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30 Second Update for the week of 8/6

There has been an abundance of economic reports that we should all be aware of that can help us understand the current state of the housing market and economy.  Here’s a bit of inside info to you put your finger on the pulse of the market.

Pending Home Sales is an index created by the National Association of Realtors that shows the amount of existing homes that have pending sales or that have a signed contract, but haven’t closed yet.

Pending Home Sales for the month of June increased by almost 1%. This is a strong number and was a rebound from May’s negative report. When digging deeper, the report also showed that every analyzed region across the US had positive gains as well.  Pending Home Sales are on the rise, however they are still lower than analysts would like due to the lack of inventory.

Source: http://bit.ly/2M9hI0W

 

The S&P CoreLogic Case Shiller Home Price Index (HPI) tracks the month-to-month change in residential real estate home prices across the US.  For the most recent release, which is for the month of May, the HPI increased slightly by 0.2%. For the year, the HPI is up 6.5%.  Even though this number came in slightly lower than projections, a 6.5% rate of appreciation is still very strong!

Source: http://bit.ly/2Kgo7Wr

 

The ADP Employment Report is a monthly report that shows new jobs created solely in the private sector.  In July’s report, there were 219,000 new jobs created, which is much stronger than last month’s report of 181,000.  More jobs usually point to a stronger economy and more homes that will be purchased.  A strong jobs report can equate to a heathy housing market and continued home appreciation due to the further increase in demand for more homes.

Source: http://bit.ly/2LRlzmo

 

Welcoming the month of August:

  • Did you know that the astrological signs for August are Leo and Virgo?
  • August 3rd is national watermelon day!
  • The second week of August is national smile week!

 

Tips to sell your home to capitalize on elevated home prices and buyer demand

June of 2018 represented the first time since 2015 that there was an increase in U.S. housing inventory.  This increase is attributed to both elevated home prices, as well as a continuous push of buyer demand for housing.  According to data released from the National Association of Realtors, 1.95 million previously owned homes were available for purchase, up 0.5 percent from June of 2017.  Now may be the perfect time to capitalize on your home’s increased value and equity by listing your property and take advantage of buyer demand.

Basic Home Selling Tips and Advice

 

  • Choose the right listing agent- Speak with friends, family, neighbors or other industry professionals and have them recommend possible real estate agents.  Interview multiple agents, ask questions, and pick the one that is the best fit for you.  Some deciding factors should be an agent's experience, knowledge of the area, responsiveness, and how he or she plans on marketing the property.

 

  • Repairs, updates, and presentation- Simple fixes can go a long way.  Fresh paint, minor renovations and repairs to doors, floors, cabinets, etc. can reap rewards.  Curb appeal is key, as this is the first impression.  Maintain the lawn, keep the flower beds clean, and present your home to the best of its ability.

 

  • Price and market your home correctly: Focus on homes that have sold in your area as your leading indicator.  Every house is different, but comparable properties sold tends to be the leading indicator for home value.  Market your house to gain the most exposure.  Take quality pictures and advertise on all listing sites, have an online presence through social media outlets, hold open houses, and always keep your house presentable for home tours.

 

  • Get pre-approved: This is the most important tip.  Reach out to your Advisors Mortgage Group professional for any of your home buying and mortgage questions and have them pre-approve you for your next purchase.

 

 

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Housing Market Update

The National Association of Home Builders created a Housing Market Index (HMI), based on a survey of the members of its organization.  Within this survey, respondents are asked questions about the current state of the housing market, in regards to sales, the forecasted sales of homes over the next six months and current buyer traffic of new homes, which is a good gauge of demand. 

For the month of July, the HMI was released at a level of 68.  This is unchanged from last month’s number and inline with expectations.  A number at a level over 50 is seen as positive.

Current Sales of New Homes:  Sales are very strong for the month of July.  They came in unchanged from its prior month’s number at a level of 74.

Estimated Sales of New Homes Over The Next Six Months:  Forecasted sales are still very strong, but recent estimates dipped a little bit, dropping the level to 73 instead of 75 that was released last month.

Buyer Traffic of New Homes:  The overall buyer traffic seems to be lagging, but still strong as it is at a level over 50 at 52.  Regionally broken down, we see that buyer traffic is seen at its strongest in the west at a level of 75 and at a level of 57 in the northeast.

 

Source: http://bit.ly/2NTTRDD


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30 Second Update - Week of July 16th, 2018 

Job Report has positive effect on Housing Market

The US economy continues to add jobs at a blistering pace, as indicated by 213,000 jobs added in June versus the 195,000 expected by economists.  In addition, 601,000 people came off the sidelines and re-entered the work force.  This influx of labor participation actually caused the unemployment rate to tick up to 4%.  Wharton School finance professor, Jeremy Siegel, referred to the most recent jobs report as “the best possible outcome – strong job growth, a rise in the participation rate, and less pressure on unemployment."  Siegel went on to indicate that this strong job report gives him hope that the Federal Reserve may slow the pace of interest rate hikes, because it would put a squeeze on labor supply.

Effect on Housing

As more people enter back into the work force, the demand for housing will increase naturally, as these same individuals will begin to set their sights on home ownership.  This notion was supported by Mike Fratantoni, chief economist of the Mortgage Bankers Association, stating, “The strong job market continues to bolster demand for homes."  Strengthening this notion, mortgage application volume rose 2.5% last week, seasonally adjusted, as compared to the previous week.  This increase was driven entirely by purchase applications.  Now all we need is inventory to pick up to match the demand, and we may finally be seeing the light at the end of the tunnel.  Danielle Hale, chief economist for Realtor.com touched on that notion, stating, “Even though inventories continue to decline, they are doing so at a slower pace.  Before we see inventories increase, we need them to slow, and the data has shown four months of deceleration.” 

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