Wednesday, January 10, 2018 / by Amy McLeod
The housing crisis is finally in the rearview mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. It seems that the market will continue to strengthen in 2018.
However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.
Here are the thoughts of a few industry experts on the subject:
National Association of Realtors
“Total housing inventory at the end of November dropped 7.2 percent to 1.67 million existing homes available for sale, and is now 9.7 percent lower than a year ago (1.85 million) and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, which is down from 4.0 months a year ago. ...
Tuesday, January 09, 2018 / by Amy McLeod
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 Equity ...
Friday, January 05, 2018 / by Amy McLeod
Sunday, January 7, 2018 - 7:00 PM to 10:00 PM
Join the Taproot crew every Sunday for Chess Club. Play casual or competitive. You can even challenge Taproot's owner to a five-minute speed match and if you conquer the elusive Topher, he'll buy you a beer. Free admission.
Taproot Lounge & Cafe
356 State St.
Salem, OR 97301
Courtesy of Amy McLeod, The McLeod Group Network
Wednesday, January 03, 2018 / by Amy McLeod
Homeownership is a major part of the American Dream. As evidence of that, 91% of Americans believe that owning a home is either essential (43%) or important (48%) to achieving that “dream.” In a market where some people may be unsure about the benefits and possibilities of buying a home, it is important that we remember this.
Homeownership is NOT just about the money. In fact, some of the major benefits are non-financial. Here are a few of those benefits as per the National Association of Realtors:
Consistent findings show that homeownership does make a significant positive impact on educational achievement.
Several researchers have found that homeowners tend to be more involved in their communities than renters.
Early studies of homeownership and health outcomes found that homeowners and children of homeowners are generally happier and healthier than non-owners, even after controlling for factors such as income and ...
Tuesday, January 02, 2018 / by Amy McLeod
Ah, January. The time of new beginnings, new resolutions, and, in most of the country, a seemingly endless stretch of cold and gloom. We get it: You just want to hibernate, catch up on "The Crown," and scroll Instagram. But before you take up permanent residence on the couch (or treadmill, if you're on that kick), take heed: This is the absolute worst time to have a major home maintenance problem.
"Catastrophic issues tend to happen in the winter—and when those occur, nine times out of 10 it's due to failing to plan," says Janet O'Dea, owner of Powers Plumbing in San Diego. "Taking some time to anticipate and be ahead of maintenance issues throughout the year takes a lot of pressure off."
We couldn't agree more. And that's why we've done the heavy lifting for you, season by season, so you can avoid the pain (and expense) of costly home repairs. Now that's a resolution we can get behind!
1. Ge ...