Thinking About Buying A Home? Free eGuide For Buyers.

Thinking About Buying A Home? Free eGuide For Buyers.

The process of buying a home can be overwhelming at times, but you don’t need to go through it alone.

You may be wondering if now is a good time to buy a home…or if interest rates are projected to rise or fall. The free 22 page eGuide below will answer many of your questions and likely bring up a few things you didn’t even know you should consider when buying a home.

Check it out, and feel free to get in touch if you have any questions.

Buyer Guide Spring 2017

Big Issues For Today’s Buyers

Big Issues For Today’s Buyers.

We know the big issues for today’s buyers: lack of starter home inventory, rising interest rates, student loan debt and the hurdle of saving for a down payment. According to the Housing Aspiration Report saving for a down payment was a barrier for 70 percent of renters, topping other hurdles such as job security and qualifying for a mortgage. In a new Down Payment Resource survey of future home buyers, 85 percent said they were looking to buy a home in the next six months, but 63 percent did not have money saved for a down payment…

Down Payment Resource Center.

Is the down payment your only obstacle between you and having your own home?

Although most potential homeowners aren’t aware, there are hundreds of home ownership programs available to home buyers across the country. In fact, just within this area, there are many different programs to assist home buyers just like you in their path to home ownership!

We invite you to see which programs you may be eligible for by searching through the homes currently for sale in this area. In seconds, the free Down Payment Resource tool will identify the number of local programs you may qualify for, and if you’d like, you can request for us to contact you with more information about the home or the assistance programs available!

Donald Horne, Broker / Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com
810-338-0628
www.teamsuccesslisting.com
(blog / website)
www.teamsuccesslisting.net
(listings / searches)
You Tube Channel
15 Second Home Valuation

Bidding Wars To Heat Up This Spring

Bidding Wars To Heat Up This Spring

Likely to be a hallmark of this year’s spring home selling season: Bidding wars. As home listings are scarcer and buyer demand remains high, home shoppers are finding a lot more competition this spring, particularly in hot markets.

bidding wars “Home buyers are going to find this spring that, in a lot of markets, the inventory of homes priced and sized at price levels they were hoping for will be very limited,” Thomas Lawler, a former Fannie Mae economist who’s now a housing consultant in Leesburg, Va., told Bloomberg. Even “unlikely places are getting significantly tighter.”

An improving job market, growing consumer confidence, and the threat of rising mortgage rates have Americans flocking to housing. But many markets remain tight for listings. Housing starts remain well below levels prior to the recession and are geared more toward the higher end of the market. Homeowners also are reluctant to sell their existing home because they’re unsure of where they’d move to with the dearth of listings.

Homes are selling at a rapid clip in places like Denver, Seattle, Oakland, Grand Rapids, Mich.; Boise, Madison, and Omaha, according to the real estate brokerage Redfin.

Grand Rapids has seen a 27 percent decrease in the number of homes for sale over the past year. One listing alone reportedly attracted 40 bids.

“People need to get their houses on the market, but they’re gun-shy,” Tanya Craig, an associate broker with the Katie K team at Keller Williams, told Bloomberg. “Unless they know where they want to go, everyone is hesitant.”

Home buyers certainly aren’t being hesitant, if they can find a home they want. They’re in a rush for financing too. The 30-year fixed-rate mortgage has risen by more than half a percentage point since November 2016. The Federal Reserve last week voted to increase its benchmark interest rate by a quarter point and strongly hinted it would do so two more times this year.

The 30-year fixed-rate mortgage is expected to increase to 4.7 percent by the end of 2017 and could reach 5.5 percent next year, according to Lawrence Yun, the chief economist for the National Association of REALTORS®.

“In today’s market, many buyers think the trough in rates is over,” says Sam Khater, deputy chief economist at CoreLogic. “If you don’t get in now, it’s just going to be worse later. Rates will be higher, prices will be higher, and maybe inventory selection will be lower.”
References: Realtor Magazine, Bloomberg

Are you considering selling your home? If you are, we would love to meet with you soon to show you what comparable properties have recently sold for, give you an estimate of your home’s current market value and review with you our marketing program.

Donald Horne, Broker / Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com
810-338-0628
www.teamsuccesslisting.com
(blog / website)
www.teamsuccesslisting.net
(listings / searches)
You Tube Channel
15 Second Home Valuation

Forget The Snow, Spring Has Sprung In The Housing Market!

