Tag Archives: Market Update

Rent or Buy – either way you are paying a mortgage

There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As Entrepreneur Magazine, a premier source for small business, explained in their article, “12 Practical Steps to Getting Rich”:

“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”

Christina Boyle, Senior Vice President and head of the Single-Family Sales & Relationship Management organization at Freddie Mac, explains another benefit of securing a mortgage as opposed to paying rent:

“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”

As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person building that equity.

Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 4.22% last week.

Advertisements

5 Reasons It’ll Pay to Sell Your Home Early in 2018

By Holly Amaya | Jan 10, 2018

It’s been nearly a decade since the Great Recession delivered the worst housing crash in modern memory. But these days, the fallout feels squarely in the rearview mirror. Markets have bounced back with fervor, and confidence is skyrocketing: From Charlotte, NC, to Stockton, CA—and everywhere in between—homes are flying off the market at record prices, and buyers are still clamoring to get in the game.

One thing is clear: It’s a great time to be a seller.

“We’ve seen two or three years of what could be considered unsustainable levels of price appreciation, as well as an inventory shortage that resulted in a record low number of homes for sale across the country,” says Javier Vivas, director of economic research for realtor.com®.

Sounds like the stuff of seller’s dreams, right? But know this: If you plan to sell in 2018—and you want to unload your home quickly and for maximum money—your window of opportunity may be rapidly narrowing. Here’s why you should get moving ASAP.

1. Rates are still historically low, drawing buyers into the market

2. Inventory remains tight—and demand high

3. Home prices are still increasing

4. People have more money in their pocket

5. Millennials are ready to commit

Read more.

Want to sell before year end – Homes Are Selling in less than 30 days – call me #ReginaSingh

Homes Across the Country Are Selling Fast! [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • The National Association of REALTORS® surveyed their members for the release of their Confidence Index.
  • The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.
  • Homes sold in 60 days or less in 42 out of 50 states, and Washington D.C.
  • Homes sold in 30 days or less in 17 states.

Watching #HomePrice Trends? They Probably Don’t Apply to You. Call #ReginaSingh

Today, we have tons of real estate data at our fingers, thanks to the internet and websites like this one. In fact, maybe we have too much, considering that we’re also being bombarded by news stories, blog posts, tweets, and financial talking heads blathering away on TV. The real estate metric that typically attracts the most attention is home prices. Homes are inherently unique—for the most part, they can’t be identically mass-produced. Even in those huge developments where the homes all look alike, they’ll still have differing physical attributes, including different views of at least what is on either side. Read more.home-prices-reported-01

#Commuters, #Jobs, and #Houses – #reginasingh

As housing becomes more expensive, and the cost of living between expensive central areas and outlying counties expands, people begin to make decisions on the trade-offs between living farther out (and in larger houses) and commuting longer to their jobs. As housing supply has not caught up with demand in central suburbs and cities, home-seekers have started going further and further away to find affordable homes to purchase in the cities where they live. (For some more in-depth reports on commuting patterns written by my colleague Jordan Levine see this report for Riverside, and the demographics section of this paper on the East Bay.) This corroborated in C.A.R’s price and sales data, and our regional Housing Affordability Index, (which is a mix of income and price data). For examples, increasing prices in the Bay Area and Los Angeles have led to relatively stagnant levels of sales in more central city areas with large price gains, and increased sales and interest in homes in outer counties. This pattern is also seen in simply the sheer amount of vehicle miles traveled by Americans, which has shot past the previous high 2008 levels. So much public data exists on people’s jobs, their commutes, and the places people live. By combining and visualizing this data in different ways, we can understand the patterns of lives, commutes, jobs and ultimately the places that people want to live in where they have to go to work. I wanted to highlight a few fun maps and tools created by the public for these purposes. The ACS Commute Map website offers interactive and animated maps and charts that show the number, distance and areas that people commute to and from their residences every day.

Los Angeles Commute In this example of an animated picture captured of commuters to Los Angeles, we see the proportion and number of people moving from Kern, Orange, San Bernardino, Riverside  and Ventura Counties coming to Los Angeles every day for their jobs (we can also see the flows of people within Los Angeles going from their homes to their jobs). The data is at what is called the “Census Tract Level” and the page shows people traveling between 20 to 100 miles. Orange County Commute2 We can also see how commuting to Orange County, where there is a more inter-county north-south commuting (east west inter-city commuting in Los Angeles is probably suppressed from the map. For more on these maps, see this article in CityLab.