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Mortgage interest rates have increased by more than half of a point since the beginning of the year. They are projected to increase by an additional half of a point by year’s end. Because of this increase in rates, some are guessing that home prices will depreciate. However, some prominent experts in the housing industry doubt that home values will be negatively impacted by the rise in rates. Mark Fleming , First American’s Chief Economist: “Understanding the resiliency of the housing market in a rising mortgage rate environment puts the likely rise in mortgage rates into perspective – they are unlikely to materially impact the housing market… The driving force behind the increase are healthy economic conditions…The healthy economy encourages more homeownership demand and spurs household income growth, which increases consumer house-buying power. Mortgage rates are on the rise because of a stronger economy and our housing market is well positioned to adapt.” For

Here are five reasons listing your home for sale this summer makes sense. 1. Demand Is Strong The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! More often than not, multiple buyers are competing with each other to buy the same home. Take advantage of the buyer activity currently in the market. 2. There Is Less Competition Now Housing inventory has declined year-over-year for the last 35 months and is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon. Historically,

In this extremely hot real estate market, some homeowners might consider selling their homes on their own which is known as a For Sale by Owner (FSBO). They rationalize that they don’t need a real estate agent and believe that they can save the fee for the services a real estate agent offers . However, a study by Collateral Analytics reveals that FSBOs don’t actually save anything, and in some cases may be costing themselves more, by not listing with an agent. In the study, they analyzed home sales in a variety of markets. The data showed that: FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate .” (emphasis added) For More Info: Real Estate Expert NC Website URL: Real Estate Charlotte, NC  

Interest rates for a 30-year fixed rate mortgage have climbed from 3.95% in the first week of January up to 4.61% last week, which marks a 7-year high according to Freddie Mac . The current pace of acceleration has been fueled by many factors. Sam Khater, Freddie Mac’s Chief Economist, had this to say : “Healthy consumer spending and higher commodity prices spooked bond markets and led to higher mortgage rates over the past week. Not only are buyers facing higher borrowing costs, gas prices are currently at four-year highs just as we enter the important peak home sales season.” But what do gas prices have to do with interest rates? Investopedia explains the relationship like this: “The price of oil and inflation are often seen as being connected in a cause-and-effect relationship. As oil prices move up or down, inflation follows in the same direction .”  For More Info: How Do I Buy A House | Property Buyers North Carolina  Website: Real Estate Charlotte, NC

According to  Freddie Mac’s  latest   Primary Mortgage Market Survey ,  interest rates for a 30-year fixed rate mortgage are currently at 4.61%, which is still near record lows in comparison to recent history! The interest rate you secure when buying a home not only greatly impacts your monthly  housing costs , but also impacts your purchasing power. Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford to buy will decrease if you plan to stay within a certain monthly housing budget. The chart below shows the impact that rising interest rates would have if you planned to purchase a home within the national median price range while keeping your principal and interest payments between $1,850-$1,900 a month. For More Info Visit Here: Real Estate Charlotte, NC

Recently released data from the  National Association of Realtors  (NAR) suggests that a now is a great time to sell your home. The concept of ‘ supply & demand ’ reveals that the best price for an item is realized when the supply of that item is low and the demand for that item is high. Let’s see how this applies to the current residential real estate market. SUPPLY It is no secret that the supply of homes for sale has been far below the number needed to sustain a normal market for over a year at this point. A normal market requires six months of housing inventory to meet the demand. The latest  report  from NAR revealed that there is currently only a 3.6-month supply of houses on the market. S upply is currently very low! DEMAND A report that was just released tells us that demand is very strong. The most recent  Foot Traffic Report  (which sheds light on the number of buyers who are actually out looking at homes) disclosed that “ foot traffic grew 10.5 point

Every year, the New York Federal Reserve publishes the results of their Survey of Consumer Expectations (SCE). Each survey covers a wide range of topics including inflation, labor market, household finance, credit access and housing. One of the many questions asked in the housing section of the survey was: Assuming you had the financial resources to do so, would you like to OWN instead of RENT your primary residence? Over three-quarters of respondents under the age of 50 said that they would prefer to own their home, rather than rent. While only 52.6% of those over 50 would prefer to own. The full breakdown can be found in the chart below.   When renters were asked what the average probability of owning a primary residence at some point in their future was, 66.4% of those under 50 believed that they would eventually own their home, while only 23% of those over 50 did. Bottom Line Many had wondered if young Americans had lost their de

