Citadel Property Management Archives

Some Simple Steps To A Greener Home

There are a variety of reasons you might want to make your home green. From allergies to energy bills, giving your home an environmentally minded upgrade can not only be better for your health and utility costs, it can also improve the value of your home when it comes time to sell. It is true, after all, that energy efficiency consistently ranks near the top of home buyersâ€™ wish lists. The good news, if youâ€™re considering steps to a greener home, is that there are many things you can do that arenâ€™t necessarily expensive or all that time consuming. From smart technology to natural household cleaners, if youâ€™re interested in a greener life, there are plenty of products and practices that can help you achieve it. According to Marla Esser Cloos, author of a new book published by the National Association of Home Builders, the key is incorporating new habits into your day-to-day life. â€œLiving green has to be a blend of the stuff you buy and the things you do,â€ she says. â€œIf each of us built five simple practices or changes in buying habits into our daily routines, we would all soon have our own everyday green homes â€“ and we would change the world.â€ To get going, buy some energy-efficient light bulbs or start a garden, then work your way up to replacing your old windows and upgrading your insulation. No matter where you live or what your budget may be, there are things you can do today to begin making your home green. MoreÂ here.

New Home Sales Surge In February

The U.S. Census Bureau and the Department of Housing and Urban Developmentâ€™s monthly new residential sales statistics show sales of new homes rose 6.1 percent in February and are now 12.8 percent above last yearâ€™s figure. The numbers are an indication that sales may have begun improving before the official start of the spring season and at a time when mortgage rates were climbing. So what could be behind the surge in new home sales? Well, one possible reason for the spike is elevated buyer interest. From all accounts, buyer demand is quite high across the country. And those buyers may have simply been trying to beat the competition or lock in low rates before they rise any higher. In other words, market conditions may have convinced buyers that getting an early start would land them a better chance of finding the home of their dreams. Another explanation could be unseasonably warm weather in parts of the country that would normally still be in the grips of winter during the month of February. An exceptionally mild month could have helped lift sales in parts of the South, Midwest, and Northeast. Also in the report, the median sales price of new homes sold was $296,200. The average sales price was $390,400. MoreÂ here.

Sales Numbers Show Homes Selling Quickly

Though the number of previously owned homes sold in February fell from the month before, homes sales are still up from one year ago. Thereâ€™s also no shortage of interested home buyers, according to a new report from the National Association of Realtors. In fact, Lawrence Yun, NARâ€™s chief economist, says buyer traffic is stronger than last year and itâ€™s leading to quick sales. â€œRealtors are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest thatâ€™s pushing up price growth and pressuring the budgets of prospective buyers,â€ Yun says. â€œNewly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market.â€ A closer look at the numbers shows that for-sale properties typically stayed on the market for 45 days in February â€“ down from 59 days last year at the same time. In other words, until more homeowners decide to sell, buyers should be prepared to move quickly. Fortunately, though, the number of available homes for sale rose 4.2 percent last month and a recent survey found an increasing number of current homeowners who said they feel itâ€™s a good time to sell. As more homeowners put their homes up for sale, the market should begin to balance and give buyers more opportunities. MoreÂ here.

Average Mortgage Rates Mostly Steady Last Week

Demand for home loans dropped last week, according to new figures from the Mortgage Bankers Association. The MBAâ€™s Weekly Applications Survey â€“ which tracks mortgage rates and application demand â€“ showed a 2.7 percent decline in the number of Americans requesting applications for home loans. This time, however, the drop wasnâ€™t related to a significant increase in mortgage rates. In fact, average rates were unchanged for 30-year fixed-rate loans with conforming loan balances, down for jumbo loans, and up only slightly for FHA and 15-year fixed-rate loans. In other words, mortgages rates were relatively steady from the week before. However, they are up from where they were last fall. Because of this, Mike Fratantoni, MBAâ€™s chief economist, says home buyers are beginning to turn to adjustable rate mortgages. â€œHome buyers in a strong housing market are looking for ways to extend their purchasing power and ARMs are one way to do that,â€ Fratantoni told CNBC. Last week, adjustable rate mortgages increased to 9 percent of total application demand. But though thatâ€™s the highest itâ€™s been in nearly three years, itâ€™s still far below what it was before the housing crash, when it hit a peak of 35 percent. The MBAâ€™s weekly survey covers 75 percent of all retail residential mortgage applications and has been conducted since 1990. MoreÂ here.

City Living May Cost More Than Move To Suburbs

Whether you prefer to live in the city or suburbs depends on a lot of factors. From the size of your family to your age and career, there are many different considerations that come into play when deciding where you might want to settle down. Of course, money is always a major one. Joyce Hodel, a data scientist at Care.com â€“ who recently partnered with Zillow on a cost of living analysis that looked at average housing and child care costs in cities as opposed to suburbs â€“ says choosing where to settle down is a big decision for any family. â€œFiguring out where your family will live and grow is arguably one of the most exciting and daunting times in a parentâ€™s life,â€ Hodel says. â€œWhile moving to the suburbs often brings significant cost savings, city living can still be the right choice for some families and is less expensive in certain metro areas.â€ In fact, according to the research, families spend an average of just over $9,000 a year more on basic housing and child care costs when living in cities. However, in some metro areas like Philadelphia and Baltimore, living in the city can actually be the more affordable option. MoreÂ here.

