Perhaps you’ve never thought about how much all the homes in the country would cost if their values were totaled. But, according to recently released data from Zillow, that number is now $31.8 trillion – and that’s up $2 trillion from the year before. Zillow senior economist Aaron Terrazas says the national housing stock hit record heights in 2017. “Strong demand from buyers and the ongoing inventory shortage keep pushing values higher, especially in some of the nation’s booming coastal markets,” Terrazas said. In fact, the New York and Los Angeles markets alone account for more than 8 percent of the value of all U.S. housing. According to the report, each are now worth more than $2.5 trillion. Among the cities seeing the most rapid growth, Columbus led the way, with a 15.1 percent increase – though San Jose, Dallas, Seattle, Tampa, Las Vegas, and Charlotte also grew by more than 10 percent over the past year. More here.
Analyst Says Don’t Expect Big Changes In 2018
Housing market fundamentals have been relatively steady, for some time now. Mortgage rates have been low by historical standards, prices have been rising, and inventory has been down. All three of these factors, combined with a growing economy and stronger job market, have kept the real-estate market in a kind of limbo. While the economy and favorable mortgage rates have helped drive buyer demand, there have also been fewer homes for sale, which helps push prices upward. In other words, there are a lot of positives but there are also challenges. Freddie Mac economist, Leonard Kiefer, says this year’s market will likely continue along the same path – though he predicts some improvement. “Income growth should remain positive, but not enough to offset the other factors affecting home buyer affordability,” Kiefer wrote in a recent article. “We’re expecting that interest rates will remain low, but gradually move higher. Housing construction should gradually pick up, helping to supply more homes to inventory-starved markets. More housing supply and modestly higher rates will lead to a moderation in house price growth.” More here.
Current Homeowners Say They’re Ready To Buy
The National Association of Realtors’ Housing Opportunities and Market Experience survey asks consumers about buying and selling a home, their financial situation, and their perceptions of the economy. According to the fourth quarter results, Americans are generally optimistic about the housing market, with majorities expressing that they feel now is both a good time to be selling a home and a good time to buy a home. However, some groups are more optimistic than others. For example, among current homeowners, 79 percent say they feel it is a good time to buy a home. On the other hand, just 60 percent of current renters feel as optimistic. Other groups that were more optimistic included those with household incomes above $100,000 and those living in the Midwest and South. So what do the results mean? Well, one takeaway is that an increasing number of current homeowners who want to move could mean a potential boost in the number of homes available for sale next year. That’s good news for all prospective home buyers, as an increase in for-sale inventory will help improve affordability conditions. More here.
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The Gig Economy And Homeownership
Smartphones and the internet have given rise to a number of on-demand services that offer Americans the ability to supplement their income by providing work as independent contractors. Whether delivering groceries or ride sharing, many Americans are now working in what is known as the “gig economy.” In fact, as part of their third quarter National Housing Survey, Fannie Mae found nearly one-fifth of adults have worked in the gig economy. Generally speaking, these Americans have other full-time work, though younger respondents were more likely to rely on these types of jobs for income. Overall, however, participants in this type of work were more positive about their household income and financial outlook. But how does this type of job impact prospects for buying and owning a home? Well, that remains to be seen. Though gig-economy workers are generally more confident in their income, they also express concern about being able to qualify for a mortgage and save for a down payment. Particularly, among current renters, gig-economy workers were less likely to say they’d buy a home the next time they move. Also, there is some question about how underwriting standards handle what is becoming an increasingly popular way for Americans to make some money on the side. More here.
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How Buying A Home Can Help Save You Money
The argument for or against buying a home usually rests, to some extent, on wealth creation. Conventional wisdom says homeowners – through equity and price appreciation – are building wealth, while renters are throwing their money away each month. Of course, there are some notable instances where that basic argument seemed discredited. Take the most recent financial crisis and housing crash, for example. Following the crash, many people began to question the typical arguments in favor of homeownership, as homeowners saw their home values plummet. Now, a new study from Florida Atlantic University, Florida International University, and the University of Wyoming says homeownership offers no financial advantage when compared to renting and investing in a portfolio of stocks and bonds. However, the study’s findings are based on an assumption that renters will use any extra money, not on consumption, but on investing for the future. According to the results, “The analysis showed that households that are likely to not reinvest buy-rent cash differentials should mostly own rather than rent their primary residence as ownership forces them to save.” In other words, you can create wealth while renting, if you’re disciplined and invest wisely. If not, buying is a better deal. More here.
Rising Number Of
Homeowners Are Equity Rich
