Friday, May 10, 2019 / by Scott Goodnight
An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those differences are doing to prices!
Inventory continues to rise in the luxury and premium home markets which is causing prices to cool.
Demand continues to rise with lower-than-normal inventory levels in the starter and trade-up home markets, causing prices to rise on a year-over-year basis for 85 consecutive months.
Thursday, May 09, 2019 / by Scott Goodnight
Recently, we reported that many believe a recession could happen within the next two years. We explained that 70% of economists and market analysts surveyed last year believe that a recession will occur in 2019 or 2020 and that 42% of consumers currently looking to purchase a home also agree that a recession will occur this year or next.
However, the U.S. economy has performed well in the first quarter of 2019 and that has caused some experts to change their thinking on an impending economic slowdown.
Here are a few notable examples:
Anthony Chan, Chief Economist at JPMorgan Chase
“I feel really comfortable that the economy is slowing down this year, but not going into a recession… It doesn’t look, to me, like the odds of a recession in 2020 are there.”
Dean Baker, Senior Economist at the Center for Economic & Policy Research
“To sum up the general picture, the U.S. economy is definitely weakening… Howeve ...
Wednesday, May 08, 2019 / by Scott Goodnight
If you are in the market to buy a home this year, you may be confused about how much money you need to come up with for your down payment. Many people you talk to will tell you that you need to save 20% or you won’t be able to secure a mortgage.
The truth is that there are many programs available that let you put down as little as 3%. Those who have served our country could qualify for a Veterans Affairs Home Loan (VA) without needing a down payment.
These programs have cut the savings time that many families would need to compile a large down payment from five or more years down to a year or two. This allows them to start building family wealth sooner.
So then, why do so many people believe that they need a 20% down payment to buy a home? There has to be a reason! Today, we want to talk about four reasons why putting 20% down is a good plan, if you can afford it.
1. Your interest rate will be lower.
Putting down a 20% down payment vs. a 3-5% down ...
Tuesday, May 07, 2019 / by Scott Goodnight
When we consider buying an item, we naturally go through a research process prior to making our decision. We ask our friends and family members who have made similar purchases about their experience, we get opinions and insights, and we read reviews online. There’s no difference when considering a home purchase!
Most homebuyers start by listening to the news to hear what is being said about the real estate market. They check with family and friends about their experience. They spend time online reading reviews about their desired neighborhood.
The challenge is that comments from the news and those closest to us can contradict the data and reports. One source says one thing, while another source says something completely different.
There is a group of homebuyers that are not allowing comments about an upcoming recessionto interfere with their decision to buy a home. According to a survey by realtor.com®,
“Nearly 70 percent of home shoppers t ...
Monday, May 06, 2019 / by Scott Goodnight
So, you’ve decided to sell your house. You’ve hired a real estate professional to help you through the entire process, and they have asked you what level of access you want to provide to your potential buyers.
There are four elements to a quality listing. At the top of the list is access, followed by condition, financing, and price. There are many levels of access that you can provide to your agent so that he or she can show your home.
Here are five levels of access that you can give to buyers, along with a brief description:
Lockbox on the Door – this allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.
Providing a Key to the Home – although the buyer’s agent may need to stop by an office to pick up the key, there is little delay in being able to show the home.
Open Access with a Phone Call – the seller allows showings with just a phone call ...