5 Reasons to Love Using A Real Estate Pro [INFOGRAPHIC]

5 Reasons to Love Using A RE Pro [INFOGRAPHIC] | Simplifying The Market

 

Highlights:

  • Hiring a real estate professional to guide you through the process of buying a home or selling your house can be one of the best decisions you make!
  • They are there for you to help with paperwork, understanding the process, negotiations, and helping you with pricing (both when making an offer or setting the right price for your home).
  • One of the top reasons to hire a real estate professional is their understanding of your local market and how the conditions in your neighborhood will impact your experience.
Posted on February 10, 2018 at 6:41 pm
Ted Mansfield | Category: Buying a home, Finance, Investment, Mortgage, Real Estate, Selling your home | Tagged , , , ,

Eastside Market Review – 4th Quarter 2017

Our Eastside Market Review is now available for the fourth quarter of 2017.

You can read the full report online by clicking the image below.

Eastside Market Review Q4 2017

Posted on February 7, 2018 at 3:29 pm
Ted Mansfield | Category: Buying a home, Investment, Luxury market, Mortgage, Real Estate, Selling your home

Where Are Mortgage Interest Rates Headed in 2018?

Where Are Mortgage Interest Rates Headed in 2018? | Simplifying The Market

The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.

Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next 12 months.

Where Are Interest Rates Headed? | Simplifying The Market

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.

According to CoreLogic’s latest Home Price Index, national home prices have appreciated 7.0% from this time last year and are predicted to be 4.2% higher next year.

If both the predictions of home price and interest rate increases become reality, families would wind up paying considerably more for their next home.

Bottom Line 

Even a small increase in interest rate can impact your family’s wealth. Let’s get together to evaluate your ability to purchase your dream home.

Posted on February 7, 2018 at 3:26 pm
Ted Mansfield | Category: Finance, Investment, Mortgage, Real Estate

Bidding wars – how long will they continue?

Bidding Wars Abound… How Long Will They Continue? | Simplifying The Market

Bidding Wars Abound… How Long Will They Continue?

Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase.

In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner.

CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price.

“The share selling above list price was almost three times the trough in January 2008 and represented more than one-fifth of total sales.”

Many markets in the western part of the country and around major cities are experiencing higher shares of homes selling above list price.

“San Francisco had the largest share of homes—76 percent—that sold for at least the list price, and Seattle and Los Angeles followed with 63 and 51 percent, respectively. Miami had the lowest share—16 percent—of homes selling at or above the list price.”

Increased demand during the spring and summer months, the traditionally busier seasons for real estate, will no doubt influence how many homes continue to sell over list price.

This should not be seen by sellers as permission to overprice their homes, though. Buyers are becoming more and more educated, especially those who have been searching for their dream homes for a while now while waiting for new inventory to come to market.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

Bottom Line

Without a large wave of new listings coming to market, buyers will continue competing with each other for the homes that are available. If you are thinking of selling your home, now may be the time to do so before more competition comes this spring. Let’s get together to determine the demand for your house in our area.

Posted on February 1, 2018 at 1:53 pm
Ted Mansfield | Category: Buying a home, Finance, Luxury market, Mortgage, Real Estate, Selling your home

5 Reasons Millennials Choose to Buy

5 Reasons Millennials Choose to Buy [INFOGRAPHIC] | Simplifying The Market

 

Some Highlights:

  • “The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home.”
  • The top reason millennials choose to buy is to have control over their living space, at 93%.
  • Many millennials who rent a home or apartment prior to buying their own homes dream of the day when they will be able to paint the walls whatever color they’d like, or renovate an outdated part of their living space.
Posted on January 26, 2018 at 12:52 pm
Ted Mansfield | Category: Buying a home, Community, Investment, Real Estate

What Impact Will the New Tax Code Have on Home Values?

What Impact Will the New Tax Code Have on Home Values?

 

Below is a map, broken down by state, reflecting how home values are forecasted to change by the end of 2018 using data from the most recent report.

What Impact Will the New Tax Code Have on Home Values? | Simplifying The Market

As we can see, CoreLogic projects an increase in home values in 49 of 50 states, and Washington, DC (there was insufficient data for HI). Nationwide, they see home prices increasing by 4.2%.

How might the new tax code impact these numbers?

Recently, the National Association of Realtors (NAR) conducted their own analysis to determine the impact the new tax code may have on home values. NAR’s analysis:

“…estimated how home prices will change in the upcoming year for each state, considering the impact of the new tax law and the momentum of jobs and housing inventory.”

Here is a map based on NAR’s analysis:

What Impact Will the New Tax Code Have on Home Values? | Simplifying The Market

 

Bottom Line

According to NAR, the new tax code will have an impact on home values across the country. However, the effect will be much less significant than what some originally thought.

Posted on January 25, 2018 at 11:54 am
Ted Mansfield | Category: Real Estate, Selling your home

If You’re Considering Selling, ACT NOW!!

If You’re Considering Selling, ACT NOW!! | Simplifying The Market

If You’re Considering Selling, ACT NOW!!

Definitely an aggressive headline. However, as the final data on the 2017 housing market rolls in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!

How did we finish 2017?

  1. New-home sales were at their highest level in a decade.
  2. Sales of previously owned homes were at their highest level in more than a decade.
  3. Starts of single-family homes were their strongest in a decade and applications to build such properties advanced to the fastest pace since August 2007.

And Bloomberg Business just reported:

“America’s housing market is gearing up for a robust year ahead. Builders are more optimistic, demand is strong and lean inventory is keeping prices elevated.”

And the National Association of Realtors revealed that buyer traffic is stronger this winter than it was during the spring buying season last year.

The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a four-month supply of inventory. This represents a decrease in supply of 9.7% from the same time last year.

Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together to see whether that is the case in your neighborhood.

Posted on January 25, 2018 at 11:50 am
Ted Mansfield | Category: Real Estate, Selling your home