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Neeta Gupta
Locate Your Dream Home
Blog
by Neeta Gupta
February 06, 2018
Keeping Current Matters
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 . . .
January 29, 2018
Keeping Current Matters
Every winter, families across the country decide if this will be the year that they sell their current houses and move into their dream homes.Mortgage rates hovered around 4% for all of 2017 which forced many buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!At the same time, however, inventory levels of homes for sale have dropped dramatically as compared to this time last year.Trulia reported that “in Q4 2017, U.S. home inventory decreased by 10.5%. That is the biggest drop we’ve seen since Q2 2013.” Here is a chart showing the decrease in inventory levels by category:The largest drop in inventory was in the starter home category which saw a 19% dip in listings.Bottom LineDemand for your home is very strong right now while your competition (other homes for sale) is at a historically . . .
January 25, 2018
Keeping Current Matters
In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 4% or more over the next twelve months. One major challenge in such a market is the bank appraisal.When prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank.Every month in their Home Price Perception Index (HPPI), Quicken Loans measures the disparity between what a homeowner who is seeking to refinance their home believes their house is worth and what an appraiser’s evaluation of that same home is.In the latest release, the disparity was the narrowest it has been in . . .
January 25, 2018
By The KCM CrewDefinitely 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?New-home sales were at their highest level in a decade.Sales of previously owned homes were at their highest level in more than a decade.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 . . .
January 16, 2018
Keeping Current Matters
It is common knowledge that a great number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year.The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed the months in which most people listed their homes for sale in 2017. Here is a graphic showing the results:The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes . . .
January 08, 2018
Keeping Current Matters
CoreLogic’s latest Equity Report revealed that “over the past 12 months, 712,000 borrowers moved into positive equity.” This is great news, as the share of homeowners with negative equity (those who owe more than their home is worth), has dropped more than 20% since the peak in Q4 of 2009 (26%) to 4.9% today.The report also revealed:The average homeowner gained approximately $14,900 in equity during the past year.Compared to Q3 2016, negative equity decreased 22% from 3.2 million homes, or 6.3% of all mortgaged properties.U.S. homeowners with mortgages (roughly 63% of all homeowners) have seen their equity increase by a total of $870.6 billion since Q3 2016, an increase of 11.8%, year-over-year.The map below shows the percentage of homes by state with a mortgage and positive equity. (The states in gray have insufficient data to report.)Significant . . .
CoreLogic’s latest Equity Report revealed that “over the past 12 months, 712,000 borrowers moved into positive equity.” This is great news, as the share of homeowners with negative equity (those who owe more than their home is worth), has dropped more than 20% since the peak in Q4 of 2009 (26%) to 4.9% today.The report also revealed:The average homeowner gained approximately $14,900 in equity during the past year.Compared to Q3 2016, negative equity decreased 22% from 3.2 million homes, or 6.3% of all mortgaged properties.U.S. homeowners with mortgages (roughly 63% of all homeowners) have seen their equity increase by a total of $870.6 billion since Q3 2016, an increase of 11.8%, year-over-year.The map below shows the percentage of homes by state with a mortgage and positive equity. (The states in gray have insufficient data to report.)Significant . . .
January 02, 2018
Keeping Current Matters
Over the next five years, home prices are expected to appreciate on average by 3.35% per year and to grow by 24.34% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.So, what does this mean for homeowners and their equity position?As an example, let’s assume a young couple purchases and closes on a $250,000 home this month (January). If we only look at 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 4.2% in 2018, the young homeowners will have gained $10,500 in equity in just one year.Over a five-year period, their equity will increase by nearly $45,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one . . .
Over the next five years, home prices are expected to appreciate on average by 3.35% per year and to grow by 24.34% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.So, what does this mean for homeowners and their equity position?As an example, let’s assume a young couple purchases and closes on a $250,000 home this month (January). If we only look at 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 4.2% in 2018, the young homeowners will have gained $10,500 in equity in just one year.Over a five-year period, their equity will increase by nearly $45,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one . . .
December 27, 2017
Keeping Current Matters
We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful or compelling reasons.No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, the emotional reasons why we choose to buy our own homes are typically more important to us than the financial ones.1. Owning your home offers stability to start and raise a familyFrom the best neighborhoods to the best school districts, even those without children at the time of purchase may have this in the back of their minds as a major reason for choosing the location of the home that they purchase.2. There’s no place like homeOwning your own home offers you not only safety and security, but also a . . .
We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful or compelling reasons.No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, the emotional reasons why we choose to buy our own homes are typically more important to us than the financial ones.1. Owning your home offers stability to start and raise a familyFrom the best neighborhoods to the best school districts, even those without children at the time of purchase may have this in the back of their minds as a major reason for choosing the location of the home that they purchase.2. There’s no place like homeOwning your own home offers you not only safety and security, but also a . . .
December 19, 2017
Keeping Current Matters
Here are four great reasons to consider buying a home today instead of waiting.1. Prices Will Continue to RiseCoreLogic’s latest Home Price Index reports that home prices have appreciated by 7.0% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.7% over the next year.The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.2. Mortgage Interest Rates Are Projected to Increase Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have hovered around 4%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by this time next . . .
Here are four great reasons to consider buying a home today instead of waiting.1. Prices Will Continue to RiseCoreLogic’s latest Home Price Index reports that home prices have appreciated by 7.0% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.7% over the next year.The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.2. Mortgage Interest Rates Are Projected to Increase Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have hovered around 4%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by this time next . . .
December 11, 2017
According to CoreLogic’s latest Home Price Index, national
home prices have appreciated by 7.0% from October 2016 to October 2017.
This marks the second month in a row with a 7.0% year-over-year
increase.
A lack of supply of homes for sale has led to upward pressure on home
prices across the country, especially in areas where both existing and
new home inventory have not kept up with buyer demand.
CoreLogic’s Chief Economist Frank Nothaft elaborated on the significance of such a large year-over-year gain,
Single-family residential sales and prices continued
to heat up in October. On a year-over-year basis, home prices grew in
excess of 6 percent for four consecutive months ending in October, the
longest such streak since June 2014.
This escalation in home prices reflects both the acute lack of supply and the strengthening economy.
This is great news for homeowners who . . .