Different Markets: The entry market is HOT while luxury is not.
A nicely upgraded detached home comes on the market in mint condition listed FOR SALE at $650,000. During the initial weekend, the open house is a total success with buyers bumping into each other to see the home. By Monday morning, the listing agent is sorting through five offers to purchase the home. By the week’s end, the seller is able to come to an agreement and accepts a full price offer that closes in 30-days.
A beautiful upgraded luxury homes comes on the market with an entertainer’s yard listed FOR SALE at $1.6 million. Seven different buyers tour the home in the initial week. Quite a few people come through the weekend open house. The first week’s activity is solid, yet there are
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
A wave of homeowners are finally coming on the market and the active inventory is on the rise.
Active Inventory – More Competition: The active inventory grew by 6.4% in the past two weeks, the largest jump since January 2014. The storyline for 2017 has been “Not Enough Homes on the Market.” This has been the theme not just in Orange County, but across the United States. Locally, the year started with 4,071 homes on the market, the second lowest start in the last decade behind 2013’s anemic 3,161 homes.
The active inventory remained low throughout the first quarter, with only limited growth. Everybody was wondering when homeowners were finally going to step up and place their homes on the market. Compared to the last couple of years, the number of homes
Walking distance to coveted Acacia Elementary and Troy High School ! Wonderful single level- 4 bedroom, 2 bath home. Dual pained windows, newer furnace/ac,updated electrical, remodeled bathrooms, new doors and jams throughout, recessed lighting throughout. Exceptionally sized patio and walkways to this rear entertaining beautifully landscaped yard with access from living room.
A survey by Ipsos found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. There are two major misconceptions that we want to address today.
1. Down Payment
The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 40% of consumers think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less. Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.