You’ll find my blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because I care about the community and want to help you find your place in it. Please reach out if you have any questions at all. I would love to speak with you!
HOME VALUES WILL CONTINUE TO RISE
Get ready for another strong year! U.S. home values and sales volume will continue to rise in 2018.
Experts agree that home prices will increase this year, but predict a slower rate of appreciation than 2017, which clocked in at nearly 7 percent nationwide. National Association of Realtors (NAR) Chief Economist Lawrence Yun predicts a growth rate this year of 5.5 percent, while Freddie Mac’s September Outlook Report forecasts a rate of 4.9 percent. Either way, all indicators point towards continued growth in 2018.
What does it mean for you?
If you’re a current homeowner, real estate proves once again to be a solid investment over the long term. If you’re in the market to buy this year, don’t wait any longer. Prices will continue to go up, so you’ll pay more six months from now than you would today.
NEW CONSTRUCTION WILL MAKE REAL ESTATE MORE ACCESSIBLE
Lack of inventory in the housing market has been a primary impediment to homeownership for many Americans. “Ten years ago, the problem in the housing market was lack of buyers,” says Yun. “Today, the problem is lack of sellers. Inventory levels are near historic lows.” And this lack of inventory has pushed prices up beyond levels affordable for many first-time buyers.
The good news? Yun expects a 9.4 percentage point increase in single-family new home construction starts.
Economists predict that builders will focus more on entry-level homes this year, due to increasingly high demand. Robert Dietz, of the National Association of Home Builders, agrees. “The markets that are going to grow are ones where builders can add that entry level product.”
The new entry-level construction will come with a catch though … it will be located in the suburbs, where the availability of land and fewer zoning requirements make it more cost-effective to build. Economists predict that’s where millennials and first-time buyers will flock for the greater variety of homes at affordable prices. In fact, the National Association of Realtors’ 2017 Home Buyer and Seller Generational Trends found that 57 percent of millennial buyers opted for a suburban location.
What does it mean for you?
If you’ve been frustrated by lack of inventory in the past, or are looking for more space for your growing family, 2018 may bring new opportunities for you to build a budget-friendly home in the suburbs, customized to suit your needs.
INTEREST RATES WILL RISE
No one knows exactly what will happen with mortgage rates this year, but the Mortgage Bankers Association anticipates the Federal Reserve will raise rates three times in 2018, with Freddie Mac’s 30-year fixed rate mortgage reaching 4.8 percent by the end of Q4, up from around 4 percent at the end of 2017.
Kiplinger.com Economist David Payne also predicts interests rates will rise this year, with short-term rates outpacing long-term rates as the Fed aims to curb inflation in a tightening job market. He predicts the bank prime rate that home equity loans are based on will increase from 4.25 percent to 5 percent by the end of 2018.
What does it mean for you?
If you’re in the market to buy, act now before interest rates go up! And if you’re a current homeowner who is considering refinancing or a home equity loan, don’t wait.
I'M HERE TO HELP
While national real estate numbers and predictions can provide a “big-picture” outlook for the year, real estate is local. And as a local market expert, I can guide you through the ins and outs of our market, and the local issues that are likely to drive home values in your particular neighborhood.
If you are considering buying or selling a home in 2018, contact me now to schedule a free consultation. I can help you figure out the best to time to list your home, or begin your property search, and develop an action plan to ensure you meet your real estate goals this year.
When considering a real estate brokerage, the name DID matter to me. I'm not talking about the a corporate name or franchise. This is a personal choice, but the companies I knew that fit that description were not a cultural fit for my personality. To me, the company name is a direct reflection of my core values.
I was looking for innovative, fresh, but MOST OF ALL, REPUTATION. Ethical reputation. Solid representation.
It was to no surprise that the company I found that fit this profile also happened to be #1 in marketshare in this area. This company was founded by one of most incredible woman I know of. Her story is inspirational.View More
You have a well qualified buyer. The loan process (and entire transaction) seems to be going so smooth. These buyers have all of their financial ducks in a row, have worked hard over the years to maintain great credit, they have all their information together, and provide any necessary documention right away. Wow-dream buyers!
You meet with them as closing approaches and they pull up in their brand new car! <record screech>
What went wrong here? Unfortunately, this happens all too often: The buyers simply were not informed: NOOOO!View More
Sell Or Remodel - Which Is Right For You?
Whether the initial love has faded, or your home just doesn’t work for you and your family anymore, deciding between selling your home and
remodeling can sometimes be a difficult decision. So what should you
consider before making the decision to ensure that you will be more satisfied with the end result than you are with your home now?
What Is The Current Condition Of Your Home?
If part of the reason your home isn’t working for you or your family anymore is that several areas of the home need updating or improving, then you may want to reconsider selling your home. Often an outdated kitchen and bathroom can have a considerable effect on the resale value of your home, and a renovation of these areas may be necessary anyway to get the maximum profit from your home.
What Is It You Need From Your Home?
If you are thinking of selling your home because its current size or the size of your property is no longer working for you, or if the area in which the house is located no longer serves the needs of your family, then selling your home is likely the best choice versus a remodel.View More