Slaying Home Buying Myths  by The KCM Crew on April 24, 2017 in Down Payments, First Time Home Buyers, For Buyers, Infographics, Interest Rates
Some Highlights: Interest rates are still below historic numbers.88% of property managers raised their rent in the last 12 months!The credit score requirements for mortgage approval continue to fall. . . .

by The KCM Crew on April 17, 2017 in For Sellers
If you thought about selling your house this year, now may be the time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market. Jonathan Smoke, Chief Economist at realtor.com, revealed in a recent article that: “The biggest challenge to buyers this spring will be simply finding a home to buy and getting it successfully under contract. That’s because the supply of homes for sale is at an all-time low, and yet demand is strong and getting stronger.” Smoke goes on to say: “We started the year with the lowest . . .

by The KCM Crew on April 10, 2017 in For Sellers, Housing Market Updates, Pricing
There are some homeowners that have been waiting for months to get a price they hoped for when they originally listed their house for sale. The only thing they might want to consider is... If it hasn't sold yet, maybe it's not priced properly. After all, 15,014 houses sold yesterday, 15,014 will sell today and 15,014 will sell tomorrow. 15,014! That is the average number of homes that sell each and every day in this country, according to the?National Association of Realtors’ (NAR)?latest?Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.48 million. Divide that number by 365 (days in a year) and we can see that, on average, over 15,014 homes sell every day. The report from NAR also revealed that there . . .

by The KCM Crew on March 22, 2017 in First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Move-Up Buyers
Mortgage interest rates have risen over the last few months and projections are that they will continue their upswing throughout 2017. What impact will this have on the housing market? Here is what the experts are saying: Laurie Goodman, Co-director of the Urban Institute’s Housing Finance Policy Center: “In 1984, 1994, 2000, and 2013, every time we have rate increases, we have increases in nominal home prices. We expect this to be more pronounced, as there is a big demand-and-supply gap at the present time.” Scott Anderson, Chief Economist for Bank of the West: “The tightening labor market, rising wage growth, high levels of consumer confidence and a millennial generation with a pent-up demand for . . .

by The KCM Crew on March 7, 2017 in For Sellers, Housing Market Updates That headline might be a little aggressive. However, as the data on the 2017 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME! The February numbers are not in yet, but the January numbers were sensational. Lawrence Yun, Chief Economist for the National Association of Realtors, said: “Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home. Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate…” And CNBC says consumer confidence in the economy is fueling the . . .

by The KCM Crew on February 28, 2017 in First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers
The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%. Why the dramatic increase? The reasons for this change are plentiful! The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made some homeowners much more fiscally conservative . . .

by The KCM Crew on February 20, 2017 in First Time Home Buyers, For Buyers, Move-Up Buyers
According to the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. housing market has continued to move deeper into buy territory, supporting the belief that housing markets across the country remain a sound investment. The BH&J Index is a quarterly report that attempts to answer the question: In today’s housing market, is it better to rent or buy a home? The index examines the entire US housing market and then isolates 23 major cities for comparison. The researchers “measure the relationship between purchasing property and building wealth through a buildup in equity versus renting a comparable property and investing in a portfolio of stocks and bonds.”  While most of the metropolitan markets examined . . .

by The KCM Crew on February 6, 2017 in For Buyers, For Sellers, Housing Market Updates
The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again. However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up. Here are the thoughts of a few industry experts on the subject: National Association of Realtors “Total housing inventory at the end of December dropped 10.8%...which is the lowest level since NAR began tracking the supply of all housing . . .

by The KCM Crew on January 27, 2017 in First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers Highlights: 5.45 million existing homes were sold in 2016! This is the highest mark set since 2006.Inventory of existing homes for sale dropped to a 3.6-month supply, the lowest level since NAR began tracking in 1999.The median price of homes sold in December was $232,200. This is the 58th consecutive month of year-over-year price gains. . . .

by The KCM Crew on December 30, 2016 in First Time Home Buyers, For Buyers, For Sellers, Infographics, Move-Up Buyers                    Some Highlights: As we usher in the new year, one thing is for certain… if you plan to buy or sell a house this year, you need a real estate professional on your team! There are many benefits to using a local professional! Pick a pro who knows your local market and can help you navigate the housing . . .