With most housing markets at a low risk for a downturn, the 2018 edition of The Housing and Mortgage Market Review estimates that home prices will continue to rise for the next couple of years, with annual increases of 2–6%.
If you sell your house before 2020, you’ll likely still make a great profit. But don’t rely solely on market trends. Continue to monitor how much your home is worth to make sure your equity (how much your home is worth minus how much you owe on it) is going up.
5 CRITERIA FOR PRICING A HOME:
When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. There’s rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area. Here are five criteria to look for in a sales comparison.
Location: Homes in the same neighborhood typically follow the same market trends. Comparing your home to another in the same neighborhood is a good start, but comparing it to homes on the same street or block is even better.
Date of sale: It varies by location, but housing markets can see a ton of fluctuation in a short time period. It‘s best to use the most recent sales data available.
Home build: Look for homes with similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other basics.
Features and upgrades: Remodeled bathrooms and kitchens can raise a home’s price, and so can less flashy upgrades like a new roof or HVAC system. Be sure to look for similar bells and whistles.
Sale types: Homes that are sold as short sales or foreclosures are often in distress or sold at a lower price than they’d receive from a more typical sale. These homes are not as useful for comparisons.
For more information on how we can help you sell or buy your home, give us a call today!
Part 1. Rents Are on The Rise: Don’t Get Caught in The Rental Trap! |
There are many benefits to homeownership, but one of the top benefits is protecting yourself from rising rents by locking in your housing cost for the life of your mortgage.
Don’t Become Trapped
A recent article by Apartment List addressed rising rents by stating: “Our national rent index is up 0.1 percent month-over-month, marking the sixth straight month of increasing rents. Year-over-year growth now stands at 1.2 percent.” The article continues, explaining that: “Rents increased month-over-month in 62 of the nation’s 100 largest cities, down significantly from the 85 cities that saw rents rise last month. That said, rents are still up year-over-year in most of the nation’s largest markets — 77 of the 100 largest cities have seen rents increase over the past twelve months.” Additionally, Urban Land Magazine explained that, “Currently, nearly half (47 percent) of renter households are cost burdened (i.e., paying more than 30 percent of income for housing), while 25 percent (totaling 11 million households) are severely cost burdened, paying over 50 percent of their total household income for rent.” These households struggle to save for a rainy day and pay other bills, including groceries and healthcare.
It’s Cheaper to Buy Than Rent
As we have previously mentioned, the results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.
The updated numbers show that the range is an average of 2% less expensive in Honolulu (HI), all the way up to 48.9% less expensive in Detroit (MI), and 26.3% nationwide!
Andres, Lic 1343492, with Bonaventure Realtors. Direct 949-306-9260. #realestate#home#house#housing#homeprices#values#homevalues#homeequity#homeowners#homeownership#homeowner#irvine#tustin#santaana#cypress#costamesa#fullerton#orangecounty#california#florida#tampa#washington#utah#tacoma#lakewood#housingmarket#homesales#rates#millenials#quity
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2 2712 hours ago
Here is a preview of our new monthly market reports. Each report will feature statistical analysis of the Arden and Roseville markets, including active, pending, expired, and sold listings for the last six months. Also provided are days on market, average prices, list-to-sale ratios, and so much more!! #arden#roseville#eastroseville#sacramento#deldayo#market
Congratulations to Jeff! He was successfully elected to the 2019 Vice President Position for Boise Regional Realtors.
Thank you to all those who helped spread the word and voted!
September’s Newsletter hit inboxes this afternoon! For a quick (but meaty) market update, click the link in my bio. Want in on the action? DM me your email to subscribe. 🏠📬
6 5413 hours ago
Did you know Graham is afraid of 🐝 bees!?! 🐝 Full segment coming soon!
2 3713 hours ago
🔥New Listing🔥! This large 4 bedroom 3.5 bathroom home boasts a number of unique features that are not easy to find in Downtown Toronto. From 10 foot ceilings to a gas burning fireplace to a private two car parking area, this home has it all🏡. Newly updated bathrooms and hardwood flooring as well as plenty of natural light☀️. Located at Bloor and Ossington this location can’t be beat! Call us now to schedule your showing!!!📞
If demand continues to soften and supply begins to grow (as is projected to happen), we will return to a more neutral market which will favor neither buyers nor sellers. This “more normal” market will be better for real estate in the long term. #housingmarket#selling#buying#realestate#realtor#CandiRindahl ⠀
If your space is unique (or quirky) and you’re not quite sure how it will look on the open market, don’t hesitate to give us a call or send us an email. We’ll help you get it ready for market. Accenting your property in the perfect way so you can have a better sale is one of our specialties!!!!! #kitekeca#healthywealthy#homecentric#lifestylerealtor#yyjrealestate