Forget The Snow, Spring Has Sprung In The Housing Market!

Entering real estate’s traditionally busiest time of year, the housing market is being buoyed by a stronger economy and consumer confidence. Job creation is 30 percent stronger this year compared to a year ago, unemployment is near a 9-year low, and wages and incomes are growing at the largest levels in about eight years, notes Jonathan Smoke, realtor.com®’s chief economist.

marketSome buyers are in more of a hurry this season too. In the last two weeks, the 30-year fixed-rate mortgage rose by nearly a quarter of a point. The Federal Reserve also has given strong indication that it plans to raise short-term rates later this week (even though mortgage rates aren’t directly tied to short-term rates, they do tend to have an influence). Smoke predicts three to four major increases in mortgage rates this year. He expects rates to rise by from 10 to 25 basis points in one- to two-week spurts, followed by some holding patterns.

“The upside of higher rates is that it is getting easier to get a mortgage,” Smoke says. Mortgage credit access has increased 6.5 percent since September, the Mortgage Bankers Association reports.

“Arguably the biggest challenge to buyers this spring will be simply finding a home to buy and getting it successfully under contract,” Smoke says. “That’s because the supply of homes for sale is at an all-time low, and yet demand is strong and getting stronger.”

In January, the nation saw the lowest inventory of homes available for sale ever at realtor.com®. Inventory did manage a 2 percent increase in February, but it’s still down 11 percent compared to last year.

With lower inventories and higher demand, homes are selling faster. Twenty-seven percent of listings sold in less than 30 days in February, according to realtor.com®’s data.

“The early birds who decided to buy in the winter faced less competition and enjoyed lower rates than we are seeing now,” Smoke says. “It gets more expensive and more competitive going forward, but the early-ish buyer, at this point, is still likely to come out on top, when you consider that prices and rates are likely to be much higher later in the year.”
References: Realtor Magazine, Realtor.com 

Are you considering selling your home? If you are, we would love to meet with you soon to show you what comparable properties have recently sold for, give you an estimate of your home’s current market value and review with you our marketing program.

Donald Horne, Broker / Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com
810-338-0628
www.teamsuccesslisting.com
(blog / website)
www.teamsuccesslisting.net
(listings / searches)
You Tube Channel
15 Second Home Valuation

New Reality? Buyers Face Fewer Choices

New Reality? Buyers Face Fewer Choices.

Many markets are seeing so few new listings that they may not be able to meet the strong buyer demand heading into real estate’s traditionally busiest season. Listings are down more than 7 percent compared to a year ago across the country, according to the latest data by the National Association of REALTORS®.

Where Homes Are Selling the Fastest

choicesRealtor.com® inventory data shows the following metro areas had listings that stayed on the market the shortest amount of time in January:

  • San Jose-Sunnyvale-Santa Clara, Calif.: 43 days
  • San Francisco-Oakland-Hayward, Calif.: 47 days
  • San Diego-Carlsbad, Calif.: 55 days
  • Seattle-Tacoma-Bellevue, Wash.: 57 days
  • Nashville-Davidson-Murfreesboro-Franklin, Tenn.: 58 days
  • Vallejo-Fairfield, Calif.: 58 days
  • Greeley, Colo.: 58 days

“Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range,” says Lawrence Yun, NAR’s chief economist.

Realtor.com® notes that the following markets are particularly very light on listings:

  • Chicago: -13% (active listings compared to a year ago)
  • Philadelphia: -14%
  • Washington: -15%
  • Seattle: -17%
  • Minneapolis: -18%
  • St. Louis: -12%
  • Baltimore: -16%
  • Cleveland: -18%
  • Orlando, Fla.: -19%

On the other hand, home shoppers may find more choices this year in a few select markets. Notably, Las Vegas is seeing an 18 percent increase in active listings compared to a year ago; Pittsburgh is seeing a 9 percent increase; and Houston and San Antonio are posting a 6 percent increase.
References: Realtor Magazine, CNBC, NAR

Are you considering selling your home? If you are, we would love to meet with you soon to show you what comparable properties have recently sold for, give you an estimate of your home’s current market value and review with you our marketing program.

Donald Horne, Broker / Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com
810-338-0628
www.teamsuccesslisting.com
(blog / website)
www.teamsuccesslisting.net
(listings / search)

Here Come 59 Million Buyers!

