by Keeping Current Matters
The price of any item is determined by supply, as well as the market’s demand for the item. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand).Buyer DemandThe map below was created after asking the question: “How would you rate buyer traffic in your area?”The darker the blue, the stronger the demand for homes is in that area. The survey shows that in 3 of the 50 U.S. states, buyer demand is now very strong; only 2 of the 50 states have a ‘weak’ demand. Overall, buyer demand is slightly lower than this time last . . .

by Keeping Current Matters
In today’s real estate market, more houses are coming to market every day. Eager buyers are searching for their dream homes, so setting the right price for your house is one of the most important things you can do.According to CoreLogic’s latest Home Price Index, home values have risen at over 6% a year over the past two years, but have started to slow to 3.6% over the last 12 months. By this time next year, CoreLogic predicts home values will be 5.4% higher.With prices slowing from their previous pace, homeowners must realize that pricing their homes a little over market value to leave room for negotiation will actually dramatically decrease the number of buyers who will see their listing (see the chart below).Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house so demand for the home is . . .

by Keeping Current Matters
Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home, but before you make any large purchases, move your money around, or make any big-time life changes, consult your loan officer – someone who will be able to tell you how your decisions will impact your home loan.Below is a list of Things You Shouldn’t Do After Applying for a Mortgage. Some may seem obvious, but some may not.1. Don’t Change Jobs or the Way You Are Paid at Your Job. Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.2. Don’t Deposit Cash into Your Bank Accounts. Lenders need to source your money, and cash is not really . . .

by Keeping Current Matters
Freddie Mac, Fannie Mae, and the Mortgage Bankers Association are all projecting home sales will increase nicely in 2020.Below is a chart depicting the projections of each entity for 2019, as well as for 2020.As we can see, Freddie Mac, Fannie Mae, and the Mortgage Bankers Association all believe homes sales will increase steadily over the next year. If you’re a homeowner who has considered selling your house recently, now may be the best time to put it on the . . .

by Keeping Current Matters
Below are 5 compelling reasons listing your home for sale this fall makes sense.1. Demand Is StrongThe latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase…and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.Take advantage of the buyer activity currently in the market.2. There Is Less Competition NowHousing inventory is still under the 6-month supply that is needed for a normal market. This means that in the majority of the country, there are not enough homes for sale to satisfy the number of buyers.Historically, a homeowner would stay an average of six years in his or her home. Since 2011, . . .

by Keeping Current Matters
Mortgage rates have fallen by over a full percentage point since Q4 of 2018, settling at near-historic lows. This is big news for buyers looking to get more for their money in the current housing market.

According to Freddie Mac’s Primary Mortgage Market Survey, “the 30-year fixed-rate mortgage (FRM) rate averaged 3.60 percent, the lowest it has been since November 2016.”Sam Khater, Chief Economist at Freddie Mac, notes how this is great news for homebuyers. He states,“…consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.”As a potential buyer, the best thing you can do is work with a trusted advisor who can help you keep a close eye on how the market is changing. Relying on current expert advice is more important than ever when it comes to making a . . .

by Keeping Current Matters
Every three years, the Federal Reserve conducts its Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016.The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.Owning a home is a great way to build family wealth.As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.That is why Gallup reported Americans picked real estate as the best long-term . . .

by Keeping Current Matters
Fannie Mae just released the July edition of their Home Purchase Sentiment Index (HPSI). The HPSI takes information regarding consumers’ confidence in the real estate market from Fannie Mae’s National Housing Survey and condenses it into a single number. Therefore, the HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions.Great News! The index reached its highest level since Fannie Mae began their survey. Breaking it down, the report revealed:The share of Americans who say it is a good time to buy a home increased from the same time last year.The share of those who say it is a good time to sell a home increased from the same time last year.The share of Americans who say they are not concerned about losing their job over the next 12 months increased dramatically (16 percentage points) from the . . .

by Keeping Current Matters
On his personal website, self-made millionaire David Bach makes a striking statement: “Not prioritizing homeownership is the single biggest mistake millennials are making.”  He further stated, “Buying a home is an escalator to wealth.”Bach explains:“Young adults in particular aren’t hopping on this escalator, and it’s a costly mistake…If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none.”He then elaborates on the game of homeownership:“Start by crunching the numbers…actually do the math…This way, you’re really clear on your goals and you won’t just say to yourself, ‘I’ll never afford this!’ A good rule of thumb is to make sure your total monthly housing payment doesn’t consume more than 30 percent of your take-home pay.” Bach . . .

by Keeping Current Matters
The current housing landscape presents greater home values, low interest rates, and high buyer demand. All of these factors point to the strong market forecasted to continue throughout the rest of the year.There is, however, one thing that may cause the industry to tap the brakes: an overall lack of housing inventory. Buyer demand naturally increases during the summer months, but the current supply is not keeping up.Here is a look at what a few industry experts have to say:Lawrence Yun, Chief Economist at National Association of Realtors“Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices.”Mark Fleming, Chief Economist of First American“Market conditions are ripe for increasing home sales with one glaring exception. . . .