellers takes an annual look at the who, what, where, and how of the year’s typical real-estate transaction. Based on a survey sent out across the country, the results reveal things like how much the average home seller made on the sale of their home, how buyers came up with their downpayment, and what types of homes sold, who sold them, and for how much. For example, last year’s typical seller was 54 years old, had been living in their home for 10 years, and had a median income of $100,700. The most commonly cited reason for selling a home was to find something bigger, which was named by 18 percent of respondents. Other common reasons for selling a home included wanting to live closer to friends and family and because of a new job. The majority of sellers didn’t have to offer any incentives in order to attract a buyer for their home and nearly 9 in 10 used a real-estate agent to help sell their house. The typical home seller was able to sell their home for $43,100 more than they purchased it for and got 98 percent of their final listing price. More here.

Posted on

How You Compare To The Typical Home Seller

                   Parker Scott Properties
                               WE LIST!

The National Association of Realtors’ Profile of Home Buyers and Sellers takes an annual look at the who, what, where, and how of the year’s typical real-estate transaction. Based on a survey sent out across the country, the results reveal things like how much the average home seller made on the sale of their home, how buyers came up with their down payment, and what types of homes sold, who sold them, and for how much. For example, last year’s typical seller was 54 years old, had been living in their home for 10 years, and had a median income of $100,700.

The most commonly cited reason for selling a home was to find something bigger, which was named by 18 percent of respondents. Other common reasons for selling a home included wanting to live closer to friends and family and because of a new job. The majority of sellers didn’t have to offer any incentives in order to attract a buyer for their home and nearly 9 in 10 used a real-estate agent to help sell their house. The typical home seller was able to sell their home for $43,100 more than they purchased it for and got 98 percent of their final listing price. More here.

                  We Lit!!
                 WE LIST!!
PARKER SCOTT PROPERTIES
Posted on

Housing Outlook Sees Strong Year Ahead

Though there is some uncertainty about how changing economic policies might affect the economy and housing market in the months to come, Fannie Mae’s most recent Economic and Housing Outlook from their Economic & Strategic Research Group sees continued improvement ahead. In short, improved consumer spending, a healthy labor market, and rising wages should continue to support economic growth. But what does this mean for the housing market and real estate this year? Well, according to Doug Duncan, Fannie Mae’s chief economist, the housing market should remain strong and build on last year’s performance. “We expect housing to remain resilient and continue its recovery in 2017, with affordability standing out as the industry’s greatest obstacle, particularly for first-time homeowners,” Duncan said. “Demographic factors, however, are positive. Our research shows that older Millennials have begun to buy homes and close the homeownership attainment gap with their predecessors.” An increasing number of younger buyers is good news for the market, as is the expected bump in new home construction. If the supply of homes for sale can keep up with buyer demand, a better balanced market may help alleviate affordability concerns and lead to favorable housing conditions in 2017. More here.

Posted on

Survey Finds Americans In The Mood To Buy

There are an endless number of reasons you might decide to buy a home at any particular time in your life. Whether you just got a new job on the other side of town or are looking for a place closer to family, the motivation behind a move is usually very personal. But there are economic factors at play, as well. Your financial situation, optimism about the future, and perception of the market can also influence a decision to stay where you are or pack your belongings. Fannie Mae’s monthly Home Purchase Sentiment Index looks at how Americans are feeling about buying a home, the real estate market, and their personal economic outlook. In December, the overall index fell slightly from the month before, though the number of Americans who said they thought it was a good time to buy a house was up from November. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says there’s been an increase in economic optimism recently but whether it carries through the rest of the year is uncertain. “A spike in economic optimism in the immediate aftermath of an election is typical,” Duncan said. “Whether consumers will sustain this level of optimism into 2017 remains unclear … If this optimism comes to fruition, it should translate into stronger income growth and increased job security for consumers – the two HPSI components that could help support housing sentiment this year.” More here.