Here Come 59 Million Buyers!

One in four U.S. adults say they are considering buying a home this year, which extrapolates to a whopping 59 million people, according to a recent survey by Bankrate.com.

Minorities are expected to be big buyers this year. More than two in five black survey respondents said they were considering buying a home. That is more than double the percentage of potential white buyers.

Also, older millennials and Generation X – which encompasses the ages of 27 to 52 – are showing more willingness to either become homeowners or trade up to a new home, the survey showed.

Young adults have mostly delayed home ownership. “They have been stymied by stagnant wages, student loans, and a lack of available starter homes,” Lewis says. “If enough affordable homes are put on the market, we might see a surge of first-time home buyers in their early to mid-30s.”

Lewis notes, however, what many people say is not always what they’ll be able to do. Rising mortgage rates and an uptick in home prices could prevent some would-be home buyers from saving enough for a down payment and limited inventories could delay their efforts in finding a suitable home to buy.

About 6 million new and existing homes were sold last year, according to the National Association of REALTORS® and U.S. Census data.
References: Realtor.com, Realtor Magazine

Are you considering selling your home? If you are, we would love to meet with you soon to show you what comparable properties have recently sold for, give you an estimate of your home’s current market value and review with you our marketing program.

Donald Horne, Broker / Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com
810-338-0628
www.teamsuccesslisting.com
(blog / website)
www.teamsuccesslisting.net
(listings / search)

Buyers Will Pay More For Smart Tech Features

“smart-home technology can definitely add to market value”

Home buyers are willing to pay extra in order to have a smart home, according to several new studies. Network-connected thermostats, security devices, appliances, and lighting already installed in a home may help home owners sell their properties faster and for more money, reports The Washington Post on the studies’ findings.

techFifty-seven percent of home shoppers eyeing older homes say they would consider them updated and more appealing if they had smart-home features installed, according to a survey of 1,250 American adults conducted by Coldwell Banker Real Estate. Sixty-one percent of millennials say they would favor a home that had smart-home features; 59 percent of parents with children living in the house say they would too.

Another recent survey this year conducted by John Burns Real Estate Consulting also found Americans heavily favoring, and willing to pay extra for, smart-home features when shopping for a home. Sixty-five percent of nearly 22,000 home buyers surveyed said they’d be willing to spend more for a home with smart-home technology. More than half of those surveyed said they’d be willing to pay extra for interior and exterior security cameras, network-connected appliances, doorbells with text alerts and access to security cameras, smart air filtration vents, and more.

Some appraisers say they are making adjustments when comparing a smart home with a similar home that does not have such features.

“Smart-home technology can definitely add to market value,” Pat Turner, an appraiser in Richmond, Va., told The Washington Post. “If you have the data showing that houses with smart technology sell for more, then you’ve got to.”
References: The Washington Post, RealtorMag

Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Phone 810-338-0628
teamsuccesslisting@gmail.com
www.teamsuccesslisting.com
www.teamsuccesslisting.net

5 Things Renters Should Know About Owning

moving can already be one of the most stressful times in a person’s life…”

For renters who aspire to be home owners, transitioning from an apartment to a house requires a shift in their thinking that they may not be prepared to make. The financial changes that come with owning, the need to consider planting longer-term roots in a neighborhood, and new neighborhood rules are things renters may not be thinking about enough.

Moving can already be one of the most stressful times in a person’s life, but it may be doubly so for a new home owner.

Renters need to understand how their financial investment is changing. Renters may see an increase in their monthly rent every lease term, but they don’t see exactly where it goes — toward property taxes and insurance, even “luxuries” such as trash pickup. As home owners, they don’t have a landlord who handles all those details, so they need to be ready to juggle the financial responsibilities of home ownership.

Renters need to be happy with their location for the long-term. As a renter, you can bounce around from home to home every year if you want. But when you own a home, you have to stay put — unless you plan on renting it out, which most home owners don’t.

Renters may need to abide by new rules. Renters don’t think about possible homeowner association rules they may be governed by, such as trash pickup rules or any curfews or rules pertaining to animals. Make sure to get all the information on neighborhood rules and associations.

Renters need to get into the mindset of an owner. Life as you know it is about to change. Once you purchase a new home, you will no longer have a landlord to tend to your many needs, including lawn care and plumbing.

