Vantage Realty Pros |Vantage Realty Professionals

The  National Association of Realtors  (NAR) released the results of their latest  Existing Home Sales Report  which revealed that home sales declined 0.6% to a seasonally adjusted annual rate of 5.38 million in June from 5.41 million in May, and are 2.2% below a year ago. Some may look at these numbers and think that now is a bad time to sell their house, but in fact, the opposite is true. The national slowdown in sales is directly tied to a lack of inventory available for the buyers who are  out in the market  looking for their dream homes! In fact, the inventory of homes for sale had fallen year-over-year for 36 consecutive months before posting a modest 0.5% gain last month and has had an upward impact on home prices. NAR’s  Chief Economist  Lawrence Yun had this to say, “It’s important to note that despite the modest year-over-year rise in inventory, the current level is far from what’s needed to satisfy demand levels. Furthermore, it remains to be seen if this modes

Some Highlights: Real estate has outranked stocks/mutual funds, gold, savings accounts/CDs, and bonds as the best long-term investment among Americans for the last 5 years! The generations agree! Real estate is the best investment! Generation X leads the way with 37% believing in real estate as the top investment. Powered by  WPeMatico For More Info : Visit Here : Home For Sale NC

With home prices continuing to appreciate above historic levels, some are concerned that we may be heading for another housing ‘boom & bust.’ It is important to remember, however, that today’s market is quite different than the bubble market of twelve years ago. Here are four key metrics that will explain why: Home Prices Mortgage Standards Foreclosure Rates 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. Last week,  CoreLogic   reported  that, “The inflation-adjusted U.S. median sale price in June 2006 was $247,110 (or $199,899 in 2006 dollars), compared with $213,400 in March 2018.” (This is the latest data available.) For More Info : Visit Here :   Home For Sale NC Read to Related Blog : Visit Here :  Real Estate Expert NC

As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement. According to the  National Association of Exclusive Buyers Agents  (NAEBA), there are  7 factors  that you should consider when choosing your retirement home.1 1. Affordability “It may be easy enough to afford your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.” Would moving to a complex with homeowner association (HOA) fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What

Every homeowner wants to make sure that they maximize their financial reward when selling their home, but how do you guarantee that you receive the maximum value for your house? Here are two ways to ensure that you get the highest price possible. 1. Price it a Little Low This may seem counterintuitive, but let’s take a look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation when, in actuality, it just dramatically lessens the  demand  for their houses  (see chart below). Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house so that demand for the home is maximized. By doing so, the  seller  will not be fighting with a  buyer  over the price but will instead have  multiple buyers   fighting  with  each other  over the house. Realtor.com  gives this advice: “Aim to price your property at or just slightly below the going rate. Today’

As the real estate market continues to move down the road to a complete recovery, we see home values and home sales increasing while distressed sales ( foreclosures and short sales ) continue to fall to their lowest points in years. There is no doubt that the housing market will continue to strengthen throughout 2018. However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory! Here’s what a few industry experts have to say about the current inventory crisis: Lawrence Yun,  Chief Economist  for the  National Association of Realtors “Inventory coming onto the market during this year’s spring buying season… was not even close to being enough to satisfy demand , that is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.” Sam Khater,  Chief Economist  for  Freddie Mac “While this spring’s sudden rise in mortgage rates [took] up a

Some Highlights: Many buyers are purchasing a home with a down payment as little as 3%. You may already qualify for a loan, even if you don’t have perfect credit. Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford. Powered by  WPeMatico For More Info : Visit Here :  Home For Sale NC

Some experts are calling for a slowdown in the economy later this year and most economists  have predicted  that the next recession could only be eighteen months away. The question is, what impact will a recession have on the housing market? Here are the opinions of several experts on the subject: Ivy Zelman in her latest  “Z Report” : “While economic activity appears to have accelerated so far in 2018, some prominent economic forecasters have become more cautious about growth prospects for 2019 and 2020… All told, while solid long-term demographic underpinnings support our positive fundamental outlook for housing, in the event micro-economic headwinds surface, we would expect housing transaction volumes and home prices to weather the storm.” Aaron Terrazas , Zillow’s Senior Economist : “While much remains unknown about the precise path of the U.S. economy in the years ahead, another housing market crisis is unlikely to be a central protagonist in the next nationw

Across the United States, there is a severe mismatch between the low number of houses for sale and the high demand for those houses! First-time homebuyers are out in force and are being met with a highly competitive summer real estate market. According to the National Association of Realtors (NAR), the inventory of homes for sale “has fallen year-over-year for 36 consecutive months,” and now stands at a 4.1-month supply. A 6-month supply of inventory is necessary for a balanced market and has not been seen since August of 2012. NAR’s Chief Economist Lawrence Yun had this to say, “Inventory coming onto the market during this year’s spring buying season – as evidenced again by last month’s weak reading – was not even close to being enough to satisfy demand.   That is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.” Is There Any Relief Coming? According to the CoreLogic’s

We often talk about why it makes financial sense to buy a home, but more often than not, the emotional reasons are the more powerful or compelling ones. No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, the emotional reasons why we choose to buy our own homes are typically more important to us than the financial ones. 1. Owning your home offers you the stability to start and raise a family Between the best neighborhoods and the best school districts, even buyers without children at the time of purchase may have these things in mind as major reasons for choosing the locations of the homes that they purchase. 2. There’s no place like home Owning your own home offers you not only safety and security, but also a comfortable place that allows you to relax after a long day! 3. You have more space for you and your family Whether your family