Posted on

Who Buys Vacation Homes And Where They Buy

Who Buys Vacation Homes And Where They Buy

Parker Scott Properties Who Buys Vacation Homes And Where They Buy
Parker Scott Properties
Who Buys Vacation Homes
And Where They Buy

Everyone, at one time or another, has dreamed of buying a vacation home. Whether it was just a temporary fantasy brought on by a particularly perfect trip or it was something more real, it’s hard not to think about the joys of owning a place in your favorite town or getaway spot. But who’s actually buying vacation homes and where are the most popular locations to have a house? Well, the National Association of Realtors collects that info each year as part of their Investment and Vacation Home Buyers Survey. This year’s results show that, among vacation home buyers, the South is the most popular area to buy. In fact, a full 47 percent of vacation homes bought last year were purchased in the South. The West came in second with 25 percent. Also, beach houses outpace all others, with sales more than doubling the number of homes purchased in the mountains, at a lake, or in the country. And who’s most likely to buy a vacation home? Not surprisingly, Lawrence Yun, NAR’s chief economist, says older buyers. “Baby boomers at or near retirement continue to propel the demand for second homes, although headwinds softened the overall volume of vacation sales last year,” Yun said. In 2015, the median household income of a vacation home buyer was $103,700 and the property they purchased was a median distance of 200 miles away from their primary home. More here.

Posted on

Millennials Choosing Suburbs Over The City

Millennials Choosing Suburbs Over The City

Parker Scott Properties Millennials Choosing Suburbs Over The City
Parker Scott Properties
Millennials Choosing
Suburbs Over The City

While it’s true that – among demographic groups – there are more young people living in urban centers than any other age group, new research shows that 47 percent of millennial homeowners actually bought in the suburbs. The data, from the Zillow Group’s Consumer Housing Trends Report, shows that, despite conventional wisdom, there are many young Americans that are drawn to the suburbs because they can provide more space and a lower cost of living. But not only are there a larger than expected number of young Americans buying in the suburbs, there are a growing number of young Americans buying in general. “Millennials are shaping the market more than anyone realized,” Jeremy Wacksman, Zillow’s chief marketing officer, said. “In fact, half of all buyers are under 36 and half of sellers are under 41.” The long rumored return of first-time home buyers appears to have officially started and that’s good news for the housing market. But this time around things are a bit different. For example, today’s first-time buyer isn’t shopping for the typical “starter” home. The research shows that – perhaps because they’ve waited longer to buy their first home – younger Americans are buying homes that are nearly as large as the typical “move-up” home. More here.

Posted on

Today’s Homeowner Stays In One Place Longer

Home Parker Scott Properties Blog
Parker Scott Properties Blog

There are a lot of things to consider when deciding whether or not to sell your house and move. Home values, your mortgage rate, school district, plans for the future, and proximity to friends and family all play a role. In other words, after buying a house, homeowners generally stay there for a handful of years – if only to avoid uprooting their life. These days, however, Americans are staying in their homes almost 60 percent longer than they did before the housing crash. Traditionally, homeowners moved every six years or so. Now it’s closer to 10 years. Lawrence Yun, the National Association of Realtors’ chief economist, recently told a meeting of real estate agents in Florida that sellers are staying in their homes for longer periods of time and, it may be holding the housing market back. But why would Americans be less likely to move now than they were a decade ago? For one, historically low mortgage rates. Homeowners that were able to refinance over the past few years, may be reluctant to risk losing their low rate. In other instances, people whose homes lost value during the last recession may have stayed in their current homes in hopes of selling once prices rebounded. All in all, it’s expected that there will be an increasing number of Americans looking to sell their home in the near future and, when that happens, the influx of for-sale inventory will help moderate prices and give buyers more choices when looking for a house to call home. More here.

 

Posted on

How Long Does The Typical Home Search Last?

Parker Scott Properties Clocks
Parker Scott Properties Clocks

You don’t want to feel rushed when choosing a home to buy. It’s a big decision and one you’ll be living with for many years to come. So it’s best to take your time and only make an offer when you find a house that’s really right for you. But though that’s true, you may wonder along the way if you’re taking longer than usual or seeing more homes than the typical buyer. So how long does the usual home buyer search for a home? Well, according to the National Association of Realtors, the length of the median home search has gotten longer over the past 30 years. In fact, buyers in 1987 searched a median of seven weeks before buying a house. In recent years, that’s risen to as much as 12 weeks – though it’s held steady at 10 weeks since 2014. During those 10 weeks, buyers typically look at 10 homes before finding one that fits their needs. That’s fewer than it used to be, but not by much. The median number of homes buyers see before purchasing has generally been between 10 and 12 homes for the past 30 years. More here.