Citadel Property Management Archives

Builder Survey Hits Highest Level In 11 Years

There are a number of perspectives from which you could view the housing market. That’s why there are surveys gauging the attitudes of buyers and sellers, as well as Realtors, mortgage lenders, and builders. Each has an unique take on the real estate market that is based on their specific role. For example, an agent may have a very different understanding of their local market than the average home buyer, if only because of their experience and expertise. Builders are considered an important measure of the market because they have a ground-level view of how many people are shopping for new homes, the challenges facing builders, and the amount of foot traffic they’re currently seeing. For this reason, the National Association of Home Builders’ Housing Market Index surveys builders each month and scores their responses on a scale where any number above 50 indicates more builders view conditions as good than poor. In December, the index hit 70, its highest reading since July 2005. Robert Dietz, NAHB’s chief economist, says this month’s increase may have more to do with the recent election than any fundamental change in conditions. Still, Dietz says the market looks good. “Though this significant increase in builder confidence could be considered an outlier, the fact remains that the economic fundamentals continue to look good for housing,” Dietz said. “The rise in the HMI is consistent with recent gains for the stock market and consumer confidence. At the same time, builders remain sensitive to rising mortgage rates and continue to deal with shortages of lots and labor.” More here.

Mortgage Rates Continue Climb Upward

Though they didn’t move much, average mortgage rates were up again last week, according to the Mortgage Bankers Association’s Weekly Applications Survey. The survey found rates increased from one week earlier for loans backed by the Federal Housing Administration and 30-year fixed-rate mortgages with both jumbo and conforming balances. Mortgage rates were down slightly for 15-year fixed-rate loans. Increasing rates continue to have a negative effect on refinance demand – which is generally more sensitive cialis generique to rate fluctuation. In fact, the refinance index fell 4 percent from the week before, while demand for loans to buy homes dropped 3 percent. At this time last year, refinance demand was 12 percent higher than it is now. Purchase applications, on the other hand, are still outperforming last year’s numbers, rising 2 percent higher than they were during the same week last year. The number of Americans requesting applications to buy homes may be falling because of higher mortgage rates, though it’s also likely due to a lower-than-normal number of homes available for sale and prices that have returned to their pre-crash peaks in many markets. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential cialis generique mortgage applications. More here.

Home Buyers Say The Bigger The Better

Owning a home is a big draw for buyers. In fact, recent data cialis rythme cardiaque from the National Association of Realtors shows 31 percent of all buyers said they were purchasing a house because they wanted to own. Among first-time buyers, that number shoots up to 67 percent. Obviously, the dream of ownership is alive and well. But the second most common reason buyers cited when asked why they were purchasing a home was because they wanted something bigger. And the number of buyers who say they need a larger home is rising. According to economist Amanda Riggs, there are a couple of reasons for this. One is the number of homeowners who have been waiting to sell as home prices rebounded from the housing crash. These homeowners may have built up enough equity over the past few years to now afford something bigger. The other part of it is the fact that the largest share of home sellers last year were between the ages of 35 and 44. “We can speculate that the sellers probably had a child in the last few years and wanted a bigger home to expand their family,” Riggs writes in a post for the NAR’s Economists’ Outlook Blog. Whatever the reason – whether it’s boosted equity or a growing family – Americans have consistently shown that, when it comes to their homes, bigger is better. More here.

Only 9 Units Left at Lexington Hill Condominium

There areÂ only 9 units left at the New Lexington Hill Condominiums, Originally coined The Glass Spire by renown architect Tom Gilman of Gilman Architects. Gilman is known for combiningÂ Â sleek and creative designs withÂ innovativeÂ green technologies. The East Harlem, Luxury 42 unit New DevelopmentÂ of Steel and Glass isÂ now almost completely sold out with only a few choice units remaining. Â The sizable one and two bedroom units have gorgeous features and quality materials including oak hardwood flooring, granite counter tops, marble kitchen and baths and private balconies and terraces, Â All of the remaining units Â haveÂ private outdoor space.Â Developed by Rey Sun Realty LLC. and Marketed by exclusive broker Michael Crespo of Citadel Property Management Corp. Â Learn More here.