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Tag: Property management NYC

Rising Incomes Help To Offset Affordability Challenges


After the financial crisis and housing crash, there were plenty of homes for sale but very few interested buyers. Americans were financially unstable and worried about keeping their jobs. And while they may’ve liked to buy a home, it wasn’t the right time. Gradually, though, Americans became more secure in their jobs and more interested in buying a home. But, at the same time, the housing market also began bouncing back. And with prices higher and mortgage rates beginning to rise, Americans wanted to buy but began to worry about whether or not they could afford it. This year, with inventory low, prices rising, and mortgage rates creeping up, buyers face some challenges. Fortunately, though, new research shows incomes are also on the rise. The National Association of Home Builders’ Housing Opportunity Index, for example, shows Americans are making more money, which is helping to offset declining affordability. In fact, median family income is up from $68,000 last year to $71,900. And, at that income, 61.6 percent of recently sold homes were affordable. More here.

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The Feature Millennials Are Most Willing To Go Without


Unless you’re having a house built to your exact specifications, the house you end up buying will likely be a feature or two short of what you’d been fantasizing about. That’s because, you’re going to be choosing only from the homes that are on the market during the time you’re shopping. So the odds of finding each and every thing on your wish list in one home are pretty slim. In other words, you’re going to have to compromise. But how willing you are to compromise may have something to do with your age. In fact, according to one new study, millennial home shoppers are more willing to compromise on home and neighborhood features than Gen X buyers or baby boomers. Among respondents, 89 percent of millennials said they’d be willing to give up a neighborhood feature for their ideal home and 84 percent said they’d be willing to sacrifice a home feature to live in their preferred neighborhood. So what is the feature young home buyers are most willing to forgo? Well, garages top the list, with 34 percent saying they’d be willing to give up having one to live in the right neighborhood. More here.

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Homeowners Get A Better Grip On Home Values


The mortgage process is really just about verifying and documenting the various aspects of the home’s sale. Whether it’s verifying the buyer’s income and debts or that the house doesn’t have a major problem with its foundation, there are a number of items that are typically among the checklist of things that need to be done before the deal is closed. The appraisal is one of them. In short, an appraisal provides a professional evaluation of the home’s worth. Based on the size of the home and lot, as well as the prices of similar homes sold in the area, an appraiser will determine whether or not the home’s price is fair. Sometimes, when a homeowner has an unrealistic idea of their home’s value, a lower-than-expected appraisal can be an issue. For that reason, a recent report tracking the difference between homeowners’ perception of their home’s worth and its appraised value is encouraging. That’s because, it found that homeowners’ expectations and actual appraised value are more in line than they have been in more than three years. In fact, nationally, appraised values were just 0.33% off homeowner estimates in April. More here.

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What Is The Best Time To Sell Your Home?


If you’ve ever sold a house or are currently thinking of selling, you know there are a lot of factors that play a role in deciding when it’s the right time to list your home. Most of the decision-making process will rightly focus on your personal goals, finances, and plans for the future. But there is also the question of what time of year is the best for selling a house. Well, according to an analysis of nearly 15 million home sales that occurred between 2011 and 2017, ATTOM Data Solutions has narrowed the best time to sell down to, not just the month, but the exact date when it’s best to sell a home. Their study shows that homeowners who sold during the month of May realized the biggest premiums over estimated market value. In fact, the average seller premium was 5.9 percent. But, if you’re looking for the single best day to sell a house, the results says it’s June 28. Sellers who sold on that date saw an average premium of 9.1 percent. More here.

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Compromise Isn’t Just For Home Buyers

With buyer demand high and the number of houses for sale low, today’s market is favorable for homeowners who want to sell. But though they’re likely to find interested buyers, homeowners shouldn’t expect that everything will always go their way. In fact, a home’s sale almost always involves a negotiation and home sellers, just like buyers, should expect to have to compromise here and there. For example, 76 percent of sellers said they had to make at least one concession when selling their home, according to one recent survey. That means, even in markets that favor sellers, homeowners should have some flexibility when it comes to working out the details of the final sale. Home sellers should also be prepared to make some pre-sale improvements to their house, as the vast majority of recent home sellers also said they had to fix up their home before listing it. In short, regardless of how hot your local market is, you still have to get your house in shape and work with your home’s buyer to ensure the sale is a success on both ends. More here.

