Monday, April 12, 2021 / by Kenneth Brands
The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows.
According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. That’s not the case, however, on the supply side. Seller traffic is simply not keeping up. Here’s a breakdown by state:As the maps show, buyer traffic is high, but seller traffic is low. With so few homes for sale right now, record-low inventory is creating a mismatch between supply and demand.
NAR also just reported that the actual number of homes currently for sale stands at 1.28 million, down 22% from one year ago (1.64 million). Additionally, inventory is at an all-time low with 2.3 months supply . ...
Tuesday, March 16, 2021 / by Kenneth Brands
Home values appreciated by about ten percent in 2020, and they’re forecast to appreciate by about five percent this year. This has some voicing concern that we may be in another housing bubble like the one we experienced a little over a decade ago. Here are three reasons why this market is totally different.
1. This time, housing supply is extremely limited
The price of any market item is determined by supply and demand. If supply is high and demand is low, prices normally decrease. If supply is low and demand is high, prices naturally increase.
In real estate, supply and demand are measured in “months’ supply of inventory,” which is based on the number of current homes for sale compared to the number of buyers in the market. The normal months’ supply of inventory for the market is about 6 months. Anything above that defines a buyers’ market, indicating prices will soften. Anything below that defines a sellers’ market in whic. ...
Saturday, January 30, 2021 / by Kenneth Brands
Covid-19 has impacted homeowners across the country. With job losses and income reductions, many have taken advantage of the ability to enter a forbearance program with their lenders. During the forbearance program, the agreements state that no late fees will be assessed, and the balance of missed payments will be deferred to the end of the loan. As a result, many homeowners have been able to keep their homes during this time of economic upheaval. Some of these affected may now have stabilized incomes and are ready to exit forbearance. They might be wondering if they will be penalized for this if they choose to refinance or buy a new home. Fortunately, there is good news for these homeowners. Part of the program is that the lender will not report these late payments to the credit bureaus so the borrower will not have that issue to contend with when they are ready to find a new loan. Lenders understand that this is a unique situation and that it is not representative of the way a borrow; ...
Sunday, January 17, 2021 / by Kenneth Brands
There are so many questions and concerns amid the Covid-19 coronavirus outbreak. The real estate market is especially hard hit and sellers are concerned. Real estate at its core is a people business. It relies on person-to-person interaction and the coronavirus necessarily limits this contact. As the spring selling season gets started, home sellers will have questions and it’s important to acknowledge concerns and offer practical advice and concrete information to help sellers make the best decision for themselves and their families.
1. Should I still try and sell my home? – Of course, there are many aspects to this question. First and foremost, the health concerns of the sellers’ family have to be taken into consideration. Unless absolutely necessary, the elderly and those with underlying health issues should not allow unnecessary people into their homes; including buyers and agents. If the household is essentially healthy and not considered high-risk, then this . ...
Wednesday, April 22, 2020 / by Katya Sousa
Getting the Highest Price in the Shortest Time
In order to get the highest price in the shortest time, you need to know how to market your home. The better you market your home, the more offers you will get. And the more offers you get, the more choices you have to get the price and terms you want.
The most important factor of marketing your home is pricing it right. Your price should be adjusted to reflect the market and your property’s worth. The key is to get as many people as possible checking out your fairly priced property. If your property is not priced fairly, there will be no buyers because your price is set too high.
Another important factor is the condition of your home. Make sure that your home looks ready to be sold. Fix any defects (peeling or faded paint, cracks, stains, etc.) Condition alone can sometimes prompt fast buying decisions. Not only should you fix any defects, but consider upgrading your home by making major repairs and cosmetic improvements ...