Whether you are buying or selling a home, it can be quite an adventurous journey; you need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO. The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but rather have been strengthened, due to the projections of higher mortgage interest rates & home prices as the market continues to pick up steam.  1. What do you do with all this paperwork? Each state has different regulations regarding the contracts required for a successful…

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Along with Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors are all calling for mortgage rates to continue to rise over the next four quarters. This has caused some purchasers to lament the fact they may no longer be able to get a rate less than 4%. However, we must realize that current rates are still at historic lows. Here is a chart showing the average mortgage interest rate over the last several decades. Bottom Line Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate…

  Some Highlights: •The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report. •First-time homebuyers made up 33% of all sales in October. •Homes are selling quickly with 43% of homes on the market for less than a month. •A limited supply continues to drive up prices for the 56th consecutive month

People across the country are beginning to think about what their life will look like next year. It happens every fall; we ponder whether we should relocate to a different part of the country to find better year-round weather, or perhaps move across the state for better job opportunities. Homeowners in this situation must consider whether they should sell their house now or wait. If you are one of these potential sellers, here are five important reasons to sell now instead of in the dead of winter. 1. Demand Is Strong The latest Realtors’ Confidence Index from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the…

  We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. The last two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now continues to be a great time to sell your house. Let’s look at the data covered by the latest Pending Home Sales Report and Existing Home Sales Report. THE PENDING HOME SALES REPORT The report announced that pending home sales (homes going into contract) are up 2.4% over last year, and have increased year-over-year now for 22 of the last 25 consecutive months. Lawrence Yun, NAR’s Chief Economist, had this to say: “The one…

Some Highlights: •36% of Americans think they need a 20% down payment to buy a home. •44% of Millennials who purchased a home this year have put down less than 10%. •71.8% of loan applications were approved last month. •The average credit score of approved loans was 731 in September.

  The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR)surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index. Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand). Buyer Demand The map below was created after asking the question: “How would your rate buyer traffic in your area?” The darker the blue, the stronger the demand for homes in that area. Only four states came in with a weak or moderate demand level. Seller…

  In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers. Here are the top five reasons: Exposure to Prospective Buyers Recent studies have shown that 88% of buyers search online for a home. That is in comparison to only 21% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?  2. Results Come from the Internet…

  Some Highlights: •Existing home inventory is down 10.1% from last year. •A lack of inventory explains the modest increase in home sales (0.8% year-over-year) despite strong buyer demand. •Existing home prices increased 5.1% year-over-year, which is directly related to the lack of inventory

The National Association of Realtors, The Mortgage Bankers’ Association, Freddie Mac and Fannie Mae are all projecting that home sales will increase in 2017. Here is a chart showing what each entity is projecting in sales for this year and the next.   As we can see, each is projecting sizable increases in home sales next year. If you have considered selling your house recently, now may be the time to put it on the market.