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The Deal with Home Prices

Are home prices on the rise or are they falling?  The answer depends on where you live. Home prices are more local than ever. National median existing home price is $212,100. Median price by region in March 2015. Northeast: $240,500 (-1.6% from March 2014) Midwest: $163,600 (+9.7% from March 2014) South: $187,900 (+9.3% from March 2014) West: $305,000 (+8.3% from March 2014) 46% of Americans say that home prices will go up in the next 12 months. 41% say that prices will stay the same. Homebuying Trends in 2015 Multigenerational housing The most common reasons for multiple generations living together include family values, health reasons, and childcare. On-site income property Many buyers are considering multifamily homes with a guest house or with space above the garage, in the attic or in the basement to…

3 Reasons to Learn About the Real Estate Market

1. You want to know how much your home is worth. While home improvements can increase the value of your home, it’s ultimately the local market that dictates how much it’s worth. 2. You’re thinking of selling. The market is constantly changing. An accurate picture of the current market can help you assess whether this is an ideal time for you to sell your home. 3. You’re thinking of buying. Statistics about the local market and how much homes are selling for in your desired neighborhood can give you an idea of how much you’ll spend to live in the home of your dreams.

Mid-Year Review of the National Real Estate Market

Thinking about buying a home or listing your current one? Whether you’re considering a jump into the housing market or are just curious about what shape it’s in, here are a few facts about it. 67% of Americans say that now is a good time to buy; 40% say it’s a good time to sell. MILLENNIALS WILL CONTINUE TO MAKE UP THE MAJORITY OF FIRST-TIME BUYERS. Millennials make up 65% of first-time buyers, and many of them are older Millennials aged 25-34. 86% of Millennials are buying due to a change in family size. Millennials are predicted to drive two-thirds of household formations in the next five years. THERE ARE FEWER FORECLOSURES ON THE MARKET IN MOST AREAS. We’re reaching the end of the foreclosure…

It’s a Sweet Time to get in the Market

If you’ve been thinking of selling your home or buying a new one, now is a great time. Experts predict that the market will continue to gain strength throughout 2015. What are you waiting for? Here are a few sweet morsels of information about the national market. THE MAJORITY OF AMERICANS SAY IT’S A SWEET TIME TO BUY. 68% of Americans say that now is a good time to buy. 66% of Americans say that they would buy if they were going to move today. Why buy? Low interest rates and low prices, of course! MILLENNIALS ARE TEMPTED BY THE PROMISE OF HOMEOWNERSHIP. 51% of Americans plan to buy a home within the next 5 years, including 61% of Millennials 28% of Gen X 10%…

What’s Ahead for Housing in 2015?

Although we won’t know until the end of the year if these predictions are true, here’s what the experts predict for 2015. PRICES WILL INCREASE. Existing home prices will increase 3% in 2015 and 2% in 2016. MORTGAGE RATES MAY INCREASE. 30-year fixed mortgage interest rates are expected to increase in 2015, but don’t worry; they’ll still be considered low. HOMES WILL BE FLYING OFF THE MARKET. Home sales in 2015 are expected to reach their highest level in two years. NEW HOMES ARE BEING BUILT. Housing construction will reach 1.4 million in 2015, an uptick from past years and closer to the average number needed to balance the market. Call me to learn more about our local market, to receive a free estimate of…

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