- Existing home sales are currently at an annual pace of 5.81 million, the highest pace since December 2006.
- The inventory of existing homes for sale has dropped year-over-year for the last 30 consecutive months and is now at a 3.4-month supply.
- NAR’s Chief Economist Lawrence Yun had this to say: “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end.”
- The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
- In the report, home prices are compared both regionally and by state.
- Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!
- Realtor.com shared their “5 Habits to Start Now If You Hope to Buy a Home.”
- Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking a lot about it.
- Living within a budget will not only help you save money for down payments but will help you pay down other debts that might be holding you back.
- The National Association of REALTORS® surveyed their members for their Confidence Index.
- The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.
- Homes sold in less than 60 days in 44 out of 50 states, and Washington D.C.
- Homes typically went under contract in 34 days in October!
- The inventory of existing homes for sale has dropped year-over-year for the last 29 consecutive months and is now at a 3.9-month supply.
- Existing home sales are currently at an annual pace of 5.48 million, the highest pace since June of this year, but down 0.9% from October 2016.
- NAR’s Chief Economist, Lawrence Yun, had this to say: “While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated.”
[caption id="" align="alignnone" width="648"] Top 4 Home Renovations[/caption]
- Whether you are selling your home, just purchased your first home, or are a homeowner planning to stay put for a while, there is value in knowing which home improvement projects will net you the most “Return On Investment” (ROI).
- While big projects like adding a bathroom or a complete remodel of a kitchen are popular ways to increase a home’s value, something as simple as updating landscaping and curb appeal can have a quick impact on a home’s value.
Some Highlights of VA Loans:
- Since the creation of the VA Home Loans Program, 22 million veterans have been able to achieve the American Dream of homeownership.
- So far in 2017, $188 billion has been loaned to veterans and their families through the program.
- VA Loans are on the rise in 46 out of 50 states and Washington, DC.
Some Highlights:Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify for buying a home, which stops many of them from even trying! Here are some facts:
- 40% of millennials who purchased homes this year have put down less than 10%.
- 76.4% of loan applications were approved last month.
- The average credit score of approved loans was 724 in September.
- Historically, the choice between renting or buying a home has been a tough decision.
- Looking at the percentage of income needed to rent a median-priced home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious.
- Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!