Tuesday, September 26, 2017

Top 5 Reasons Why Millennials Choose to Buy


Top 5 Reasons Why Millennials Choose to Buy
Top 5 Reasons Why Millennials Choose to Buy [INFOGRAPHIC] | MyKCM

Some Highlights:

  • “The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home.”
  • The top reason millennials choose to buy is to have control over their living space, at 93%.
  • Many millennials who rent a home or apartment prior to buying their own homes dream of the day that they will be able to paint the walls whatever color they'd like, or renovate an outdated part of their living space.
  • Source: Keeping Current Matters

Call Me For All of Your Real Estate Needs!!


Debbie Mignogna, ABR, SRS
Your Blue Bell Realtor
BHHS Fox & Roach Realtors
267-640-1120




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Home Sales Expected to Increase Nicely in 2018

Home Sales Expected to Increase Nicely in 2018

Home Sales Expected to Increase Nicely in 2018 | MyKCM
Freddie Mac, Fannie Mae, and The Mortgage Bankers Association are all projecting that home sales will increase in 2018. Here is a chart showing what each entity is projecting in sales for the remainder of this year and the next.
Home Sales Expected to Increase Nicely in 2018 | MyKCM
As we can see, each entity is projecting sizable increases in home sales next year. If you have considered selling your house recently, now may be the time to put it on the market.



Call Me For All of Your Real Estate Needs!!


Debbie Mignogna, ABR, SRS
Your Blue Bell Realtor
BHHS Fox & Roach Realtors
267-640-1120




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More Americans Say Now is a Good Time to Sell!


More Americans Say Now is a Good Time to Sell!

More Americans Say Now is a Good Time to Sell! | MyKCM
Recently released data from Fannie Mae’s National Housing Survey revealed that rising home prices were the catalyst behind an eight-point jump in the net percentage of respondents who say now is a good time to sell. The index is now 21 points higher than it was this time last year.
Overall, 62% of Americans surveyed said that now is a good time to sell (up from 58%), while 26% of respondents said that now is not a good time to sell (down from 30%). The net score is the difference between the two percentages, or 36%.
According to CoreLogic, home prices are now up 6.7% over last year and 78.8% of homeowners with a mortgage in the US now have significant equity (defined as 20% or more).
As home prices have increased, more and more homeowners have realized that now is a good time to sell their homes in order to take advantage of the extra equity they now have.
At the same time, however, rising prices have had the exact opposite impact on the good-time-to-buy scale as many buyers are nervous that they will not be able to afford a home; the net score dropped 5 points to 18%.
Doug Duncan, Vice President & Chief Economist at Fannie Mae, had this to say,
“In the early stages of the economic expansion, home selling sentiment trailed home buying sentiment by a significant margin. The reverse is true today.
The net good time to sell share is now double the net good time to buy share, with record high percentages of consumers citing home prices as the primary reason for both perceptions. Such a sizable gap between selling and buying sentiment, if it persists, could weigh on the housing market through the rest of the year.”
Buyer demand continues to outpace the supply of homes for sale, which has driven prices up across the country. Until the supply starts to better match demand, there will be a gap between the sentiments surrounding buying and selling.

Bottom Line

If you are considering listing your home for sale this year, now is the time!


Call Me For All of Your Real Estate Needs!!


Debbie Mignogna, ABR, SRS
Your Blue Bell Realtor
BHHS Fox & Roach Realtors
267-640-1120




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Why Are So Few Homes for Sale?


Why Are So Few Homes for Sale?

Why Are So Few Homes for Sale? | MyKCM
There is no doubt that the largest challenge in today’s housing market is a lack of housing inventory for sale. This challenge has been defined as an “overwhelming lack of supply,”and even a “straight up inventory crisis.”
First American just released the results of a survey which sheds light on the reasons for the current lack of supply.
The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets. Here are the results of the survey:
  • 47% - existing homeowners are worried that they will not be able to find a home to buy
  • 26.5% - first-time buyer demand is absorbing a large share of available homes
  • 11.3% - existing homeowners’ mortgage rates are lower than the current rates
  • 10.6% - insufficient or negative equity in the home
  • 4.6% - foreign buyer demand is absorbing a large share of available homes
As the survey revealed, there is a shortage of current homeowners willing to put their homes on the market for one of three reasons (see numbers 1, 3 and 4 above).

Is this an opportunity for some homeowners?

The report on the survey explains:
“The crowd has spoken, and it seems in many markets home buyers and sellers alike are ‘imprisoned’ by the lack of housing inventory."
That leaves a tremendous opportunity for every homeowner not facing these concerns. If you can put your home on the market today, you are subject to far less competition than at any time in recent history. That will result in your home selling quickly and for the highest possible price.

Bottom Line

While many homeowners are feeling imprisoned for multiple reasons, those who are not handcuffed by these concerns have a once in a lifetime opportunity to sell their houses at a peak selling time.

Call Me For All of Your Real Estate Needs!!


Debbie Mignogna, ABR, SRS
Your Blue Bell Realtor
BHHS Fox & Roach Realtors
267-640-1120




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Lack of Existing Home Inventory Slows Sales Heading into Fall

Lack of Existing Home Inventory Slows Sales Heading into FallLack of Existing Home Inventory Slows Sales Heading into Fall [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.
  • First-time homebuyers made up 31% of all sales in August.
  • Homes are selling quickly with 51% of homes on the market for less than a month.
  • A limited supply continues to drive up prices for the 66th consecutive month.

Call Me For All of Your Real Estate Needs!!