Contract Signings Edge Forward In March

When a homeowner accepts an offer to buy their home, that home’s sale is considered pending until the deal has closed. Because there are usually a few weeks between the contract signing and closing, tracking pending sales can be a good way of forecasting future home sales activity. For that reason, the National Association of Realtors’ Pending Home Sales Index tracks contract signings each month. In March, the index was up slightly from the month before but fell short of last year’s level. Lawrence Yun, NAR’s chief economist, says sales would be higher if there were more homes available for sale. “Healthy economic conditions are creating considerable demand for purchasing a home, but not all buyers are able to sign contracts because of the lack of choices in inventory,” Yun said. “Steady price growth and the swift pace listings are coming off the market are proof that more supply is needed to fully satisfy demand.” In other words, though the economy has improved and Americans are interested in buying, in many markets, there are more buyers than homes for sale, which means buyers must be prepared to act fast, if they’re shopping this spring. More here.

Positive Economic News Moves Rates Higher


According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased across all loan categories last week. In fact, rates were up for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increase, according to MBA economist, Joel Kan, was due to positive economic news. “Treasury rates increased significantly last week, partly driven by the market’s reaction to more hawkish comments from key Fed officials and positive economic news on strong retail sales and declining jobless claims,†Kan told CNBC. In other words, when the economy is strong, interest rates move higher. But though mortgage rates are now higher than they’ve been in recent months, they are still low when compared to where they’ve been historically. That means, there are still opportunities for buyers to lock in a lower-than-normal mortgage rate when buying a home this spring. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

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Busy Buyers Say They Hope To Avoid Renovations


Unless you’re buying a new house, you’re likely to be choosing which house to buy based on how much work it might need. And if you don’t have the time and expertise to do the work yourself, you’re going to have to factor possible remodeling costs into your buying equation. In other words, it can get complicated. That’s why, today’s home buyer says they’re looking for a move-in ready home that requires very little renovation. Busy schedules and tight budgets mean many Americans don’t have the resources or time to invest in a major kitchen overhaul or bathroom upgrade. But is it realistic to expect to find the perfect home in perfect condition at a time when many markets have lower-than-normal inventory levels? Well, probably not. That’s why buyers should have an idea about what they will or won’t compromise on before heading out to shop homes. Conversely, home sellers should think about any investments they can make before listing that might help sell their house at a higher price.

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Buyers Come Out Despite Market Challenges


For the second straight month, sales of previously owned homes increased from one month earlier, according to new numbers from the National Association of Realtors. In fact, sales of single-family homes, townhomes, condos, and co-ops, rose 1.1 percent to an annual rate of 5.60 million in March. Lawrence Yun, NAR’s chief economist, says warmer weather may have had something to do with the sales pickup. “Robust gains last month in the Northeast and Midwest – a reversal from the weather-impacted declines seen in February – helped overall sales activity rise to its strongest pace since last November at 5.72 million,†Yun said. Put simply, low inventory and higher prices have made the housing market more challenging for buyers in some markets but overall demand is running high and, as the weather improves, may even see further gains. For interested buyers, that means available homes are selling fast this spring. The NAR reports that the typical property was on the market for just 30 days in March and half of the homes that sold were purchased in less than a month.

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Prices Below Peak In Nearly Half Of All Markets


If you’ve been at all interested in shopping for a home, you’ve likely heard news about rising home prices. Since the housing crash, home values have rebounded and, in some areas, the climb has been quick. However, news about increasing prices should be measured against how far they fell. In other words, though prices have rebounded, they are still below their previous peaks in many markets. In fact, according to recent numbers from ATTOM Data Solutions, median home prices are still below their pre-recession peaks in 46 percent of the 105 metro areas analyzed – including cities like Chicago, Baltimore, Tucson, Las Vegas, and New York-Newark-Jersey City. That’s why it’s always a good idea to look into where prices are in the specific neighborhoods where you’d most be interested in buying. Price increases will vary from one city to the next. So there may still be opportunities for buyers in the areas you’d like to live, despite home prices’ overall upward trend. More here.

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