Rising home prices have gotten a lot of attention over the past couple of years. In some places, they’ve even been said to have fully recovered from the housing crash. But a closer look at the numbers reveals a different story. Because many gauges of national home prices use averages to measure how much prices have gained or fallen, higher-priced homes have more weight and can skew the results. For a more accurate look, a recent study from Trulia compared a home’s current market value to its pre-recession peak instead. Their method found that just 34.2 percent of homes nationally have recovered their value. That means, though prices have definitely been rising, there are still a lot of homes that haven’t yet climbed all the way back. That’s good news for buyers but it also means there are many homeowners who are still waiting for their homes to regain value before they sell – which is why there are many markets where there are fewer homes available for sale than usual. Also, it should be noted that, as with anything real estate, where you are has a lot to do with the conditions you’ll find. For example, markets in the West and South have generally seen home prices increase faster than those in the Midwest and Northeast. More here.
The Real Reason There Are Fewer Homes For Sale
These days, many markets are suffering from a lack of homes for sale. And where there are fewer homes to buy, there are higher prices and more competition among buyers. But what’s behind the shortage?
What’s behind the housing shortage?
Well, a new survey reveals the real reason homeowners have decided to stay put and it’s probably not what you’d expect. The survey found simple demographics may be the biggest factor. A closer look at the numbers reveals that younger homeowners have plans to sell in the near future but the vast majority of baby boomers don’t. In fact, 85 percent of older homeowners said they had no plans to sell in the next year. This, however, isn’t that odd. Older Americans have always been less likely to move.
The difference these days is that the overall population has grown older. The share of Americans between the ages of 55 and 74 has risen 30 percent in the past 30 years. That means, there are more older homeowners who aren’t that likely to put their homes up for sale. The good news, though, is that 60 percent of owners who said they were hoping to sell within the next year are millennials, which means there could soon be more affordable homes on the market for interested first-time buyers.
More here.
Number Of Showings Up 10% Over Last Year
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.
Home Sales Hit Highest Pace In A Decade
Autumn may typically be the time of year when home sales start to slow down but new numbers show sales of previously owned homes up for the second straight month and at their highest annual pace since February 2007. The data, from the National Association of Realtors, shows October sales up 2 percent over the month before and 5.9 percent above last year’s estimate. Lawrence Yun, NAR’s chief economist, says the past two months have been an autumn revival for the housing market. “October’s strong sales gain was widespread throughout the country and can be attributed to the release of the unrealized pent-up demand that held back many would-be buyers over the summer because of tight supply,” Yun said. “The good news is that the tightening labor market is beginning to push up wages and the economy has lately shown signs of greater expansion. These two factors and low mortgage rates have kept buyer interest at an elevated level so far this fall.” Sales were up in all regions, with the largest gains in the South, where home sales rose 2.8 percent. Also in the report, the typical home stayed on the market for 41 days in October, though 43 percent of homes sold in less than a month. More here.
Welcome To The Family!
Parker Scott Properties Welcomes The David Saba Realty Team to The Parker Scott Family!
We’re proud to welcome David Saba and his team to our agency of Top-Flight agents!
Realtor, David Saba has a great personality and an unquestionable work ethic. Saba’s knowledge of the West-Side, Pooler, Skidaway Island Communities and real estate sets the bar high. Our agents are enjoying teaming up with our new real estate family members sharing and collaborating.
Realtor Brian J Gros, Buyers Agent spent 10 years serving his country in the service, and he continues to serve, only now it’s with homebuyers and investors! He is excited to join the ranks of an organization where technology and traditional real estate have been combined to deliver the best tools and mechanisms for our agents.
Realtor Tannura Thomas, Buyers Agent has seen it all as a property manager and now she is ready to set sail in PSP’s sales division! Thomas embraces the Parker Scott concept “energy breeds activity and people are drawn to energy and excitement.”
Wanda Williams, Administrative Assistant works tirelessly to organizes and coordinate the daily task for Saba’s team. Williams upholds the company credence that learning from others, teamwork and collaboration are a critical part of development and at Parker Scott our goal is to enhance our agents so they can be the best advisors to their clients.
Join us in welcoming Saba and his team to Parker Scott Properties!
End of Summer Tee Shirt Meet Up
Parker Scott Properties Tee shirt Meet Up Was a Testimonial to PSP’s Teamwork; A Real Estate Family with Good Core Values, Professionalism, Hard Work & Smart Thinking!
Thank To Our PSP Team for an Evening of Relaxing & Mingling & a Fantastic Season!
Congratulation to our Tee Shirt Winners! Julia Hoffmann, Patty Zettler, and guest Jennifer Campbell!
Training to Empower Our Agents to Realize Their Dreams & Have the Tools Necessary to Achieve Their Goals!
https://www.facebook.com/events/587280234778082/ Wednesday, August 24 at 5 PM – 8 PM
