Real estate is local and that sales are dependent on supply and demand. In areas where the job market is booming, such as the Silicon Valley, prices continue to rise at a rapid pace and inventory remains low. Nationwide, the outlook is quite positive. Real estate is on a roll. Sales momentum is building due to stronger job growth and improving inventory conditions.
According to Lawrence Yun, NAR Chief Economist, "The number of houses for sale is higher than a year ago and prospective buyers have less hesitation about entering the market. More people are buying homes compared to earlier in the year. This trend should continue for the next four years. Interest rates should remain low and apartment rents are on the rise, driving first time home buyers to enter the market."
There is a flip side. Because affordability is likely to decline in the upcoming years, now could be your time to buy. According to national predictions, it is advisable to buy the best property you can now. If you wait, you may be paying a lot more for the same home in a few years.
Distressed sales are in decline. In July, foreclosures and short sales accounted for 9% of sales, down from 15% a year ago. Foreclosures sold for an average discount of 20% below market value in July, while short sales were discounted 14%. Rising home values are helping owners recover equity.This is all good news for homeowners. Let's just make sure you are in the right house as the market continues to move upward.
As always, if you want to further evaluate your options, contact me anytime: email@example.com.
Articles and Advice
Do Adjustable-Rate Mortgages Make Sense Now?
By: Barbara Eisner Bayer
Adjustable-rate mortgages (ARMs) get bad press. The poster child for irresponsible borrowing, they’re the mortgage industry’s bad boys. But ARMs can be excellent loans for thrifty buyers.
How to Deduct your Mortgage Interest and Equity Loan Costs
By: Richard Koreto
Deducting mortgage interest is a great tax benefit that can make home ownership more affordable. Your first mortgage isn't the only loan that qualifies, either. In many cases, you can also deduct interest on home equity loans, second mortgages, and home equity lines of credit, or HELOCs.
Five Kitchen and Bath Remodeling Trends That Will Last
By: Donna DeZube
To help you get ahead of and sort out the kitchen and bathroom trends, HouseLogic.com went to this month's trend central, the International Builder's Show. These five kitchen and bath trends offer lasting value.
Q: What is the life expectancy of my household components?
A: Per a study by the National Home Builders, here are some assessments of how long these items last, on average:
Carpet Flooring: 7-10 years
Laminate flooring: 15-20 years
Electric water heater: 11 years
Gas water heater: 10 years
Gas range: 15 years
Refrigerator: 13 years
Dishwasher: 9 years
Washing machine: 10 years
Dryer: 13 years
When you are looking at homes, be sure to find out the purchase year for these appliances. It's also a good idea to get home warranty insurance to cover any problems in the future.
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.
Take a look at sweet Quisp. This 2-year-old girl is 64 pounds of fun. She's a Rhodesian Ridgeback Mix who loves long walks and puzzle toys full of food, and she's great with other dogs.
To find out more about Quisp or any of the other ARF pets looking for a home, click on the link below.
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.