According to the Realtors Confidence Index from the National Association of Realtors , 61% of first-time homebuyers purchased their homes with down payments below 6% in 2017. Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying, but in March , 71% of first-time buyers and 54% of all buyers put less than 20% down. Ralph McLaughlin, Chief Economist and Founder of Veritas Urbis Economics , recently shed light on why buyer demand has remained strong, “The fact that we now have four consecutive quarters where owner households increased while renters households fell is a strong sign households are making the switch from renting to buying. Households under 35 – which represent the largest potential pool of new homeowners in the U.S. – have shown some of the largest gains. While they only make up a third of all homebuyers, the steady uptick in their homeownership rate over the past

Some Highlights: The  National Association of Realtors  surveyed their members & released the findings of their  Profile of Home Staging . 62% of seller’s agents say that staging a home decreases the amount of time a home spends on the market. 50% of staged homes saw a 1-10% increase in dollar-value offers from buyers. 77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own. The top rooms to stage in order to attract more buyers are the living room, master bedroom, kitchen, and dining room. Powered by  WPeMatico For More Info : Visit Here :   Home For Sale NC Read to Related Blog : Visit Here :  Real Estate Expert NC

We keep hearing that home affordability is approaching crisis levels. While this may be true in a few metros across the country, housing affordability is not a challenge in the clear majority of the country. In their most recent   Real House Price Index ,   First American  reported that consumer “house-buying power” is at “near-historic levels.” Their index is based on three components: Median Household Income Mortgage Interest Rates Home Prices The report explains: “Changing incomes and interest rates either increase or decrease consumer house-buying power or affordability. When incomes rise and/or mortgage rates fall, consumer house-buying power increases.” Combining these three crucial pieces of the home purchasing process,  First American  created an index delineating the actual home-buying power that consumers have had dating back to 1991. Here is a graph comparing  First American ’s consumer house-buying power (blue area) to the actual median home price tha

Since the beginning of the year, mortgage interest rates have risen over a half of a percentage point (from 3.95% to 4.52%),  according  to  Freddie Mac.  Even a small rise in interest rates can greatly impact a buyer’s monthly mortgage payment. First American  recently released the results of their quarterly  Real Estate Sentiment Index  (RESI), in which they surveyed title and real estate agents across the country about the impact of rising rates on first-time homebuyers. Real estate professionals around the country have not noticed a slowdown in demand for housing among young buyers; nearly 93% of all first-time homebuyers last quarter were between the ages of 21-35, with the largest share of buyers (51%) coming from those ages 26-30. First American’s Chief Economist  Mark Fleming had this to say, “On a national level,  mortgage rates would need to hit 5.6%,  1 percentage point above the current rate,  before first-time homebuyers withdraw from the market.” So, wh

The  National Association of Realtors  (NAR) keeps historical data on many aspects of homeownership. One of their data points, which has changed dramatically, is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving. As the graph below shows, over the last twenty years (1985-2008), the median tenure averaged exactly six years.  However, since 2014, that average is almost ten years – an increase of almost 50%. Why the dramatic increase? The reasons for this change are plentiful! The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made some homeowners much more fiscally conservative about making a move. With  home prices rising  dramatically over the last several years,  95.3% of homes with a mortgage are now in a positive equity situation ,  according  to  CoreLogic.

If you are debating whether or not to list your house for sale this year, here is the #1 reason not to wait! Buyer Demand Continues to Outpace the Supply of Homes for Sale The  National Association of Realtors’  (NAR)  Chief Economist  Lawrence Yun recently commented on the current lack of inventory: “Inventory coming onto the market during this year’s spring buying season  – as evidenced again by last month’s weak reading –  was not even close to being enough to satisfy demand.   That is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.” The latest  Existing Home Sales Report  shows that there is currently a  4.1-month supply  of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and  6.1% lower than last year’s inventory level. For More Info : Visit Here :  Home For Sale NC Read to Related Blog : Visit Here :  How Do I Sell My

Some Highlights: With interest rates still around 4.5%, now is a great time to look back at where rates have been over the last 40 years. Rates are projected to climb to 5.1% by this time next year according to  Freddie Mac. The impact your interest rate makes on your monthly mortgage cost is significant! Lock in a low rate now while you can! Powered by  WPeMatico For More Info : Visit Here :  First Time Home Buyer Read to Relatd Blog : Visit Here :  Home For Sale NC

Rising home prices have many concerned that the average family will no longer be able to afford the most precious piece of the American Dream – their own home. However, it is not just the price of a home that determines its affordability. The monthly cost of a home is determined by the price  and  the interest rate on the mortgage used to purchase it. Today, mortgage interest rates stand at about 4.5%. The average annual mortgage interest rate from 1985 to 2000 was almost double that number, at 8.92%. When comparing affordability of homeownership over the decades, we must also realize that incomes have increased. This is why most indexes use  the percentage of median income required to make monthly mortgage payments on a typical home  as the point of comparison. For More Info : Visit Here :  Home for Sale North Carolina Read to Related Blog : Visit Here :  Home Buyers  North Carolina

Since the creation of the  Veterans Affairs  (VA)  Home Loans Program , over 22 million veterans have achieved the American Dream of homeownership. Many veterans do not know the details of the program and therefore do not take advantage of the benefits available to them. If you are a veteran or you know someone who is, here is a breakdown of the VA Home Loan benefits that can be used to achieve the American Dream! Top 5 Benefits of a VA Home Loan The greatest benefit of a VA Loan is that  borrowers can buy a home with a 0% down payment.  In 2016, 82% of all VA Loans put down 0%! Primary Mortgage Insurance  (PMI) is not required!  (Most other loans with down payments under 20% require PMI, which adds additional costs to your monthly housing expense!) Credit Score requirements are also lower for VA Home Loans.  The average FICO ®  score of a borrower for an approved VA Loan is 620 , compared to 676 (FHA) or 753 (Conventional). There is also a limitation on a veteran buyer’