Existing-Home Sales Up

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Although the national median price of homes being purchase has decreased, existing homes that have been sold increased for the 4th straight month in November.

 

Purchases of town homes, condo’s, co-op’s and single family residences increased nearly 14% last month to a adjusted estimated of 4.97 million.  Since July, homes sales have increased by double digits.  Sales also rose w/in the month of October.

 

The following information provides more detailed information:

 

Seasonally adjusted annual rate 4.97 million
% change from Oct. 2010 +13.5%
% change from September 2011 +1.4%
National median price $162,500
% change from Oct. 2010 -4.7%
Unsold inventory (months’ supply) 8
Share of all-cash buyers 29%
Share of investor buyers 18%
Share of first-time buyers 34%
Share of distressed sales 28%

 


Housing Affordability at Record Levels

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The housing affordability index for the third quarter of 2011 is hovering near its highest levels in over 20 years due to record low interest rates along with stabilizing home prices.

72.9% of residential property sold in the 3rd quarter was affordable to families earning an average income of $64,200.  This is the 11th straight quarter that the affordability index was above 70%.  In previous years, the index rarely reached above 59%.

Homeownership is available to more people than it has been for nearly 20 years.  Historically low interest rates and low home pricing contribute to this statistic.  However, tight credit conditions still confront home buyers and builders and continue to be a stumbling block for some.

Lakeland-Winter Haven, Florida is currently the most affordable housing market nationwide.  92.5% of all homes purchased were affordable to purchasers earning the median family income of $53,800.  Alternate affordable markets include Youngstown, Ohio; Toledo, Ohio; Indianapolis, Indiana; and Ogden, Utah.

New York, NY is the least affordable major housing market.  Within this vicinity, only 23.3% of all homes purchased were affordable to those averaging an income of $67,400.

 

5 Great Things about Home Ownership

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5 Great Things about Home Ownership

Homeownership is one of life’s supreme joys.  It’s time to not just get off of the fence yet LEAP off of the fence!  Here are some reasons why:

1)      Investment:  Paying rent is like throwing money down the drain.  Rather use Courtesy loans and buy a home securing your future. Landlord’s pockets get lined and the landlord reaps the benefits of you living w/in the home and paying rent.  Although purchasing a home may come with initial costs, you will make that money back over time as the market stabilizes.  Historically, real estate appreciates approximately 4%-6% per year and experts expect the housing market will recover.  Homeownership is about the “long term” investment.

2)      Ownership:  You own the home which comes with unbelievable benefits!  You can paint and decorate as you please and make the home “yours”.  Plant trees, install a covered patio—heck, after a short read on sites like https://willshapools.com/how-much-does-it-cost-to-build-pool/ you will see how it is feasible to add a swimming pool if you’d like—this home is yours and you can do as you please (make sure to check the HOA criteria if living within a community which contains an association).  Bottom line . . . you OWN the home and you have the ability to personalize it to your liking.  Most renters are stuck with bland paint and carpet and now it’s time to let your creative juices flow!

3)      Relationships:  When renting, one tends to see neighbors come and go quickly.  Some renters execute yearly leases while others “come and go”.  There is typically less common space for apartment renters to have the opportunity to develop friendships.  People that own their homes, however, typically have walking trails, club houses, pools and alternate areas which enable getting to know your neighbors.  Neighboring home owners typically stay longer (3-5 years) which allows time to develop relationships.  Healthy relationships equal less stress.

4)      Predictability:  Obtain a fixed rate mortgage and your monthly payments will remain the same.  This will allow you as the home owner to budget and make financial plans without any guessing on how much it will cost to live in the future.  Adjustable rate mortgages, on the other hand, provide a payment amount which is based upon the rise and fall of current interest rates.

5)      Great Deals:  It is such a great time to purchase a home!  Interest rates are hovering at historic lows (at or around 4%).  Home pricing is also at historically low rates.  These two factors equal enormous savings for those looking to purchase a home.  If you are currently renting yet have a steady income, call me today to discuss your options:  208-869-3469

Owning a home is still the “American Dream”.  Get off of the fence and into a home (your own home) today!

Purchasing a Home After a Short Sale or Foreclosure

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Purchasing a Home After a Short Sale or Foreclosure

Many have questions regarding how long it takes to be eligible to purchase a home if  a foreclosure is currently on record or you have sold your home via the short sale route.  Below you will find detailed information to help shed light on the subject!

I can be reached directly at 208-869-3469 and am happy to answer any questions that you may have!