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National Housing Report, August: What It Means For You
(Extracted from RE/MAX official website)
The latest RE/MAX National Housing Report, "Inventory Improves; Sales, Prices Rise Higher," provides some helpful insights into what’s happening in the housing market in your region and across the country. The report is a comprehensive monthly snapshot of the current state of housing across 52 metropolitan areas in the U.S. Here's what the latest report could mean for buyers and sellers:
Buyers: With rising prices and fewer homeowners underwater, inventory levels are improving as more sellers opt to put their homes on the market. Eighteen metro areas reported increases in available inventory in July, an early sign that low inventory levels are beginning to stabilize. If you’re considering buying in the near future, keep an eye on mortgage rates and get pre-approved for a loan – that way you’re ready to act quickly when the right property comes along.
Sellers: It’s still a strong seller’s market. The number of sales was up slightly in July, and prices were 17 percent higher than last July. That’s great news! Prices are expected to remain stable over the next few months, but are unlikely to rise dramatically as inventory levels stabilize. Keep in mind that as mortgage rates climb, some buyers might be prompted to act before rates get too high. If you’ve been thinking about selling, now might be the perfect time to capitalize on buyer demand.
Whether you’re a buyer or seller, keep in mind that all real estate is local. For more information on your local market, find a RE/MAX agent who is ready to help you find your perfect fit.
What To Look For When Buying Real Estate:
(Extracted from RE/MAX official website)
The first thing that most of us think of is the adage... "location, location, location". While that is certainly very critical, there are many other things to consider when buying real estate. Here are some universal guidelines.
- How long you intend to stay in a home. This is an important question to consider because moving is quite expensive. If you're in a temporary job and may soon be relocating to another city or even state, renting rather than owning might be a better option. While none of us entirely knows how our future will play out, understanding how long you expect to stay in your home allows you the chance to decide how large a home you want. If you're a young couple, a home that is able to grow with you might be appealing. Whether you're buying a home to live in or as a rental, the next series of tips can help in either circumstance. What makes a home more comfortable to its owners can also make it more attractive to renters.
- Job market. It's always a good idea to check the U.S. Bureau of Labor Statistics to see how the employment is in an area that you are considering purchasing a home. Areas with lower unemployment, of course, are most attractive. The greater the demand for jobs in an area, the more likely home prices are to go up.
- Check area vacancies. This may not seem that important if you're planning to live in the home but actually this is a good thing to know even if you don't rent your home. If there are lots of vacancies compared to surrounding areas, there could be a slowing in the market. If you're planning to rent the home, you'll want to make sure that you have enough savings to cover expenses any time when your home sits vacant. If the market is slowing, there could be a period of several months before you get a quality tenant in place. Being prepared will ease the stress.
- Natural disasters. Believe it or not, some people like a home so much that they disregard the natural disasters in the area. This isn't to say that buyers should say, "Well, I can't buy a home in California because they have occasional earthquakes." Rather, some buyers are willing to gamble big time. For instance, they are willing to buy homes that are located on unstable cliffs where the cliffs are eroding year after year. Insurance... if you can get it... will certainly be higher. Natural disaster-prone areas such as flood zones may require additional insurance and a strong stomach to endure the stress. Ultimately, what to look for when buying real estate is about considering the things that will matter not just in this moment but in the years to come. Having a good strong foundation beneath your home and a safe neighborhood are key components to creating a happy homeownership and good investment.
Location Matters: 5 Factors To Consider In Your Home Search
(Extracted from RE/MAX official website)
You’ve probably heard the real estate mantra: “Location, location, location.” It’s the key deciding factor in your home search and for good reason.
The location of your home dictates a lot of things: quality of life, school choices, commute times and social interactions. Even if you find the home of your dreams, never sacrifice on location. If you can’t seem to find the right home in the right location, you might need to adjust your price range or wish list as a compromise to get into the neighborhood you love.
If you’re thinking of buying a new home, consider these five location factors:
Schools
If you have children, this is probably at the top of your consideration list. Make sure you thoroughly research schools that serve the neighborhoods you’re most interested in to ensure you get the exact quality of education you want for your kids.
Commute times
Pick your neighborhood wisely so you don’t wind up spending more time in traffic than actually enjoying your new home. When you embark on your home search , pay attention to how far your desired neighborhoods are from public transit (buses, commuter rails, subways, etc.), as well as major highways. Decide how much traffic you’re willing to deal with going to and from work every day and whether the tradeoff of living in your dream neighborhood is worth the extra commute time.
Lifestyle
Do you want to live in a historic urban neighborhood? Looking for a quiet, family-friendly suburb? The quality of life you desire is dependent upon your lifestyle needs, and you want to live in a place that will, above all else, make you and your family happy. Drive through the neighborhoods you’re interested in, walk around, and visit small businesses to get a better sense of what living in those places might be like. In other words, don’t just rely on online searches and reviews to make your decision; you have to see it all for yourself.
Local amenities
Do you want to live near amenities like restaurants, shopping and family attractions? Or are you seeking an escape from the hustle and bustle? Keep these items in mind as you embark on your home search.
Resale value
It seems odd to think about selling down the road when you’re thinking about buying, but property values are an important consideration for buyers who might want to move again in five or 10 years. Your RE/MAX agent can help you determine average prices for your target neighborhoods. Also, look at property taxes over the years to get a sense of how much (or how little) those payments could fluctuate in the future.
