HOME SALES CLMBING HIGHEST SINCE 2006

New & Existing Home Sales Climb [INFOGRAPHIC]

Some Highlights: Both New Home Sales and Existing Home Sales are up month-over-month and year-over-year. Inventory remains low which continues to drive home prices up as demand continues to exceed the 4.7-month inventory. The median price of new homes is up 12% from March 2015, while the median price of existing homes is up 6.3% from April 2015.

TRUST IS NECESSARY

Unparalleled Trust Necessary Before Listing Your House

You and your family have decided to sell your house. It is now time to choose a real estate professional to help with the process. One of the major attributes this agent must possess is trustworthiness. To what degree do you need to trust them? You must have enough trust in them that you feel comfortable they will accomplish all four things below: 1. Sell possibly the largest asset your family owns In many cases, a home is the largest asset a family has. Studies have shown that the equity many families have in their home is the largest percentage of that family's overall wealth. 2. Set the correct market value on that asset Pricing is crucial even in the best of markets. You want to get the best price for your home without putting your house at a value that buyers will have little interest in. 3. Set the time schedule for the liquidation of that asset Your family probably has a certain timetable for the sale of your house and the move into your next home. Coordinating the home selling process to meet certain schedules can be tricky. 4. Set a fair fee for the services required to liquidate that asset You will need to pay a commission to an agent for selling the home and coordinating all elements of the selling transaction, including possible future negotiations (ex. with a home inspector or appraiser). That's a lot of trust. Make sure you pick a true professional to help with the sale of your home.

Now is NOT a Good Time To Rent!

When Is It A Good Time To Rent? Definitely NOT NOW!

 

People often ask whether or not now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent. The Census Bureau recently released their first quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:      A recent Wall Street Journal article reports that rents rose "faster last year than at any time since 2007, a boon for landlords but one that has stoked concerns about housing affordability for renters." The article also cited results from a recent Reis Inc. report which revealed that average effective rents rose 4.6% in 2015, the biggest gain since before the recession. Over the past 15 years, rents have risen at a rate of 2.7% annually. Where are rents headed? Jonathan Smoke, Chief Economist at realtor.com recently warned that: "Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they'll outpace home price appreciation in the year ahead." Bottom Line NAR's Chief Economist, Lawrence Yun had this to say in the latest Existing Home Sales Report: "With rents steadily rising and average fixed rates well below 4 percent, qualified first-time buyers should be more active participants than what they are right now." One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, meet with a local real estate professional who can help determine if you are able to today!