Renters should know their neighbors can affect their value. Renters don’t care who their neighbors are as long as they’re quiet (enough). But they are now going to want to know whether their new neighbors are renters or home owners. This knowledge can help you gauge current and future home values in the neighborhood. If the neighborhood consists mostly of rental properties, it is likely a home owner will lose money on their house in the future. Renters do not always feel responsible for maintaining their properties the way home owners do. Property value comes down to curb appeal. Less-appealing neighborhoods often have more-appealing prices, which is not always good for buyers and home owners.
References: EverSafe Moving Co.

Any questions or concerns about this blog or anything real estate, please contact us direct.

Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Lapeer Office   810-338-0628
teamsuccesslisting@gmail.com
Team Success Listing Website
Find Out Your Home’s Value Instantly

What 55-Plus Buyers Are Looking For

baby boomers are expected to continue to have a major impact on the housing market …”

Baby boomers say first impressions count when they enter a new community. They are closely sizing up neighborhood amenities like the pool, clubhouse area, and walking trails. They’re also looking at the location of the community, judging how near it is to shopping, dining, medical services, and entertainment.

Hanley Wood and home builder Taylor Morrison identified what the 55-plus age group of home buyers are searching for in a home through surveys and focus groups. At 77 million strong, baby boomers are expected to continue to have a major impact on the housing market for years to come, and builders are closely paying attention to what they want in their home.

Baby boomers say that space is very important to them in their home-buying decision, and they seek a home with openness and flow. Just how big of a home do they want? The Home Buyer Study conducted by the Farnsworth Group found that:

  • 18.1% want a house under 2,000 square feet
  • 48.6% want a house between 2,000 and 2,999 square feet
  • 20.8% want a house between 3,000 and 3,999 square feet

What’s more, 81 percent say they find more space in a less populated community more appealing than having less space in a more populated community.

Baby boomers also are looking for large common spaces with open floor plans, high ceilings, and natural light, the surveys showed. Integrated indoor and outdoor space also was important as well as sheltered areas, native plants, sustainable and energy efficient technology and materials, and sufficient storage space.

“Information gleaned from the focus group helps set the stage on what the 55+ home buyer desires in a new home and how the industry should be building its homes,” says John McManus, Editorial Director of Hanley Wood’s Residential Group. “These influential buyers want a fresh start in a vital, connected, accessible new-home environment. And, as millions of baby boomers across the country begin the next phase of their lives, buying the right home is top of mind for them.”
References: RealtorMag, Builder 

Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Oxford Office   248-969-8065
Lapeer Office   810-338-0628
teamsuccesslisting@gmail.com
Team Success Listing Website
Find Out Your Home’s Value Instantly

Buyer Traffic Strong, Sellers Still Hesitant

buyer traffic in their market this summer was “strong” or “very strong,” while most described seller traffic as weak…”

Housing demand remains strong this summer, even as inventory issues persist in many markets across the country, according to the REALTORS® Confidence Index for June.

The majority of real estate professions said buyer traffic in their market this summer was “strong” or “very strong,” while most described seller traffic as “weak.” The places seeing more home selling this summer include those buyer trafficwith slower job growth, like North Dakota, Wyoming, New Mexico, and Texas, and there are indications those places will soon be buyer’s markets.

Overall housing demand this summer is on the rise due to more jobs being created and by low mortgage costs. According to NAR Research, “Job creation is strongly associated with the demand and supply of homes: strong job growth improves the prospect for home ownership, while job contraction in an area may lead to more homes being sold as people move out of the area.”

Here are five highlights from the latest REALTORS® Confidence Index:

  • First-time buyers accounted for 33 percent of sales in June.
  • Around 22 percent of sales last month were paid in cash.
  • Fifty percent of properties sold last month were on the market for 34 days or less, the same percentage as June of last year.
  • Real estate professionals think home prices will increase 3.6 percent in the next 12 months.
  • Key issues affecting real estate sales this summer are: Lack of housing supply,  homes becoming more un-affordable, appraisal woes, and lender processing delays.
    References: RealtorMag, NAR

Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Oxford Office   248-969-8065
Lapeer Office   810-338-0628
teamsuccesslisting@gmail.com
Team Success Listing Website
Find Out Your Home’s Value Instantly