- The concept of supply & demand is a simple one. The best time to sell something is when the supply of that item is low & the demand for that item is high!
- Anything under a 6-month supply is a seller’s market!
- Nationally, there has not been a 6-months inventory supply since August 2012!
- Inventory levels differ depending on the area of the country and price range, so let’s get together to discuss the exact market conditions in our area.
“The underlying fundamental issue is an overwhelming lack of supply… The supply of newly constructed homes is also sagging, adding to the supply challenges. Over the last eight years, housing demand has increased by 5.9 million, but the net new number of housing units has only increased by 3.5 million.”
“Everyone has been talking about tight inventory but I think we are OK calling it a straight up inventory crisis at this point. We just don’t have enough homes.”
“House prices today are higher than they were at the peak in the summer of 2006, near-record-low mortgage rates have boosted housing demand, and sales volume is robust. The spoiler is the lean inventory of houses for sale.”
“Listings in the affordable price range continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines.”
Bottom LineIf you are considering selling your house soon, now may be the time to get it on the market. The lack of competition could lead to a faster sale at a higher price. You do not need to be one of our clients to get great answers to any of your real estate questions.
“National Home Prices Now 50% Above March 2011 Bottom”The real estate market has come a long way since 2011, which is great news for homeowners! Nearly 79% of homeowners with a mortgage in the US now have significant equity in their homes (defined as over 20%), according to the latest Equity Report. The challenge is that not every homeowner knows how much their home’s value has appreciated. Homeowners in Denver, CO lead the way with 8.7% appreciation over the last year, while owners in Washington and Utah have experienced a 3% increase in values since the start of this year! Nationally, CoreLogic forecasts that home values will increase another 5.0% by this time next year. Bill Banfield, VP of Capital Markets at Quicken Loans, recently explained the importance of knowing the conditions in your area,
“With home values constantly changing, and the rates of change varying across the country, this is one more way to show how important it is for homeowners to stay aware of their local housing market.”
Bottom LineDo you know what your house is worth? Have you stayed put because you are nervous you won’t have enough equity to buy your dream home? Let’s get together to perform an equity analysis and give you the freedom to achieve your dreams. You do not need to be our client to get accurate answers to your questions.
So, what does this mean for homeowners and their equity position?As an example, let’s assume a young couple purchased and closed on a $250,000 home in January. If we look at only the projected increase in the price of that home, how much equity will they earn over the next 5 years? Since the experts predict that home prices will increase by 5.0% this year alone, the young homeowners will have gained $12,500 in equity in just one year. Over a five-year period, their equity will increase by nearly $49,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.
Bottom LineNot only is homeownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, find out if you are able to today! You never have to be our client to get your real estate questions answered.
Thoughts on a Labor Day Boston Area Move In Homes, perhaps more than one thought. Labor is a necessary thing. A day to celebrate our collective labor is a very good thing. The origin of Labor Day goes back to the end of the 1800’s. Thought on a Labor Day Boston Area Move In Homes. President Grover Cleveland signed into law this national holiday. There are conflicting reasons for this law, as always in this current fractious political climate, but the celebration of our individual and then collective labor is a very positive celebratory moment.
Sen. James Henderson Kyle of South Dakota introduced a bill, S. 730, to Congress shortly after the Pullman strike, proposing Labor Day be the first Monday in September. Here’s how Rep. Lawrence McGann (D-IL), who sat on the Committee on Labor, argued for the holiday in a report submitted on May 15, 1894:
The use of national holidays is to emphasize some great event or principle in the minds of the people by giving them a day of rest and recreation, a day of enjoyment, in commemoration of it. By making one day in each year a public holiday for the benefit of workingmen the equality and dignity of labor is emphasized. Nothing is more important to the public weal than that the nobility of labor be maintained. So long as the laboring man can feel that he holds an honorable as well as useful place in the body politic, so long will he be a loyal and faithful citizen.
The celebration of Labor Day as a national holiday will in time naturally lead to an honorable emulation among the different crafts beneficial to them and to the whole public. It will tend to increase the feeling of common brotherhood among men of all crafts and callings, and at the same time kindle an honorable desire in each craft to surpass the rest.
There can be no substantial objection to making one day in the year a national holiday for the benefit of labor. The labor organizations of the whole country, representing the great body of our artisan population, request it. They are the ones most interested. They desire it and should have it. If the farmers, manufacturers, and professional men are indifferent to the measure, or even oppose it, which there is no reason to believe, that still would constitute no good objection, for their work can be continued on holidays as well as on other days if they so desire it. Workingmen should have one day in the year peculiarly their own. Nor will their employers lose anything by it. Workingmen are benefited by a reasonable amount of rest and recreation. Whatever makes a workingman more of a man makes him more useful as a craftsman.
Cleveland signed the bill into law on June 28, 1894.
Thoughts on a Labor Day Boston Area Move In Homes. You never have to be a client of YourStories Realty to get answers to your real estate questions.