Tag: property management Bronx

These days, many markets are suffering from a lack of homes for sale. And where there are fewer homes to buy, there are higher prices and more competition among buyers. But what’s behind the shortage? Well, a new survey reveals the real reason homeowners have decided to stay put and it’s probably not what you’d expect. The survey found simple demographics may be the biggest factor. A closer look at the numbers reveals that younger homeowners have plans to sell in the near future but the vast majority of baby boomers don’t. In fact, 85 percent of older homeowners said they had no plans to sell in the next year. This, however, isn’t that odd. Older Americans have always been less likely to move. The difference these days is that the overall population has grown older. The share of Americans between the ages of 55 and 74 has risen 30 percent in the past 30 years. That means, there are more older homeowners who aren’t that likely to put their homes up for sale. The good news, though, is that 60 percent of owners who said they were hoping to sell within the next year are millennials, which means there could soon be more affordable homes on the market for interested first-time buyers. More here.

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week and helped boost demand for both refinance and purchase loan applications. The decline, though slight, keeps rates in the same narrow range they’ve been for the past several weeks. Michael Fratantoni, MBA’s chief economist, told CNBC lower-than-normal mortgage rates continue to bring buyers to the market. “With rates trading in a narrow range, the purchase market continues to show strength, with application volume running about 7 percent ahead of last year,†Fratantoni said. Also helping prospective home buyers is the increasing availability of credit. This week, the MBA released their monthly measure of credit availability and found that lending standards continued to loosen in July. Combined with still-low mortgage rates, increasing credit availability helps home buyers and offers some relief from rising home prices. Of course, affordability concerns will persist but low mortgage rates and available credit can help home buyers balance some of the worry over handling higher home prices. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Every month, Fannie Mae’s Home Purchase Sentiment Index asks Americans how they feel about the housing market and economy. Their survey asks whether participants expect home prices and mortgage rates to rise or fall over the next year, whether it’s a good or bad time to buy or sell a house, and how they feel about the economy and their own personal financial situation. In July, the survey showed an increasing number of Americans feel secure in their jobs but uncertain about the direction of the economy. Because of this, housing numbers took a turn, with the number of Americans who think it’s a good time to buy or sell a house both falling. Doug Duncan, Fannie Mae’s senior vice president and chief economist, said the decline among people who think it’s a good time to sell was surprising. “It’s clear that high home prices are a growing challenge helping to send buying sentiment to a record low,†Duncan said. “However, we find the notable decline in selling sentiment surprising.†With buyer demand high and the number of available homes for sale low in many markets, many consider this an excellent time for homeowners to sell, which explains why the decline comes as a surprise. More here.

If you had any doubt that home buyers are active this summer and looking to buy, some new numbers should help put that notion to rest. New research shows that the number of showings – which refers to a professionally arranged tour of a home for sale – are up 10.3 percent nationally over the same time last year. Regionally speaking, the Northeast saw the largest jump, with a 15.2 percent increase as of June. However, the Midwest and South also saw double-digit improvements. In fact, only the West saw a slight year-over-year decline. The numbers are a good indication of how much interest there is this summer from potential home buyers. That’s good news for homeowners who are looking to sell their house, as it adds to the growing evidence that, in many markets, there are more buyers than homes for sale. Of course, that also means home buyers that are looking to buy this season should be prepared to move quickly, as good homes aren’t going to stay on the market very long. More here.

If you’re someone who is currently debating whether or not it’s a good time to sell your house, there are some new numbers from ATTOM Data Solutions that are worth taking a look at. The results of ATTOM’s Q2 2017 U.S. Home Sales Report shows that homeowners who sold their house during the second quarter of this year saw an average price gain of $51,000 over what they bought it for. That’s a 26 percent average return and the highest return since the third quarter of 2007. Daren Blomquist, ATTOM’s senior vice president, says homeowners are facing a tough choice in today’s market. “Potential home sellers in today’s market are caught in a Catch-22,†Blomquist said. “While it’s the most profitable time to sell in a decade, it’s also extremely difficult to find another home to purchase, which is helping to keep homeowners in their homes longer before selling.†That’s true. The report shows that homeowners who sold during the second quarter had owned their homes an average of 8.05 years, which is the longest homeownership tenure since the first quarter of 2000. More here.