Tuesday, March 05, 2019 / by June Quilantang
With the traumatic devastation caused by the last housing bubble, it's understandable why a lot of Americans can be a little paranoid when it comes to market fluctuations. We tend to worry about heading into another housing crash whenever we see changes in the market. Good news is, we no longer have to go through all that unnecessary stress for here are three indicators to let us know how the market then and now are different from each other.
A decade ago, home prices depreciated dramatically, losing about 29% of their value over a four-year period (2008-2011).
Today, prices are not depreciating. The level of appreciation is just decelerating. Home values are no longer appreciating annually at a rate of 6-7%. However, they have still increased by more than 4% over the last year. Of the 100 experts reached for the latest Home Price Expectation Survey, 94 said home values would continue to appreciate through ...
Friday, March 01, 2019 / by June Quilantang
There have been reports that a lot of sellers are holding off from listing their homes in the market due to a forecasted decrease of buyers this year. They speculate that potential buyers were scared off by the rising interest rates and home prices. This may be true in some areas, however, this same reason opens an opportunity to dedicated sellers to take advantage of the number of buyers who are still out there looking to buy their dream homes.
NerdWallet's 2018 Home Buyer Report revealed that:
"Approximately one-third (32%) of Americans plan to purchase a home in the next five years. Millennials are most likely to have such a purchase in their five-year plan (49%), versus 35% of Generation X and 17% of baby boomers."
As we can see, buyers are optimistic! According to the report, here are the top reasons Americans plan to buy:
The most common reason Americans prioritize buying is that they believe it's a good investment!
If you're a homeowner looking to se ...
Thursday, February 28, 2019 / by June Quilantang
A self-made Millionaire David Bach gave a piece of simple yet compelling advice to Millennials; "Don't Get Stuck Renting A Home... Buy One!" plain and straight, Bach pointed out a common mistake a majority of millennials tend to make with their life decisions.
In a CNBC article, self-made millionaire David Bach explained that: "The biggest mistake millennials are making is not buying their first home." He goes on to say that, "If you want to build real financial security, real wealth for your lifetime, then you need to buy a home."
Bach went on to explain:
"Homeowners are worth 40 times more than renters. Now, that first home doesn't need to be a dream home, it can be a very small home. You might literally have to buy a small studio apartment, but that's how you get started."
Then he explains the secret to buying that home!
"Don't do a 30-year mortgage. You want to take that 30-year mortgage and instead pay it off early, do a 15-year mortgage. What happen ...
Wednesday, February 27, 2019 / by June Quilantang
With the home prices cooling down, a lot of Americans are worried that we may be heading off for another housing crash. With the current ratio of demand and supply, we have nothing to worry about. On the contrary, this is something we should thankful for as home price hikes are expected to move on a much normal pace.
This 'seller's market' has driven home prices to new heights. Home price appreciation averaged over 65 across the country.
However, home price growth has recently started to cool down. The latest report from CoreLogic shows that home prices have only risen by 4.7% over the last 12 months.
Many buyers and sellers planning to enter the housing market this year have started to wonder if we are headed towards another housing crash. Ralph McLaughlin, Deputy Chief Economist at CoreLogic, recently stated in an interview,
"There's no reason to panic right now, even if we may be headed for a recession. We're seeing a cooling of the housing market, but nothing that ...
Friday, February 22, 2019 / by June Quilantang
Statistics show that the majority of homebuyers last year were couples, this totally makes sense as the down payment is particularly easier to tackle when shared with a partner.
According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once again dominated the first-time homebuyer statistics in 2018 at 54% of all buyers.
If you're single, don't fret! Single women made up 18% of first-time buyers in 2018, while single men accounted for 10% of buyers. One recent article pointed to a sense of responsibility and commitment that drives many single women to want to own their home, rather than rent.
Here is the breakdown of all first-time homebuyers in 2018 by percentage of all buyers, income, and age:
You may not be that much different than those who have already purchased their first homes. Meet with a local real estate professional today to determine if your dream home is already within your grasp!