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SOURCE KCM #Infographics #Buyers #SimardRealtyGroup #eXpRealty Home buying activity (demand) is up, and the number of available listings (supply) is down. When demand outpaces supply, prices appreciate. That’s why firms are beginning to increase their projections for home price appreciation going forward. As an example, CoreLogic increased their 12-month projection for home values from 4.5% to 5.6% over the last few months. The reacceleration of home values will cause some to again voice concerns about affordability. Just last week, however, First American came out with a data analysis that explains how price is not the only market factor that impacts affordability. They studied prices, mortgage rates, and wages from January through August of this year. Here are their findings: Home Prices “In January 2019, a family with the median household income in the U.S. could afford to buy a $373,900 house. By August, that home had appreciated to $395,000, an increase of $21,100.” Mortgage Interest Rates “The 0.85 percentage point drop in mortgage rates from January 2019 through August 2019 increased affordability by 9.7%. That translates to a $40,200 improvement in house-buying power in just eight months.” Wage Growth “As rates have fallen in 2019, the economy has continued to perform well also, resulting in a tight labor market and wage growth. Wage growth pushes household incomes upward, which were 1.5% higher in August compared with January. The growth in household income increased consumer house-buying power by 1.5%, pushing house-buying power up an additional $5,600.” When all three market factors are combined, purchasing power increased by $24,500, thus making home buying more affordable, not less affordable. Here is a table that simply shows the data: Bottom LineIn the article, Mark Fleming, Chief Economist at First American, explained it best:
“Focusing on nominal house price changes alone as an indication of changing affordability, or even the relationship between nominal house price growth and income growth, overlooks what matters more to potential buyers – surging house-buying power driven by the dynamic duo of mortgage rates and income growth. And, we all know from experience, you buy what you can afford to pay per month.” SOURCE KCM #HousingMarketUpdate #Pricing #InterestRate #SimardRealtyGroup #eXpRealty 32 Old Stagecoach Rd, Granby, CT - JUST LISTED AT $159k!
Check out this new listing on Granby this Sunday (OPEN HOUSE), November 10, from 12PM-1PM! "Opportunity knocks! Improve this home and make it shine. Spacious rooms, hardwood floors, newer metal 50yr roof, and newer furnace. Kitchen with sliding doors opens to the private back deck area. Master bedroom features a full bath." View more info and photos here: https://32oldstagecoachrd.thebestlisting.com/ #JustListed #OpenHouse #Granby #SimardRealtyGroup #eXpRealty FOR SALE! 37 Salmon Brook St, Granby, CT @ $224,950
"Come see this value priced cape set on an open 1.6 acre level lot. Inside find a generous sized eat in kitchen with center island, pantry, bay window, and ample cabinet space. Hardwood floors throughout. Newer roof, vinyl siding, & energy efficient windows. " Check out more photos and info here: https://37salmonbrookst.thebestlisting.com/ #ForSale #Granby #SimardRealtyGroup #eXpRealty Millennials have waited longer than any other generation to become homeowners, but the wait for this cohort is just about over. According to National Mortgage News,
“Millennials, those young adults now aged 23 to 38, are now entering their peak household formation and homebuying years.” If you’re a Millennial, you’re already well aware that you’re among a generation of those who favor fast-paced, real-time answers – and results. When you’re ready to make a decision, it’s go-time, and you probably want the latest technology at your fingertips to make it happen. National Mortgage News agrees, stating, “Millennials are different than previous generations—not only in their delayed homebuying but also in how they approach interactions with financial institutions, including mortgage lenders. Taking a picture of a check on their phone and depositing it without visiting a branch is not novel, it’s the way Millennials learned to do banking. They expect real-time access to account and transaction data and are frustrated when it’s not available.” Here’s the catch – the overall speed of the homebuying process can take some time, and it might feel like it is slowing you down. When you’re ready to buy, you can make an offer and go under contract quickly, but the rest of the process might take a little longer. The same article explains why: “When Millennials apply for a loan, the mortgage lender must qualify the borrower and determine who owns the property, how much the property is worth, and the property’s risk profile. Traditionally, this has been one of the most time-consuming and fragmented parts of the mortgage process…There are many moving pieces, each data point being sourced from a different provider, which can ultimately lead to a lengthy or delayed process. What has historically been accepted as the process norm does not align with the expectations of the most prominent generation in the home buying market today. Millennials have come to expect rapid, digital workflows in their daily purchase decisions, and in their mind, the home buying process shouldn’t be any different.” So, where do you go from here? If you’re pre-approved for a mortgage, that will help speed things up. But the steps it takes and the time to finalize a loan with most traditional lenders may feel like an eternity to you and your generational peers. Don’t worry, though – it’s well worth the wait when you finally get the keys to your new castle! The financial benefits of homeownership, like increasing your net worth by building equity, and the non-financial benefits, like being able to customize and improve your space, will ultimately set you on the course to happiness, success, overall satisfaction, and much, much more. Bottom Line If you’re feeling like it’s go-time, reach out to a local real estate professional and get the process moving to determine if homeownership is your next best step. SOURCE KCM #ForBuyers #Millennials #SimardRealtyGroup #eXpRealty For Sale! 33 Canal St, Weatogue, CT @ $515k!