Every year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds. For the fifth year in a row, real estate has come out on top as the best long-term investment! This year’s results showed that 34% of Americans chose real estate, followed by stocks at 26%. The full results are shown in the chart below. The study makes it a point to draw attention to the contrast in the sentiment over the last five years compared to that of 2011-2012, when gold took the top slot with 34% of the votes. Real estate and stocks took second and third place, respectively, while still in recovery from the Great Recession. Bottom Line As the real estate market has recovered, so has the belief of the American people in the stability of housing as a long-term investment. For More Info Visit Here:  Real Esta

    We  recently  shared that national home prices have increased by 6.7% year-over-year. Over that same time period, interest rates have remained historically low which has allowed many buyers to enter the market. As a seller, you will likely be most concerned about  ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the  ‘long-term cost’  of the home. The  Mortgage Bankers Association  (MBA), Freddie Mac,  and  Fannie Mae  all project that mortgage interest rates will increase by this time next year. According to  CoreLogic’s  most recent  Home Price Index Report , home prices will appreciate by 5.2% over the next 12 months. What Does This Mean as a Buyer? If home prices appreciate by 5.2% over the next twelve months as predicted by  CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on t

Some Highlights: The National Association of REALTORS® recently 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 35 out of 50 states and Washington D.C. Homes typically went under contract in 30 days in March! For More Info Visit Here: Sell My Home  | Real Estate Expert NC  

With home prices rising again this year, some are concerned that we may be repeating the 2006 housing bubble that caused families so much pain when it collapsed. Today’s market is quite different than the bubble market of twelve years ago. There are four key metrics that explain why: Home Prices Mortgage Standards Mortgage Debt Housing Affordability 1. HOME PRICES There is no doubt that home prices have reached 2006 levels in many markets across the country. However, after more than a decade, home prices should be much higher based on inflation alone. Frank Nothaft is the Chief Economist for CoreLogic (which compiles some of the best data on past, current, and future home prices). Nothaft recently explained: “Even though CoreLogic’s national home price index got to the same level it was at the prior peak in April of 2006, once you account for inflation over the ensuing 11.5 years, values are still about 18% below where they were .” (emphasis ad

    According to a newly released study by ATTOM Data Solutions , selling your home in the month of May will net you an average of 5.9% above estimated market value for your home . For the study, ATTOM performed an “analysis of 14.7 million home sales from 2011 to 2017” and found the average seller premium achieved for each month of the year. Below is a breakdown by month: ATTOM even went a step further and broke their results down by day. Top 5 Days to Sell: June 28 th – 9.1% above market February 15 th – 9.0% above market May 31 st – 8.3% above market May 29 th – 8.2% above market June 21 st – 8.1% above market It should come as no surprise that May and June dominate as the top months to sell and that 4 of the top 5 days to sell fall in those two months. The second quarter of the year (April, May, June) is referred to as the Spring Buyers Season, when competition is fierce to find a dream h

Home values have risen dramatically over the last twelve months. In CoreLogic’s most recent Home Price Index Report ,  they revealed that national home prices have increased by 6.7% year-over-year. CoreLogic  broke down appreciation even further into four price ranges, giving us a more detailed view than if we had simply looked at the year-over-year increases in national median home price. The chart below shows the four price ranges from the report, as well as each one’s year-over-year growth from February 2017 to February 2018  (the latest data available). It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor that determines how much your home has appreciated over the course of the last year. Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.

Some Highlights: According to the latest Existing Home Sales Report from the National Association of Realtors , sales grew 1.1% in March to an annual pace of 5.60 million. This is the strongest pace since November of 2017. Inventory levels dropped year-over-year for the 34 th consecutive month and are now 7.2% lower than March 2017 levels, representing a 3.6-month supply. For More Info. visit here:  Charlotte Real State | How Do I Buy A House