Debbie Mignogna, ABR, SRS
Your Blue Bell Realtor
BHHS Fox & Roach Realtors
267-640-1120




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More Than Half of All Buyers Are Surprised by Closing Costs


More Than Half of All Buyers Are Surprised by Closing Costs

More Than Half of All Buyers Are Surprised by Closing Costs | MyKCM
According to a survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.
After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.
“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”
Bankrate.com gathered closing cost data from lenders in every state and Washington, D.C. in order to share the average costs in each state. The map below was created using the closing costs on a $200,000 mortgage with a 20% down payment.
More Than Half of All Buyers Are Surprised by Closing Costs | MyKCM
Keep in mind that if you are in the market for a home above this price range, your costs could be significantly greater. According to Freddie Mac,
“Closing costs are typically between 2 and 5% of your purchase price.”

Bottom Line

Speak with your lender and myself early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.



Call Me For All of Your Real Estate Needs!!


Debbie Mignogna, ABR, SRS
Your Blue Bell Realtor
BHHS Fox & Roach Realtors
267-640-1120




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Tuesday, August 15, 2017

Homes Are Selling Quickly Nationwide


Homes Are Selling Quickly Nationwide

The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report, which revealed that homes were on the market for an average of 28 days in June. This is a slight increase from the 27 days reported in May, but down from 34 days reported a year ago.

54% of homes across the country were on the market for less than a month in June!

Among the 27 states with homes selling in 30 days or less are Washington, Utah, California, and Colorado. The map below was created using results from NAR’s Monthly Realtors Confidence Index Survey.
Homes Are Selling Quickly Nationwide | MyKCM

Bottom Line

Buyer demand is increasing as the inventory of homes available for sale remains low. If you are thinking about listing your home for sale this year, let’s meet up so I can help you take advantage of current market conditions!


Call Me For All of Your Real Estate Needs!!


Debbie Mignogna, ABR, SRS
Your Blue Bell Realtor
BHHS Fox & Roach Realtors
267-640-1120





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Your Opportunity to Achieve the American Dream Keeps Getting Better!

Your Opportunity to Achieve the American Dream Keeps Getting Better! | MyKCM
Forbes.com recently released the latest results of their American Dream Index, in which they measure “the prosperity of the middle class, and…examine which states best support the American Dream.”
The monthly index measures several different economic factors, including goods-producing employment, personal and commercial bankruptcies, building permits, startup activity, unemployment insurance claims, labor force participation, and layoffs.
The national index score was rounded out to 100.0 in January as a baseline for comparison and it rose the fourth straight month in a row to 101.8.
Alaska, coming in at 89.4, represented the lowest score on the index due in part to the recent collapse in oil prices. In contrast, Wyoming came in with the highest score at 115.1. The full results can be seen in the map below.
Your Opportunity to Achieve the American Dream Keeps Getting Better! | MyKCM
Forbes Senior Editor Kurt Badenhausen explained why many states saw a boost in the index last month:
“The American Dream Index rose for the fourth straight month to 101.8 propelled by gains in goods-producing jobs and building permits, as well as declines in unemployment claims and mass layoffs.
Goods-producing jobs (manufacturing, mining, construction and agriculture) were up for the ninth straight month in May…Building permits rose for the fourth straight month compared to the prior year.”

Bottom Line

The American Dream, for many, includes being able to own a home of one’s own. With the economy improving in many areas of the country, that dream can finally become a reality.


Call Me For All of Your Real Estate Needs!!


Debbie Mignogna, ABR, SRS
Your Blue Bell Realtor
BHHS Fox & Roach Realtors
267-640-1120





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Which Homes Have Appreciated the Most?



Which Homes Have Appreciated the Most?


Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 7.1%. CoreLogic, in their most recent Home Price Insights Report, reveals that national home prices have increased by 6.9% year-over-year.
The CoreLogic report broke down appreciation even further into four different price categories:
  1. Lower Priced Homes: priced at 75% or less of the median
  2. Low-to-Middle Priced Homes: priced between 75-100% of the median
  3. Middle-to-Moderate Priced Homes: priced between 100-125% of the median
  4. High Price Homes: priced greater than 125% of the median
Here is how each category did in 2016


Bottom Line

The lower priced homes (which are more in demand) appreciated at greater rates than the homes at the upper ends of the spectrum.

Call Me For All of Your Real Estate Needs!!


Debbie Mignogna, ABR, SRS
Your Blue Bell Realtor
BHHS Fox & Roach Realtors
267-640-1120




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The Foreclosure Crisis: 10 Years Later



The Foreclosure Crisis: 10 Years Later



CoreLogic recently released a report entitled, United States Residential Foreclosure Crisis: 10 Years Later, in which they examined the years leading up to the crisis all the way through to present day.
With a peak in 2010 when nearly 1.2 million homes were foreclosed on, over 7.7 million families lost their homes throughout the entire foreclosure crisis.
Dr. Frank Nothaft, Chief Economist for CoreLogic, had this to say,
“The country experienced a wild ride in the mortgage market between 2008 and 2012, with the foreclosure peak occurring in 2010. As we look back over 10 years of the foreclosure crisis, we cannot ignore the connection between jobs and homeownership. A healthy economy is driven by jobs coupled with consumer confidence that usually leads to homeownership.”
Since the peak, foreclosures have been steadily on the decline by nearly 100,000 per year all the way through the end of 2016, as seen in the chart below.
If this trend continues, the country will be back to 2005 levels by the end of 2017.

Bottom Line

As the economy continues to improve, and employment numbers increase, the number of completed foreclosures should continue to decrease.


Call Me For All of Your Real Estate Needs!!


Debbie Mignogna, ABR, SRS
Your Blue Bell Realtor
BHHS Fox & Roach Realtors
267-640-1120




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