It’s good to get data from all over. But somehow when you get it from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, it seems even more official.
The two entities jointly announced the following new residential sales statistics for February. A total of 667,000 new homes were sold, 340,000 of them with a median sales price of $315,300. This is 4.9 percent above the revised January rate of 636,000 and 0.6 percent above the February 2018 estimate of 663,000.
The average sales price was $379,600. The seasonally-adjusted estimate of new houses for sale at the end of February was 340,000. This represents a supply of 6.1 months at the current sales rate. The March report is scheduled for release on April 23, 2019.
Every family has a list of important dates. We celebrate birthdays, anniversaries, pet adoptions…and the list goes on. For 64.4 percent of households in the United States, this list includes the day they became a homeowner for the first time!
Why is this date important? Homeownership is not just a roof over your head! It represents shelter, stability, wealth, and pride! For decades, homeownership has been an important part of the American Dream!
However, many question if the next generations see the same benefits of homeownership as their predecessors.
In case we have forgotten, some of those benefits are:
Our 3rd Annual Reliance Shred Event is January 26th from 9am to 12pm at our State College office location (2226 N State College Blvd, Fullerton 92831). We will have 2 trucks so the more the merrier. Please call or email me with your questions.
A Slowing Market: The Expected Market Time is continuing to rise rapidly.
There is a distinct chill in the morning air. Pumpkin Spice Lattes are the drink of choice at Starbucks®. Major League baseball playoffs have fans glued to their television sets. And, trees are slowly shedding their browning leaves. It is that time of the year again; it is autumn.
Just as life transitions from summer to autumn, the housing market evolves as well. Traditionally, since the kids are back in school, the Autumn Market is when the inventory drops from its summer peak and demand fades. With the inventory dropping along with demand, the overall Expected Market Time (how long it would take to list a home today and open escrow down the road) typically does not
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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 year.
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 6.2%
Love landed Elinor Frerichs in a secured facility for people with dementia.
Twelve days after the death of her husband, 95-year-old Frerichs married a friend 26 years her junior, a man who watched the same TV shows and made her feel “happier than ever.”
But shortly after saying “I do,” Frerichs was placed under a court conservatorship at the recommendation of a psychologist and Adult Protective Services. She was hospitalized and her marriage was annulled — partly to shield her estate, estimated at $1 million.
Despite concerns over her mental capacity, Frerichs appeared lucid in a transcript of a rare visit with friends, vowing, “I’m not going to sit there and rot and die in that damn room.”
Home prices are at the top of everyone’s minds. Can they maintain their current pace of appreciation? Will rising mortgage rates negatively impact home values? Will the next economic slowdown cause prices to crash?
Let’s try to answer these questions based on what has happened in the past as well as what we know about the current real estate market.
The Impact of Rising Interest Rates
We explained earlier this year that rising mortgage rates have not negatively impacted home prices in the past and probably wouldn’t this time either. Freddie Mac’s comments were very direct:
“In the current housing market, the driving force behind the increase in prices is a low supply of both new and existing homes combined with historically low
There are many things that factor into the decision to buy a home. New research from the Urban Institute suggests that one of those things may be inherited from your parents.
Children are More Likely to Own a Home if Their Parents Did
According to an analysis of millennial homeowners, the homeownership rate of those whose parents rent their homes is 14.4%, while the rate amongst millennials whose parents are homeowners is 31.7%!
“A young adult’s odds of homeownership are highly correlated with their parent’s homeownership.
Without controlling for such factors as age, income, education, marital status, and race or ethnicity, there is a 17 percentage-point gap between the homeownership rate for young adults whose parents are
There are many benefits to homeownership, but one of the top benefits is protecting yourself from rising rents by locking in your housing cost for the life of your mortgage.
Don’t Become Trapped
A recent article by Apartment List addressed rising rents by stating:
“Our national rent index is up 0.1 percent month-over-month, marking the sixth straight month of increasing rents. Year-over-year growth now stands at 1.2 percent.”
The article continues, explaining that:
“Rents increased month-over-month in 62 of the nation’s 100 largest cities, down significantly from the 85 cities that saw rents rise last month. That said, rents are still up year-over-year in most of the nation’s largest markets — 77 of the 100 largest