The National Association of Realtors recently released its
economic and housing forecast for 2015 and 2016. Lawrence Yun, Chief Economist
for the NAR, forecasts existing-home sales this year nationally to fall
slightly below 2013's 5.1 million sales to 4.9 million, and then increase to
5.3 million in 2015 and 5.4 million in 2016. Yun expects the national median
existing-home price to rise 4% both next year and in 2016.
"The increase of median prices for existing-homes has leveled off, representing a healthier pace that has kept affordability in-check for buyers in many parts of the country while giving more previously stuck homeowners with little or no equity the ability to sell," says Yun.
Leslie Appleton-Young, Vice President and Chief Economist for the California Association of Realtors, reports that home sales will rise modestly in 2015 and prices are expected to flatten out, marking the slowest price gain in four years.
And forget about that rumored rise in mortgage interest rates. During the trade group's recent 2015 California Housing Market Forecast, Appleton-Young projected only a slight increase to 4.5% from 4.3% this year. "The forecast is always for higher rates," Appleton-Young said. "Our look next year is that we don't see (long-term) rates going up very much."
Here's what you can expect: a better year for first-time home buyers, fewer investors, more inventory, and a friendlier environment. It could be a great mix of variables for you to make your next real estate move.
If you'd like to keep track of the market in your neighborhood, you can sign up for free automatic abbreviated reports anytime. Just log onto http://open.apr.com/Community-Information, then follow the instructions on the left side of the screen. If you have any questions, you can contact me directly and I will set it up for you. You can also view more in-depth reports for your specific neighborhood anytime you'd like.
As always, if you want to further evaluate your options, contact me anytime: firstname.lastname@example.org.
Articles and Advice
San Francisco Bay Area Home Sales Edge Higher; Price Growth Ratchets Down Again
CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, released its October San Francisco Bay Area homes sales report. The Bay Area housing market posted another modest uptick in sales during October but activity remained below average as cash purchases continued to taper off and buyers faced a limited inventory as well as affordability and mortgage availability challenges. Home prices appear to have plateaued in recent months, although the October median sale price was still about 11 percent higher than a year earlier.
Your credit score has a big impact on just about everything you do, from being approved for a credit card to buying a house. To ensure you enter the New Year with the best credit score possible – or are at least on your way there – follow these six ways to manage home-related spending:
The holidays are already in full swing, which means there is a very real possibility that your carefully calculated budget is about to be challenged by seasonal spending temptations.
A: In the midst of sipping at holiday teas, shopping at the mall, and dressing up for The Nutcracker, house shopping and selling is often not the first priority. However, this can be an opportune month for both buyers and sellers.
With the roaring spring real estate rush around the corner, now is the time to take advantage of a slow season for house contractors. If you're even remotely considering selling your house in 2015, now is the perfect time to unclutter, fix and improve. I can help you prioritize if you'd like- just give me a call. Think of it this way - while you make improvements, you're also preparing your house for any holiday parties and dinners as well.
If you're a buyer, this can be a great time to find your next home. Some of the best deals of the year in real estate happen in the slower winter months. Let me know if you'd like me to help you scour the market.
The market will heat up. Be prepared.
Families going through foreclosure have to make very hard decisions, and sometimes are no longer able to care for their pets. Dogs and cats often end up in public shelters– racing the clock as they hope for adoption. That’s where Tony La Russa’s Animal Rescue Foundation, or ARF, comes in. The ARF team rescues pets who are about to run out of time in these shelters, provides care and comfort, and then finally matches them with the perfect owners.
Check out 1-year-old Scarf! He's a sweet, 49 pound dog who can be a little shy at first, but will warm right up once he is comfortable. Scarf is a Labrador Retriever, and good with other dogs.
Union Square Ice Rink
Through January 15
December 5-January 4
Hyde Pier, SF
December 14, 2014
Union Square, SF
Click on the link below for comprehensive list of where to go in San Francisco to ring in the New Year!
Many of you know that I have a passion for good wine. I’ve even grown grapes and made my own. I’ve also belonged to a wine group for about 20 years. Every month we get together for a blind tasting and then rank the wines we try.