Financial Optimism May Boost Housing Market

The number of American households that believe the economy is improving has jumped 14 percent since last year at this time, according to the recently released results of a quarterly survey from the National Association of Realtors. That improvement could have an impact on home buyers and sellers as the spring season begins. Thatâ€™s because, the more confident a person is in their personal financial situation, the more likely they are to make big life decisions, such as buying or selling a house. And, according to the survey, renewed economic optimism is already having an effect. In fact, a majority of Americans answered positively when asked whether or not itâ€™s a good time to buy a home. Additionally, 69 percent said itâ€™s a good time to sell. William E. Brown, NARâ€™s president, says if youâ€™re someone looking to make a move this spring, itâ€™s best to have a plan â€“ especially if youâ€™re a current homeowner. â€œDemand far outpaces supply in many parts of the country right now, which means homeowners will likely sell their home much quicker than the time it takes to buy another,â€ Brown said. â€œBefore listing, itâ€™s best to have a carefully crafted plan in place.â€

Will This Year Be Better For Buyers Or Sellers?

If you want to know whether this year is going to be good for buyers or sellers or both, you need to watch for a couple of factors. First, take a look at the housing market. A recent uptick in mortgage rates, combined with higher prices and lower inventory, have made buying a home slightly less affordable than it was a couple of years ago. However, mortgage rates are still historically low and, though prices continue to rise, they have slowed down in many markets. That means, though affordability isnâ€™t what it was a few years ago, buying a home remains an affordable choice. This is especially true when taken together with recent economic data. Thatâ€™s because, whether or not higher rates will deter potential buyers really depends more on whether or not those buyers feel financially secure and optimistic about their prospects. In other words, if Americans continue to see better job opportunities and higher wages, theyâ€™ll be less likely to hesitate when thinking about buying a house regardless of where rates and prices go. According to the most recent outlook from Fannie Maeâ€™s Economic & Strategic Research Group, how things play out will depend largely on young Americans. â€œTight inventory remains a boon to home prices and Americansâ€™ net worth, but it also continues to price out many would-be first-time homebuyers,â€ Doug Duncan, Fannie Maeâ€™s chief economist, said. â€œHowever, our research suggests that aging millennials, now boasting higher real wages, are beginning to narrow the homeownership attainment gap.â€ MoreÂ here.

Builder Confidence Reaches 12-Year High

There are a lot of stages a house goes through on its way to becoming someoneâ€™s home. And one of the most important steps along that path is its construction. Because builders are there at the beginning of the process, they have an unique perspective on, not only the market, but also home buyers and their preferences. For this reason, the National Association of Home Builders surveys builders each month to get their perspective on the market for new homes. According to the most recent results, builders are more confident than theyâ€™ve been at any time since June 2005. But though their optimism hit a 12-year high, Robert Dietz, NAHBâ€™s chief economist, says builders still face some challenges. â€œWhile builders are clearly confident, we expect some moderation in the index moving forward,â€ Dietz said. â€œBuilders continue to face a number of challenges, including rising material prices, higher mortgage rates, and shortages of lots and labor.â€ Still, optimism is high, not only about current sales conditions, but also future prospects. In fact â€“ on a scale where any number above 50 indicates more builders view conditions as good than poor â€“ the index component measuring sales expectations over the next six months was up five points to 78. This is encouraging news for buyers because a strong new home market means more new homes get built and more new home construction means less upward pressure on home prices. MoreÂ here.

Mortgage Demand And Rates Both Climb Higher

According to the Mortgage Bankers Associationâ€™s Weekly Applications Survey, average mortgage rates increased last week across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate mortgages. But despite higher rates, demand for mortgage applications also rose from the week before. In fact, refinance activity was up 4 percent and demand for loans to buy homes moved 2 percent higher than one week earlier. One possible reason for the increase could be a wave of homeowners and prospective buyers trying to lock in rates before they move any higher. But another factor could be job growth. Michael Fratantoni, MBAâ€™s chief economist, told CNBC they expect Americansâ€™ improving financial health to outweigh the potential negatives of higher mortgage rates. â€œFebruaryâ€™s job report showed strong job growth and faster wage growth,â€ Fratantoni said. â€œWe expect that the benefits from growing household incomes will continue to outweigh the headwind of slightly higher mortgage rates.â€ The MBAâ€™s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. MoreÂ here.

The Nation’s Best Cities For Selling A Home

With spring quickly approaching, now is the time of year when home buyers start getting serious about finding a house to buy. That means, itâ€™s also the best time of year for homeowners who have been thinking about putting their home up for sale. With for-sale inventory low in many markets, itâ€™s a good time to be a home seller. How good depends, however, on where you live. A recent analysis from SmartAsset looked at five factors important to home sellers and determined the nationâ€™s best cities for selling a house. Using the change in median home values, average number of days a home stays on the market before selling, the percentage of homes that sold for a loss, average closing costs, and the number of real-estate offices per 1,000 residents, the analysis scored 161 cities across the country. Surprisingly, among the top 10 cities for selling a house, nine of them were in either Colorado or Texas â€“ with Denver taking the top spot. The only city outside of Colorado and Texas to make the top 10 was Portland. However, the results do show favorable conditions across a wide geographic area. Cities from every region of the country made the list, from Boston, Mass. to Irvine, Calif., Lexington, Ky. to Charlotte, N.C. MoreÂ here.