"Great opportunity with this high visibility mixed use property set conveniently in Simsbury. First floor is currently a pediatrician office. Attractive well kept building with large front porch/entrance, plenty of parking, 3 car detached garage, and newer roof. " View more property dteails here: https://33canalst.thebestlisting.com/ #ForSale #33Canal #Weatogue #SimardRealtyGroup #eXpRealty When you’re ready to buy, you’ll need to determine if you prefer the charm of an existing home or the look and feel of a newer build. With limited existing home inventory available today, especially in the starter and middle-level markets, many buyers are considering a new home that’s recently been constructed, or they’re building the home of their dreams.
According to Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), “The second half of 2019 has seen steady gains in single-family construction, and this is mirrored by the gradual uptick in builder sentiment over the past few months.” This is great news for homebuyers because it means there is additional inventory coming to the market, giving buyers more choices. The most recent data from NAHB shows, “The inventory of new homes for sale was 321,000 in September, representing a 5.5 months’ supply. The median sales price was $299,400. The median price of a new home sale a year earlier was $328,300.” Another added bonus is that builders are very aware of buyer demand in this segment, so they’re now building in a price range where there are more interested buyers ($299,400 instead of $328,300). With a reduced sales price and low-interest rates, today’s buyers have strong purchasing power. Bottom Line If you’re thinking of buying a home, you may want to consider a new build to meet your family’s needs. Contact a local real estate professional to learn more about the process and what’s available in your area. SOURCE KCM #FirstTimeHomeBuyer #ForBuyer #NewConstruction #SimardRealtyGroup #eXpRealty For Sale! 10 Hallview Dr, Simsbury CT @ $460k!
"Tremendous value for this development! Come home to 10 Hallview! This light filled home has the perfect layout, just what todays buyer desires. Set in the Hallview Estates neighborhood this charming home offers a private setting. Gorgeous views look out from the wrap around front porch, the perfect spot to unwind and catch the sun set. The living room features an open setting with a stone fireplace, vaulted ceiling, thick crown molding, and flows nicely into the eat-in kitchen." View more photos and info here: https://10hallviewdrive.thebestlisting.com/ #ForSale #Simsbury #HallviewDr #SimardRealtyGroup #joineXpRealty Many sellers believe spring is the best time to put their homes on the market because buyer demand traditionally increases at that time of year. What they don’t realize is if every homeowner believes the same thing, then that’s when they’ll have the most competition. So, what’s the #1 reason to list your house in the winter? Less competition. Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. The chart below was created using the months supply of listings from the National Association of Realtors. As you can see, the ‘sweet spot’ to list your house for the most exposure naturally occurs in the late fall and winter months (November – January). Temperatures aren’t the only thing that heats up in the spring – so do listings! In 2018, listings increased from December to May. Don’t wait for these listings and the competition that comes with them to come to the market before you decide to list your house.
Added Bonus: Serious Buyers Are Out in the Winter At this time of year, purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere ‘lookers.’ The lookers are at the mall or online doing their holiday shopping. Bottom Line If you’ve been debating whether or not to sell your house and are curious about market conditions in your area, talk with a local real estate professional who can help you decide the best time to list your house. SOURCE KCM #ForSellers #SellingMyths #SimardRealtyGroup #eXpRealty |
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